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    6403 Whitman Ave Lake Balboa, CA 91406

    View on Map
    Sponsored
    For Sale
    $1,849,999

    LAND - Lake Balboa, CA

    Lot size:
    0.14 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 10 at 6:06 pm

    Property Features for 6403 Whitman Ave

    General Information

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

    We can help!

    Listing Contact
    Daniel Lalezari

    Keller Williams Realty Hollywood Hills (310) 623-1300

    Listing agent Daniel Lalezari (310) 623-1300 License #01949474

    Listing date Mar 9, 2026

    MLS# 26660313

    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.

    Learn more

    Property Insight Report

    Overview

    Ready-to-Build Affordable Housing Project

    This is a fully entitled, ready-to-issue (RTI) permit project located at 6403 Whitman in Lake Balboa. The project is designed for 100% affordable housing and features 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, fully stacked wood frame structure on a corner lot. The stackable design features 15,111 square feet of livable area and 16,780 square feet of buildable area, with studios ranging from 268 to 338 square feet and one-bedroom units ranging from 352 to 465 square feet. Each floor includes a laundry room, outdoor bicycle area, and storage. The property is vacant land, ready for immediate construction. The plans do not require parking, reducing construction costs. Located in Lake Balboa, the 0.1408-acre property is near Encino, Sherman Oaks, and Van Nuys, directly across the street from Woodley Park and the Orange Line, and close to shopping stores like Super King and Costco. The area is a Transportation Oriented Community (TOC) Tier 3 area due to its proximity to the Metro/Orange Line, making it walkable and bike-friendly. The location provides easy access to employment hubs and new apartment buildings. This development offers an opportunity to provide affordable housing in a sought-after area of the San Fernando Valley.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    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

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    • $2,695,000
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      Modern Lake Balboa Income Property

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    FAQs

    What type of property is this?
    Residential land & home lot - Fully entitled 37-unit affordable housing project 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 $1,849,999.
    What are key features of this property?
    This property features: - Fully entitled, RTI permits for a 37-unit affordable housing project, enabling immediate construction; - Significant cost savings due to Type V construction and no parking requirements; - Prime location in Lake Balboa, a high-demand area, directly across from Woodley Park and the Orange Line
    (310) 623-1300
    Request Owner's contact information
    6403 Whitman Ave Lake Balboa, CA 91406
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    Lake Balboa, CA 91406
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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.

    More about this property
    6403 Whitman Ave Lake Balboa, CA 91406
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    We can help!
    Listing Contact
    Daniel Lalezari
    Real Estate License ID: 01949474
    (310) 623-1300 (310) 650-4220
    Learn more
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