Prepared Exclusively for Grape Ape, LLC
March 2026
We Didn't Invent Great Service, We Just Work Relentlessly to Provide It.
The LAAA Team brings direct, first-hand transactional experience to the LIHTC multifamily market in the San Fernando Valley. Our team recently closed 1536 N Serrano Avenue, a 42-unit LIHTC property, at $180,952 per unit with a 6.38% cap rate, and is currently in escrow on 20234 Roscoe Boulevard, a 25-unit LIHTC property, at $200,000 per unit with a 5.24% cap rate. These transactions, both involving properties within the same ownership circle, demonstrate our deep understanding of LIHTC asset valuation, resyndication buyer dynamics, and the regulatory framework governing these sales.
With over 500 closed transactions and $1.6 billion in sales volume since 2013, the LAAA Team at Marcus & Millichap is among the most active multifamily brokerage groups in Southern California. Our proprietary buyer network includes institutional acquirers, LIHTC syndicators, and private investors who understand the unique capital stack and regulatory requirements of affordable housing transactions.
• Chairman's Club - a top-tier annual honor at Marcus & Millichap
• National Achievement Award - Consistent top national performer
• CoStar #1 Team - Most active multifamily sales team in LA County
• 500+ Transactions - Over $1.6 billion in career sales volume
• 34-Day Median DOM - Properties sell faster than market average
The LAAA Team is pleased to present Kittridge Park Villas, a 39-unit multifamily community situated on 0.84 acres in Reseda. Originally constructed in 1961 and substantially rehabilitated in 1997 under the Low-Income Housing Tax Credit (LIHTC) program, the property features a diverse unit mix of three studios, twelve one-bedrooms, twenty two-bedrooms, and four three-bedrooms across 36,058 square feet of rentable area. The two-story, wood-frame buildings are served by central air conditioning, on-site laundry facilities, a swimming pool, and covered parking.
Kittridge Park Villas operates under a 4% LIHTC regulatory agreement (CTCAC CA-1996-915) with an extended use period expiring in approximately December 2027. All 38 non-manager units are income-restricted at 60% of Area Median Income. The property is professionally managed by Solari Enterprises, a firm specializing in affordable housing compliance with over 40 years of experience. Recent capital improvements include a completed soft-story seismic retrofit (2021), a 13.5 KW solar photovoltaic system (2011), EV charger installations (2024), and a Class A/B roof replacement (2009).
With LIHTC restrictions set to expire in under two years, Kittridge Park Villas presents a rare dual-path investment opportunity. A resyndication buyer can pursue new 4% tax credits, tax-exempt bonds, and LAHD grants to recapitalize the property while maintaining its affordable mission and LIHTC property tax exemption. Alternatively, a market-conversion buyer can position for post-restriction rent increases on unit turnover, with unrestricted market rents in Reseda currently 10% to 31% above current LIHTC maximums. This dual optionality, combined with the LAAA Team's direct transactional experience with comparable LIHTC assets in the San Fernando Valley, provides buyers with a well-understood acquisition basis.
The subject property is situated in the Reseda community of the central San Fernando Valley, a densely rented, transit-accessible neighborhood within the City of Los Angeles. The immediate corridor along Kittridge Street benefits from a Walk Score of 77, with everyday retail, grocery, and pharmacy options concentrated along the adjacent Reseda Boulevard commercial spine. Median household income within one mile reaches $77,733, reflecting a stable working-class renter base well-suited to income-restricted housing at AMI-qualified rent levels.
Bus service via Metro Local Lines 164, 165, and 240 connects residents to employment centers throughout the Valley, while the Metro G Line (Orange) Reseda Station on Roscoe Boulevard provides rapid transit access to the broader Metro system. Reseda Park and the Sepulveda Basin recreational corridor, including Lake Balboa, provide nearby open space amenities within the neighborhood. The property's proximity to major employers along the Ventura Boulevard and Sherman Way corridors supports consistent renter demand.
