Prepared Exclusively for Samuel Cohen
Financial Fitness LLC · New Construction Duplex + 2 ADUs · June 2026
Since 2013, the LAAA Team has closed 460+ multifamily transactions totaling $1.47B+ in volume across Los Angeles, Ventura, and Santa Barbara counties, with deep coverage of the San Fernando Valley submarkets including Woodland Hills, Tarzana, Encino, and the greater Warner Center corridor.
Our practice is built on disciplined underwriting, the deepest comparable-sales dataset in the submarket, and a marketing engine that reaches every active multifamily buyer in Los Angeles. We advise owners on when and how to sell - not just whether - and we price to clear, not to languish.
For 4942 Topanga Canyon Blvd, that means an evidence-based opinion of value anchored in recent new-construction four-unit sales across the Valley, presented with the same rigor we would bring to defending the price against a buyer's due-diligence challenge.
• Chairman's Club - Marcus & Millichap's top-tier annual honor
• National Achievement Award - multiple years, both partners
• #1 Most Active Multifamily Team in LA County - CoStar 2019-2021
• Sales Recognition Award - every year since 2016
• 40+ transactions per year - one of SoCal's most active groups
4942 N Topanga Canyon Blvd ("Valle Topanga") is a brand-new four-unit property in Woodland Hills, configured as a two-story front duplex of two 3BR/3.5BA townhomes plus an attached 2BR/2.5BA ADU, with a detached two-story 3BR/2.5BA ADU at the rear - four units totaling 4,918 rentable square feet on an R2 lot.
As 2026 new construction (Type V-B, NFPA 13D fire-sprinklered throughout), the asset is delivered turnkey with no deferred maintenance, modern finishes, individually metered utilities, and a two-car garage. It is exempt from the City of LA Rent Stabilization Ordinance and from AB 1482 statewide rent caps by virtue of its sub-15-year vintage.
The property is positioned at a disciplined, comp-supportable basis - a 5.45% cap on broker-opinion market rents - offering a buyer seeking turnkey new construction in an established West Valley submarket a clear-to-trade four-unit with a clean, owner-friendly expense profile.
| Unit 1 · 3BR/3.5BA · 1,615 SF | $4,500/mo |
| Unit 2 · 3BR/3.5BA · 1,248 SF | $4,100/mo |
| Unit 4 · 3BR/2.5BA · 1,181 SF (ADU) | $3,950/mo |
| Unit 3 · 2BR/2.5BA · 874 SF (ADU) | $3,200/mo |
| Total Market GSR | $15,750/mo |
Broker opinion of achievable market rents for new-construction product in Woodland Hills (91364), benchmarked to current 2BR/3BR rental listings in the submarket. $189,000 annualized.
Woodland Hills is one of the most established and affluent communities in the West San Fernando Valley, anchored by the Warner Center business district - a major regional employment hub home to corporate offices, healthcare, and the Westfield Topanga & The Village retail and dining destination.
Topanga Canyon Boulevard is the community's primary north-south arterial, connecting Ventura Boulevard and the 101 Freeway to the south with the broader Valley to the north. The location offers residents direct access to premier shopping at Westfield Topanga and The Village, the dining and entertainment of The Boulevard, and quick freeway connections via the 101.
The renter base skews toward affluent professionals and families drawn to the area's strong schools, retail amenities, and new-construction housing stock - the exact demographic targeted by a turnkey 3BR/2BR product like 4942 Topanga Canyon Blvd.
| Location Details | |
|---|---|
| Submarket | Woodland Hills (West Valley) |
| ZIP | 91364 |
| Zoning | R2-1 |
| Employment Hub | Warner Center < 2 mi |
| Retail | Westfield Topanga & The Village |
| Transit | Topanga Canyon / Dumetz bus stop |
| Freeway Access | US-101 (Ventura Fwy) |
Median HH income and demographic detail to be confirmed prior to launch.
Click the marker for the address; use +/− to zoom in or out.
| Property Overview | |
|---|---|
| Units | 4 (duplex + 2 ADUs) |
| Year Built | 2026 (new construction) |
| Building SF | 4,918 |
| APN | 2171-015-057 |
| Zone | R2-1 |
| Lot Size | 6,250 SF (0.14 ac) |
| Unit Configuration | |
|---|---|
| Unit 1 · Duplex | 3BR / 3.5BA · 1,615 SF |
| Unit 2 · Duplex | 3BR / 3.5BA · 1,248 SF |
| Unit 3 · Attached ADU | 2BR / 2.5BA · 874 SF |
| Unit 4 · Detached ADU | 3BR / 2.5BA · 1,181 SF |
| Building Systems | |
|---|---|
| Construction | Type V-B (new 2026) |
| Fire Sprinklers | NFPA 13D (all units) |
| HVAC | Central, each unit |
| Parking | 2-car garage (duplex) |
| Metering | Individually metered |
| Regulatory & Utilities | |
|---|---|
| Rent Control (RSO) | Exempt (2026 build) |
| AB1482 | Exempt (<15 yrs) |
| Owner Pays | Water/sewer (common) |
| Tenant Pays | Electric, gas, trash |
| Registration | No LAHD/SCEP |
APN, zone, and lot size per the project's architectural set / ZIMAS. Unit SF and bed/bath counts per plans (confirm rents and final utility allocation in DD).
