5-Unit Apartment Building with
For Sale
$1,560,000
15149 Victory Boulevard, Van Nuys, CA 91411
Two-bedroom, two-bath units with balconies in an LAR3 zone, with potential for additional condo development.
Property Size4,370 SF
Days on Market56
Property Features for 15149 Victory Boulevard
General Information
Standard status
Active
Size
4,370 SF
Property subtype
Apartment
Zoning
LAR3
Units
Unit Mix
5 x 2BR/2BA
Multifamily Units
5
Amenities
balcony
Building Details
Building Size
4,370 SF
Year Built
1978
Listing Agency:
First Banker Real Estate 818-903-8789 Overview Additional information MLS R ID SR26128702 Interior features Cooling Yes Heating Yes Exterior features Lot Size 0.22 Acres Other property details 55+/Senior Community No Archetype Realty Request a tour Contact agent Request a tour Contact agent Listed by Albert Foulad CA DRE# 00856747 with First Banker Real Estate 818-903-8789
Listed By:
Albert Foulad CA DRE# 00856747 · License #00856747
(818) 906-7733
Source:
Archetyperealty
Added: Jul 22
Changed: Sep 8
Last Checked: Sep 15 at 11:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of First Banker Real Estate 818-903-8789 Overview Additional information MLS R ID SR26128702 Interior features Cooling Yes Heating Yes Exterior features Lot Size 0.22 Acres Other property details 55+/Senior Community No Archetype Realty Request a tour Contact agent Request a tour Contact agent Listed by Albert Foulad CA DRE# 00856747 with First Banker Real Estate 818-903-8789
Investment Insights
Based on property information with market context.
This apartment building offers five units, built in 1978, with a consistent layout: all units are two-bedroom, two-bath homes and each includes a balcony. The front unit has the look of a one-story single-family home, with a large patio/yard. That front unit also features central air/heating and high ceilings, and its roof is described as not flat.
The property sits on a large lot and is described as having potential to build 12+ condos. It is zoned LAR3. The sellers indicate they will do a 1031 exchange at no cost to the buyer, and the buyer is responsible for verifying and investigating all aspects of the property and any development potential.
This configuration can suit an owner-occupant, an investor seeking rental income from a small multifamily asset, or a builder evaluating the site for possible additional condo development under the existing zoning. Buyer should confirm feasibility and all requirements during due diligence.
The property sits on a large lot and is described as having potential to build 12+ condos. It is zoned LAR3. The sellers indicate they will do a 1031 exchange at no cost to the buyer, and the buyer is responsible for verifying and investigating all aspects of the property and any development potential.
This configuration can suit an owner-occupant, an investor seeking rental income from a small multifamily asset, or a builder evaluating the site for possible additional condo development under the existing zoning. Buyer should confirm feasibility and all requirements during due diligence.
Key Highlights
- 5 apartment units built in 1978
- All units are 2‑bedroom, 2‑bath with balconies
- Front unit features central air/heating, high ceilings, and a patio/yard
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$70,317
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,406,340
$1.4M
Cap Rate 7%
$1,004,529
$1.0M
Cap Rate 9%
$781,300
$781.3K
Market Conditions
NOI Build-Up for 4,370 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$139.0K $31.80/SF
− Vacancy
−$11.1K −$2.54/SF
EGI
$127.8K $29.26/SF
− OpEx
−$57.5K −$13.17/SF
NOI
$70.3K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,406,340
Cap Rate 7%
$1,004,529
Cap Rate 9%
$781,300
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$879.0K – $1.17M
NOI $70,317 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.34M
$2.05M – $2.73M
NOI $163,778 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,158
Businesses Nearby
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Business Placement
Demographics for 91411, CA
24,984
Population
10,003
Households
2.5
Avg Household Size
36
Median Age
37%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
12,492
Density / Sq Mi
$77,582
Median Household Income
$42,096
Median Earnings
$1,850
Median Rent
$973,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom, two-bath units with balconies in an LAR3 zone, with potential for additional condo development.
Where is this apartment building located?
The property is located at 15149 Victory Boulevard Van Nuys, CA.
What is the asking price?
The asking price for this property is $1,560,000.
What are key features of this property?
This property features: 5 apartment units built in 1978; All units are 2‑bedroom, 2‑bath with balconies; Front unit features central air/heating, high ceilings, and a patio/yard