Reseda is experiencing meaningful public investment through the 'Reseda Rising' initiative, which has directed over $100 million in public and private capital to the corridor. Completed projects include the $21 million Reseda Boulevard Complete Street and a $26 million partnership with the LA Kings for the Reseda Skate Rink. New affordable housing developments totaling over 225 units are under construction within one mile. The property's R3-1-RIO zoning and TOC Tier 1 designation confirm the City's commitment to multifamily density in this corridor, providing regulatory certainty for long-term asset stewardship.
| Location Details | |
|---|---|
| Walk Score | 77 / Very Walkable |
| Transit Score | 50 / Good Transit |
| Bike Score | 60 / Bikeable |
| Neighborhood | Reseda |
| Council District | CD 4 (Nithya Raman) |
| Nearest Transit | Metro Local Lines 164, 165, 240 (0.2-0.3 mi) |
| Nearest Rail | Metro G Line Reseda Station (~2 mi) |
| Median HH Income (1 mi) | $77,733 |
| Median Home Value (1 mi) | $746,715 |
| SFV Vacancy Rate | 4.8% (Q3 2025) |
| Property Overview | |
|---|---|
| Address | 18303 Kittridge St, Reseda, CA 91335 |
| Property Name | Kittridge Park Villas |
| Units | 39 (38 restricted + 1 manager) |
| Unit Mix | 3 Studios, 12 1BR, 20 2BR, 4 3BR |
| Year Built | 1961 (Rehab 1997) |
| Building SF | 36,058 |
| Lot Size | 36,678 SF (0.84 AC) |
| Stories | 2 |
| Parking | Carports/Garages |
| Occupancy | 92.3% (36 of 39) |
| Site & Zoning | |
|---|---|
| APN | 2125-017-017 |
| Zoning | R3-1-RIO |
| General Plan | Medium Residential |
| TOC Tier | 1 |
| TOIA | 1 |
| Housing Element Site | Yes |
| TCAC Opportunity Area | Moderate |
| High Quality Transit Corridor | Yes (within 1/2 mile) |
| Base Density (by-right) | ~45 units |
| Max Density (TOC Tier 1) | ~67 units |
| Building Systems & Capital Improvements | ||
|---|---|---|
| Construction | Wood Frame | |
| HVAC | Central A/C, Electric Heat | |
| Water Heaters | Electric | |
| Laundry | On-Site Facility | |
| Pool | Yes | |
| Solar PV | 13.5 KW (2011) | |
| EV Chargers | 60 AMP / 240V (2024) | |
| Roof | Class A/B (2009) | |
| Soft Story Retrofit | Completed 12/2021 | |
| Earthquake Shutoff Valve | Installed (2021) | |
| Regulatory & Compliance | |
|---|---|
| Rent Control | LA RSO (APN verified via ZIMAS) |
| LIHTC Type | 4% Federal Credits (CA-1996-915) |
| LIHTC Expiration | ~December 2027 (30-year extended use) |
| Affordability | 100% at 60% AMI (38 of 39 units) |
| Section 8 Vouchers | 5 units (13%) |
| Management | Solari Enterprises, Inc. |
| Ellis Act | No |
| Just Cause (JCO) | No (per ZIMAS) |
| Housing Crisis Act | Yes |
| Flood Zone | Outside |
| Liquefaction | Yes (retrofit completed) |
LIHTC Resyndication Buyers
Syndicators and developers seeking new 4% tax credit allocations, tax-exempt bond financing, and LAHD grants. The Roscoe Boulevard buyer at $200,000/unit employed this exact strategy, applying for new CDLAC bonds and CTCAC credits while securing an LAHD grant.
Market Conversion Investors
Private investors positioning to raise rents to unrestricted market levels after LIHTC restrictions expire in December 2027. With RSO vacancy decontrol, market-rate rents can be achieved on unit turnover, generating 10-31% income growth over time.