1031 Exchange Buyers
Investors trading out of older, management-intensive stock into turnkey new construction with no deferred capital and a clean expense profile. The LAAA Team maintains an active 1031 buyer pool and a quarterly 1031 Exchange Opportunities newsletter - the answer to "do you have access to 1031 buyers" is an emphatic yes.
Private Local Investors
West Valley owners seeking a stabilized, low-touch four-unit they can self-manage, with the modern finishes today's renters demand.
First-Time Multifamily Buyers
Buyers stepping up from a duplex who want new construction, residential-style financing, and minimal operational complexity.
The combination of new construction, vintage exemptions, and an owner-friendly expense structure broadens the buyer pool well beyond a typical value-add four-unit.
"Woodland Hills trades below NoHo / Toluca Lake."
Correct, and the pricing reflects it: the subject is anchored at $650,000/unit - roughly 7% below the new-construction sold-comp median of $696,875 in the central-Valley submarkets - while still delivering a 5.45% cap, above the comp median of 5.23%.
"The operating expense ratio looks low."
It is structurally correct for a 2026 four-unit: tenants pay electric, gas, and trash on individual meters; the vintage is exempt from RSO/AB1482 fees; and there is no deferred maintenance. A buyer should verify in DD.
"Only a two-car garage for four units."
The duplex carries a two-car garage; the ADUs were permitted without dedicated parking under the state ADU rules, supported by the Topanga Canyon/Dumetz transit stop at the site. The conservative pricing already accounts for this, and on-street parking on the surrounding residential streets is available.
"Are the rents proven?"
The underwriting uses a broker opinion of market rents benchmarked to current Woodland Hills 2BR/3BR listings, not aspirational asks. As the units lease, achieved rents will replace the opinion to firm up the basis.
SUBJECT — 4942 N Topanga Canyon Blvd · New 2026 · $2,600,000
Sale · 10706 Camarillo St · $2,800,000 · 5.37% cap
Sale · 5648 Cartwright Ave · $2,775,000 · 5.82% cap
Sale · 5626 Willowcrest Ave · $2,525,000 · 4.93% cap
Sale · 11447 Cumpston St · $3,350,000 · 5.09% cap
On-Market · 6420 Hanna Ave · $2,525,000 · Active
On-Market · 5743 Case Ave · $2,400,000 · Pending
On-Market · 5622 Willowcrest Ave · $2,250,000 · Pending
On-Market · 19453 Strathern St · $2,495,000 · Active
On-Market · 5750 Kester Ave · $3,460,000 · Active
Rent · 22041 Costanso St · 3BR/2.5BA 1,624 SF · $4,300/mo
Rent · 21820 Marylee St · 3BR/3BA 1,459 SF · $3,900/mo
Rent · 4406 Coloma Ave · 2BR/2BA 830 SF · $3,395/mo
Rent · 19803 Gilmore St · 2BR/2BA 1,000 SF · $3,750/mo
Rent · 5946 Woodlake Ave · 2BR/2BA 883 SF · $2,900/mo
Hover or tap any pin to see its address & details; click to open it in Google Maps. Rent comps detailed in Financial Analysis; sale & on-market comps tabled below.
The four most recent new-construction and newer-vintage four-unit sales across the San Fernando Valley form the valuation backbone. These are premium central- and east-Valley submarkets (Toluca Lake / North Hollywood); the subject's Woodland Hills basis is set at a measured discount to their per-unit median, reconciled against the West Valley active set below. As the combined map shows, the subject's rental market is intensely local (the green Woodland Hills rent comps cluster around the site), while the strongest new-construction sale evidence sits in the central Valley.
| Address | Submarket | Yr | Sale Price | $/Unit | $/SF | Cap | Sold |
|---|---|---|---|---|---|---|---|
| 10706 Camarillo St · photos ↗ | Toluca Lake | 2017 | $2,800,000 | $700,000 | $474 | 5.37% | Jul 2025 |
| 5648 Cartwright Ave · photos ↗ | North Hollywood | 2025 | $2,775,000 | $693,750 | $501 | 5.82% | Dec 2025 |
| 5626 Willowcrest Ave · photos ↗ | North Hollywood | 2017 | $2,525,000 | $631,250 | $434 | 4.93% | Apr 2025 |
| 11447 Cumpston St · photos ↗ | North Hollywood | 2025 | $3,350,000 | $837,500 | $508 | 5.09% | Dec 2025 |
| Median (4 sold comps) | $2,787,500 | $696,875 | $488 | 5.23% | - | ||
1. 10706 Camarillo St - A Toluca Lake townhome four-unit with eight tandem gated spaces and a 2017 vintage, sold at 97% of list. Establishes the upper-tier central-Valley townhome benchmark; the subject is priced at a discount to this premium-submarket level.
