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    Lake Balboa Shovel-Ready Land Title is generated by Realmo AI

    6403 Whitman Ave, Lake Balboa, CA 91406

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    For Sale
    $1,800,000

    LAND - Lake Balboa, CA

    Lot size:
    0.14 Acres
    Added:
    Apr 27, 2026
    Days on Market:
    26
    Last Refresh:
    May 22 at 11:06 am

    Property Features for 6403 Whitman Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    LARD1.5
    Standard status
    Active
    APN
    2233-006-017
    Lot size
    0.14 Acres

    We can help!

    Listing Contact
    Daniel Lalezari

    Listing agent Daniel Lalezari License #01949474

    Listing office Keller Williams Hollywood Hills 9000 Sunset Blvd. Suite 1100, West Hollywood, CA

    Listing date Apr 27, 2026

    MLS# 26814631 Listing URL

    Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Fully entitled, RTI (Ready to Issue) permit project - shovel ready for 37 affordable housing units (19 one‑bedroom, 18 studios).
    • Significant cost savings due to Type V construction, fully stacked design, and no parking requirements.
    • Prime Lake Balboa location, directly across from Woodley Park and the Orange Line, TOC Tier 3 area.
    • High income potential with estimated gross monthly rent of $75,482 and yearly gross income of $905,784 based on covenant rents.
    • Located in a high‑demand area close to major shopping and employment hubs.
    • Each floor includes a laundry room, outdoor bicycle area, and storage.

    Overview

    Located in Lake Balboa, CA, this vacant land is a fully entitled, ready-to-issue permit project suitable for developers, investors, contractors, and builders. The shovel-ready project features a 100% Affordable ED1 development with 37 units, including a manager's office that can be converted into a unit. The design includes 19 one-bedroom units and 18 studios within a Type V, four-story structure with all wood frame floors on a corner lot. The stackable design maximizes units while reducing construction costs compared to taller projects. The property is located across the street from Woodley Park and the Orange Line, with proximity to Super King and Costco. Situated in a TOC Tier 3 area, it is walkable and bike-friendly. The livable area is 15,111 square feet, with a buildable area of 16,780 square feet. Unit sizes range from 268 to 338 square feet for studios and 352 to 465 square feet for one-bedroom units. Each floor includes a laundry room, outdoor bicycle area, and storage. The plans do not require parking, further reducing construction costs. The 0.1408-acre lot is zoned LARD1.5 and is located minutes from Encino, Sherman Oaks and Van Nuys.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lake Balboa
    County
    Los Angeles
    State
    California
    Longitude
    -118.476758
    Latitude
    34.186884

    Nearby Similar for Sale

    • $1,800,000
      15,111 SF

      Lake Balboa Development Opportunity

      Fully entitled, shovel-ready 37-unit affordable housing project.
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      View Details
    • $2,695,000
      5,858 SF

      Modern Lake Balboa Income Property

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    • $1,849,999

      Corner Property East of Woodley

      Corner commercial land for sale east of Woodley.
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    FAQs

    What type of property is this?
    Residential land & home lot - Entitled project for 37 affordable housing units in Lake Balboa.
    Where is this residential land & home lot located?
    The property is located at 6403 Whitman Ave Lake Balboa, CA.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Fully entitled, RTI (Ready to Issue) permit project - shovel ready for 37 affordable housing units (19 one‑bedroom, 18 studios).; Significant cost savings due to Type V construction, fully stacked design, and no parking requirements.; Prime Lake Balboa location, directly across from Woodley Park and the Orange Line, TOC Tier 3 area.
    (310) 650-4220
    We can help!
    Listing Contact
    Daniel Lalezari
    Real Estate License ID: 01949474
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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