Affordable Housing Operators
Mission-driven organizations and nonprofits seeking stabilized affordable housing assets with established tenant bases, Section 8 voucher income, and professional management infrastructure already in place.
Kittridge Park Villas offers a rare combination of current affordable housing cash flow, near-term restriction expiration, and post-conversion upside. Whether pursuing resyndication, market conversion, or mission-driven acquisition, this 39-unit community in Reseda's improving corridor presents a compelling basis for investment.
"Why are LIHTC properties trading below conventional multifamily per-unit pricing?"
LIHTC properties operate under income restrictions that compress current NOI relative to market-rate assets. However, LIHTC buyers underwrite to tax credit equity, bond proceeds, and soft financing rather than traditional cap rate analysis. The Roscoe Boulevard comparable sold 13% above list price, demonstrating strong demand from resyndication buyers who access capital unavailable to conventional investors.
"How does the RSO status affect post-conversion rent growth?"
After LIHTC restrictions expire, the property reverts to LA RSO regulation. In-place tenants receive RSO-capped annual increases of approximately 3-4%. However, under Costa-Hawkins vacancy decontrol, units can be reset to unrestricted market rent upon tenant turnover. With current market rents 10-31% above LIHTC maximums, each turnover event generates meaningful income growth.
"What is the Right of First Refusal (ROFR) process?"
California law grants qualified nonprofits and public agencies a Right of First Refusal for LIHTC properties within five years of restriction expiration. This window is currently open through December 2027. The ROFR process is a standard regulatory step, not a barrier to sale. The LAAA Team has direct experience navigating ROFR compliance on comparable transactions.
| # | Address | Units | Year | SF | Price | $/Unit | $/SF | Cap | GRM | Date | DOM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 20234 Roscoe Blvd, Winnetka LAAA TEAM | 25 | 1964/1997 | 24,176 | $5,000,000 | $200,000 | $207 | 5.24% | 10.4x | In Escrow | -- |
| 2 | 1536 N Serrano Ave, Los Angeles LAAA TEAM | 42 | 1969/1997 | 60,525 | $7,600,000 | $180,952 | $126 | 6.38% | 9.1x | 02/2026 | -- |
| 3 | 9010 Tobias Ave (Azzi Portfolio), Panorama City | 596 | 1954-72 | 478,070 | $85,000,000 | $142,617 | $178 | 5.85% | 9.7x | 12/2024 | -- |
| Average | $32,533,333 | $174,523 | $170 | 5.82% | 9.7x | -- | |||||
| Median | $7,600,000 | $180,952 | $178 | 5.85% | 9.7x | -- | |||||
| Tier 1 Average | $190,476 | $166 | 5.81% | 9.7x |
20234 Roscoe Boulevard, Winnetka (LAAA Team — In Escrow) — This 25-unit LIHTC property, built in 1964 and rehabilitated in 1997, is under contract at $5,000,000 ($200,000/unit) with a 5.24% cap rate on current restricted NOI of $261,897. The buyer is assuming an existing Fannie Mae loan at 2.98% interest-only, producing a 3.35x debt coverage ratio. Roscoe carries a permanent 55-year regulatory agreement through 2050 with 10 of 24 restricted units (42%) leased to Section 8 voucher holders. As an LAAA Team transaction within the same ownership circle as Kittridge, this comp provides the most direct pricing intelligence available.
1536 N Serrano Avenue, Los Angeles (LAAA Team — Closed February 2026) — This 42-unit LIHTC property in East Hollywood closed at $7,600,000 ($180,952/unit) with a 6.38% cap rate on current NOI of $484,908. The property was listed at $7,995,000 and closed at a 4.9% discount. The buyer placed new interest-only financing at 5.85% ($4,940,000 / 65% LTV). Serrano carries a permanent 55-year restriction through 2052 with 25 of 41 restricted units (61%) leased to Section 8 voucher holders. The LAAA Team's direct involvement in this closing provides verified financial data, buyer feedback, and market-rate comparable intelligence.
9010 Tobias Avenue (Azzi Portfolio), Panorama City — Closed December 2024 — This 596-unit LIHTC portfolio across 24 buildings in the San Fernando Valley closed at $85,000,000 ($142,617/unit) with a 5.85% cap rate, representing a 17.2% discount from its $102.65 million list price. The portfolio discount and scattered-site structure place this comp at the lower bound of LIHTC pricing. It confirms institutional demand for SFV affordable housing while reflecting the per-unit discount inherent in large portfolio transactions versus single-asset sales.
| # | Address | Type | SF | Rent | $/SF | Source |
|---|---|---|---|---|---|---|
| 1 | 18317 Kittridge St (Vista Park) | Studio | 500 | $1,500 | $3.00 | Apartments.com |
| 2 | 18317 Kittridge St (Vista Park) | 1BR/1BA | 700 | $1,700 | $2.43 | Apartments.com |
| 3 | 18317 Kittridge St (Vista Park) | 2BR/1BA | 900 | $2,100 | $2.33 | Apartments.com |
| 4 | 7650 Reseda Blvd | Studio | 460 | $1,554 | $3.38 | Zumper |
| 5 | 6425 Reseda Blvd (Park Terrace) | 1BR/1BA | 534 | $1,899 | $3.56 | Apartments.com |
| 6 | 6425 Reseda Blvd (Park Terrace) | 2BR/1BA | 875 | $2,299 | $2.63 | Apartments.com |
| 7 | 7722 Reseda Blvd (Villa La Paloma) | 1BR/1BA | 615 | $1,795 | $2.92 | Apartments.com |
| 8 | 7650 Reseda Blvd | 3BR | 1,100 | $3,150 | $2.86 | Apartments.com |
| Unit | Type | SF | Current | Scheduled | Rent/SF | Pro Forma | Rent/SF |
|---|---|---|---|---|---|---|---|
| 01 | 2BR/1BA | 850 | $1,167 | $1,167 | $1.37 | $2,044 | $2.40 |
| 02 | 3BR/1.5BA | 1,335 | $1,297 | $1,297 | $0.97 | $2,363 | $1.77 |
| 03 | 2BR/1BA | 1,335 | $1,307 | $1,307 | $0.98 | $2,044 | $1.53 |
| 04 | 2BR/1BA | 850 | $1,222 | $1,222 | $1.44 | $2,044 | $2.40 |
| 05 | 3BR/1.5BA | 1,050 | $1,297 | $1,297 | $1.24 | $2,363 | $2.25 |
| 06 | 2BR/1BA | 850 | $1,134 | $1,134 | $1.33 | $2,044 | $2.40 |
| 07 | 2BR/1BA | 850 | $1,307 | $1,307 | $1.54 | $2,044 | $2.40 |
| 08 | 2BR/1BA | 850 | $1,440 | $1,440 | $1.69 | $2,044 | $2.40 |
| 09 | 2BR/1BA | 850 | $1,759 | $1,759 | $2.07 | $2,044 | $2.40 |
| 10 | 3BR/1.5BA | 1,050 | $1,519 | $1,519 | $1.45 | $2,363 | $2.25 |
| 11 | 2BR/1BA | 850 | $1,210 | $1,210 | $1.42 | $2,044 | $2.40 |
| 12 | 2BR/1BA | 850 | $0 | $1,952 | $2.30 | $2,044 | $2.40 |
| 14 | 3BR/1.5BA | 1,050 | $2,240 | $2,240 | $2.13 | $2,363 | $2.25 |
| 15 | 2BR/1BA | 850 | $1,167 | $1,167 | $1.37 | $2,044 | $2.40 |
| 16 | 2BR/1BA | 850 | $1,122 | $1,122 | $1.32 | $2,044 | $2.40 |
| 17 | Studio | 500 | $1,674 | $1,674 | $3.35 | $1,590 | $3.18 |
| 18 | 1BR/1BA | 700 | $1,718 | $1,718 | $2.45 | $1,704 | $2.43 |
| 19 | 2BR/1BA | 850 | $1,086 | $1,086 | $1.28 | $2,044 | $2.40 |
| 20 | 1BR/1BA | 700 | $1,087 | $1,087 | $1.55 | $1,704 | $2.43 |
| 21 | 2BR/1BA (Mgr) | 850 | $0 | $1,952 | $2.30 | $2,044 | $2.40 |
| 22 | 1BR/1BA | 700 | $993 | $993 | $1.42 | $1,704 | $2.43 |
| 23 | 1BR/1BA | 700 | $1,129 | $1,129 | $1.61 | $1,704 | $2.43 |
| 24 | 1BR/1BA | 700 | $1,201 | $1,201 | $1.72 | $1,704 | $2.43 |
| 25 | 2BR/1BA | 850 | $1,271 | $1,271 | $1.50 | $2,044 | $2.40 |
| 26 | 2BR/1BA | 850 | $1,238 | $1,238 | $1.46 | $2,044 | $2.40 |
| 27 | Studio | 500 | $915 | $915 | $1.83 | $1,590 | $3.18 |
| 28 | 2BR/1BA | 850 | $1,100 | $1,100 | $1.29 | $2,044 | $2.40 |
| 29 | 1BR/1BA | 700 | $1,464 | $1,464 | $2.09 | $1,704 | $2.43 |
| 30 | 1BR/1BA | 700 | $0 | $1,631 | $2.33 | $1,704 | $2.43 |
| 31 | 2BR/1BA | 850 | $1,269 | $1,269 | $1.49 | $2,044 | $2.40 |
| 32 | 2BR/1BA | 850 | $1,029 | $1,029 | $1.21 | $2,044 | $2.40 |
| 33 | 1BR/1BA | 700 | $839 | $839 | $1.20 | $1,704 | $2.43 |
| 34 | 1BR/1BA | 700 | $1,087 | $1,087 | $1.55 | $1,704 | $2.43 |
| 35 | 1BR/1BA | 700 | $1,268 | $1,268 | $1.81 | $1,704 | $2.43 |
| 36 | 2BR/1BA | 850 | $1,307 | $1,307 | $1.54 | $2,044 | $2.40 |
| 37 | 1BR/1BA | 700 | $0 | $1,631 | $2.33 | $1,704 | $2.43 |
| 38 | 2BR/1BA | 850 | $979 | $979 | $1.15 | $2,044 | $2.40 |
| 39 | 1BR/1BA | 700 | $1,668 | $1,668 | $2.38 | $1,704 | $2.43 |
| 40 | Studio | 500 | $970 | $970 | $1.94 | $1,590 | $3.18 |
| Total | 39 Units | 31,870 | $44,480 | $51,646 | $1.62 | $75,550 | $2.37 |
| Annualized | $533,760 | $619,752 | $906,600 |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent [1] | $619,752 | $15,891 | $17.19 | - |
| Less: Vacancy (5%) [2] | $(30,988) | $(795) | $(0.86) | - |
| Other Income [3] | $11,844 | $304 | $0.33 | - |
| Effective Gross Income | $600,608 | $15,400 | $16.66 | 100.0% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [4] | $0 | $0 | $0.00 | 0.0% |
| Insurance [5] | $28,723 | $736 | $0.80 | 4.8% |
| On-Site Manager Credit [6] | $24,000 | $615 | $0.67 | 4.0% |
| Water/Sewer [7] | $65,996 | $1,692 | $1.83 | 11.0% |
| Trash Removal [8] | $34,655 | $889 | $0.96 | 5.8% |
| Gas [9] | $1,645 | $42 | $0.05 | 0.3% |
| Common Area Electric [10] | $3,379 | $87 | $0.09 | 0.6% |
| Repairs & Maintenance [11] | $34,250 | $878 | $0.95 | 5.7% |
| Contract Services [12] | $10,725 | $275 | $0.30 | 1.8% |
| Management (4%) [13] | $24,790 | $636 | $0.69 | 4.1% |
| Administrative [14] | $3,900 | $100 | $0.11 | 0.6% |
| Reserves [15] | $7,800 | $200 | $0.22 | 1.3% |
| RSO/SCEP Fees [16] | $1,687 | $43 | $0.05 | 0.3% |
| Other/Misc [17] | $1,950 | $50 | $0.05 | 0.3% |
| Total Expenses | $243,500 | $6,244 | $6.75 | 40.5% |
| Net Operating Income | $357,108 | $9,157 | $9.90 | 59.5% |
[1] Gross Scheduled Rent per Scheduled column of rent roll. Includes vacant units and manager unit at LIHTC maximum rents.
[2] 5% economic vacancy applied per broker underwriting standards. LIHTC waitlist supports lower actual vacancy.
[3] Other income includes laundry ($9,882) and RSO/SCEP pass-throughs ($1,962).
[4] LIHTC Tax Exempt per CA Revenue & Tax Code 214. If reassessed at purchase price (1.17%), tax would be ~$69,615, reducing NOI to ~$287,493 (4.83% cap).
[5] Insurance per seller's actual policy. 13.5 KW solar PV system (2011) reduces common area energy costs.
[6] On-site manager rent credit at $2,000/mo. CA law requires on-site manager for 16+ units.
[7] Water/Sewer per seller T-12. Owner pays all water/sewer. Pool, on-site laundry, and landscaping included.
[8] Trash per seller T-12. Current LA hauler rates.
[9] Gas per seller T-12. Owner pays common area gas.
[10] Electric per seller T-12. Solar PV offsets common area electric costs.
[11] R&M normalized to Tier 4 benchmark ($750/unit + pool). Soft story retrofit (2021) and roof (2009) completed.
[12] Contract services include landscaping, pest control, pool service, and janitorial ($275/unit).
[13] Management at 4% of Gross Scheduled Rent. Professional third-party management.
[14] Administrative costs at $100/unit benchmark. Covers accounting, legal, office, and licensing.
[15] Replacement reserves at $200/unit. CapEx credit applied for completed roof and soft story retrofit.
[16] LA RSO registration and SCEP fees at approximately $43/unit.
[17] Miscellaneous operating costs at $50/unit benchmark.
| OPERATING DATA | |
|---|---|
| Price | $5,950,000 |
| Down Payment (35%) | $2,082,500 |
| Number of Units | 39 |
| Price / Unit | $152,564 |
| Price / SF | $165 |
| Gross SF | 36,058 |
| Lot Size | 36,678 SF (0.84 ac) |
| Year Built | 1961 |
| Returns | Current | Pro Forma |
|---|---|---|
| Cap Rate | 6.00% | 10.39% |
| GRM | 9.60x | 6.56x |
| Cash-on-Cash | 6.28% | 18.82% |
| DSCR | 1.58x | 2.73x |
| FINANCING | |
|---|---|
| Loan Amount | $3,867,500 |
| Loan Type | Interest Only |
| Interest Rate | 5.85% |
| Structure | Interest Only |
| Rate Adjusts | 2031 (5 Yr) |
| LTV (LTV) | 65.0% |
| DSCR | 1.58x |
| Income | Current | Pro Forma |
|---|---|---|
| GSR | $619,752 | $906,600 |
| Vacancy (5%) | $(30,988) | $(45,330) |
| Other Income | $11,844 | $11,844 |
| EGI | $600,608 | $873,114 |
| Cash Flow | Current | Pro Forma |
|---|---|---|
| NOI | $357,108 | $618,140 |
| Debt Service | $(226,249) | $(226,249) |
| Net Cash Flow | $130,860 | $391,891 |
| CoC Return | 6.28% | 18.82% |
| Principal Reduction | $0 | $0 |
| Total Return | 6.28% | 18.82% |
| EXPENSES | |
|---|---|
| Real Estate Taxes | $0 |
| Insurance | $28,723 |
| On-Site Manager Credit | $24,000 |
| Water/Sewer | $65,996 |
| Trash Removal | $34,655 |
| Gas | $1,645 |
| Common Area Electric | $3,379 |
| Repairs & Maintenance | $34,250 |
| Contract Services | $10,725 |
| Management (4%) | $24,790 |
| Administrative | $3,900 |
| Reserves | $7,800 |
| RSO/SCEP Fees | $1,687 |
| Other/Misc | $1,950 |
| Total Expenses | $243,500 |
| Purchase Price | Current Cap | Pro Forma Cap | Cash-on-Cash | $/SF | $/Unit | PF GRM |
|---|---|---|---|---|---|---|
| $6,000,000 | 5.95% | 10.30% | 6.14% | $166 | $153,846 | 6.62x |
| $5,950,000 | 6.00% | 10.39% | 6.28% | $165 | $152,564 | 6.56x |
| $5,900,000 | 6.05% | 10.48% | 6.43% | $164 | $151,282 | 6.51x |
| $5,800,000 | 6.16% | 10.66% | 6.73% | $161 | $148,718 | 6.40x |
| $5,700,000 | 6.27% | 10.84% | 7.04% | $158 | $146,154 | 6.29x |
| $5,600,000 | 6.38% | 11.04% | 7.36% | $155 | $143,590 | 6.18x |
| $5,500,000 | 6.49% | 11.24% | 7.69% | $153 | $141,026 | 6.07x |
| $5,400,000 | 6.61% | 11.45% | 8.03% | $150 | $138,462 | 5.96x |
| $5,300,000 | 6.74% | 11.66% | 8.39% | $147 | $135,897 | 5.85x |
| $5,200,000 | 6.87% | 11.89% | 8.76% | $144 | $133,333 | 5.74x |
| $5,100,000 | 7.00% | 12.12% | 9.14% | $141 | $130,769 | 5.63x |
| $5,000,000 | 7.14% | 12.36% | 9.54% | $139 | $128,205 | 5.52x |
We are recommending a list price of $5,950,000, or $152,564 per unit, which positions the property below every comparable sale in the dataset. Our team's Serrano Avenue closing in February 2026 traded at $180,952 per unit, and our Roscoe Boulevard escrow is at $200,000 per unit. Both of those properties carry permanent LIHTC restrictions through 2050 and beyond. Kittridge's restrictions expire in approximately 21 months, giving buyers something neither of those comps offered: a clear path to market rents. That optionality, priced at a discount, is the core value proposition.
The current NOI of $357,108 delivers a 6.00% cap rate at list price with a 1.58x debt service coverage ratio on 65% LTV interest-only financing at 5.85%, modeled directly off the Serrano loan terms. The pro forma underwriting uses 2025 CTCAC maximum allowable rents at 60% AMI ($1,590 to $2,363 per month by unit type), which represent the regulatory ceiling for this property's covenant. At those rent levels, pro forma NOI increases meaningfully, reflecting the embedded upside from in-place rents running below current LIHTC maximums. Vista Park Apartments next door already achieves $1,500 to $2,100 in unrestricted market rents, confirming the submarket supports these levels and beyond.
The $5,300,000 to $5,900,000 trade range accounts for buyer type. A syndicator pursuing resyndication will underwrite to restricted rents and pay toward the lower end. A private buyer underwriting to Section 8 conversion will see a generational basis at under $153,000 per unit in a neighborhood absorbing over $100M in public investment. Either way, the property clears the market inside this range.