2. 5648 Cartwright Ave - A 2025 new-build precedent that traded off-market at a 5.82% cap, the top of the sold-comp cap range. Seven parking spaces (1.75/unit). Confirms the cap-rate band for brand-new four-unit product.
3. 5626 Willowcrest Ave - A 2017 duplex-pair configuration with eight garage spaces, sold at a 4.93% cap. Anchors the lower end of the per-unit range and shows how parking-rich, slightly older product trades.
4. 11447 Cumpston St - Top of the 2025 new-build range at $508/SF and $837,500/unit. Three-story townhomes with eight parking spaces, sold at 96% of list. Demonstrates the ceiling for larger new-construction four-unit assets. New-construction 3BR units in these submarkets lease in the $3,800-$4,500 range, supporting the subject's 3BR rent opinion.
| Address | Submarket | Yr | Units | List Price | $/Unit | $/SF | Status |
|---|---|---|---|---|---|---|---|
| 6420-6422 Hanna Ave | Woodland Hills | 2025 | 4 | $2,525,000 | $631,250 | $482 | Active · MMI OM |
| 5743 Case Ave | North Hollywood | 2018 | 4 | $2,400,000 | $600,000 | $530 | Pending (2 DOM) |
| 5622 Willowcrest Ave | North Hollywood | 2025 | 4 | $2,250,000 | $562,500 | $442 | Pending |
| 19453 Strathern St | Reseda | 2026 | 4 | $2,495,000 | $623,750 | $586 | Active · Zillow |
| 5750 Kester Ave | Van Nuys | 2021 | 4 | $3,460,000 | $865,000 | $433 | Active · Zillow |
| Average (5 active comps) | $2,626,000 | $656,500 | $495 | - | |||
The most directly relevant active comp is 6420-6422 Hanna Ave in Woodland Hills - a 2025 new-construction four-unit townhome listed at $2,525,000 ($631,250/unit, $482/SF) - the closest read on the subject's own submarket. The two pending NoHo comps confirm active buyer demand when four-unit product is priced inside the comp range; one went pending in just two days. The Strathern St listing in Reseda (2026, $623,750/unit) and the Kester Ave listing in Van Nuys (2021, $865,000/unit) bracket the West/central-Valley active range. The active set averages $656,500/unit; the subject at $2,600,000 ($650,000/unit) is deliberately positioned to clear - just above the directly comparable Hanna Ave basis and inside the active range, reflecting the subject's stronger 3BR-weighted unit mix.
| Unit | Type | SF | Rent/Mo | Rent/SF | Status | Notes |
|---|---|---|---|---|---|---|
| 1 | 3BR / 3.5BA townhome (front) | 1,615 | $4,500 | $2.79 | Market | Broker rent opinion |
| 2 | 3BR / 3.5BA townhome (front) | 1,248 | $4,100 | $3.29 | Market | Broker rent opinion |
| 4 | 3BR / 2.5BA ADU | 1,181 | $3,950 | $3.34 | Market | Broker rent opinion |
| 3 | 2BR / 2.5BA ADU | 874 | $3,200 | $3.66 | Market | Broker rent opinion |
| Total | 4 units | 4,918 | $15,750/mo | $3.20 | Market | $189,000/yr GSR |
Active and recent Woodland Hills (91364 / 91367) rentals supporting the broker rent opinion. These are the green markers on the combined comparables map above. New-construction product like the subject leases at the upper end of each band.
| Address | Submarket | BD / BA | SF | Rent/Mo | Rent/SF |
|---|---|---|---|---|---|
| 22041 Costanso St | Woodland Hills | 3 / 2.5 | 1,624 | $4,300 | $2.65 |
| 21820 Marylee St | Woodland Hills | 3 / 3 | 1,459 | $3,900 | $2.67 |
| 4406 Coloma Ave | Woodland Hills | 2 / 2 | 830 | $3,395 | $4.09 |
| 19803 Gilmore St | Woodland Hills | 2 / 2 | 1,000 | $3,750 | $3.75 |
| 5946 Woodlake Ave | Woodland Hills | 2 / 2 | 883 | $2,900 | $3.28 |
| 3BR comps avg $4,100 · 2BR comps avg $3,348 | — | — | |||
The subject's 3BR units are underwritten at $3,950–$4,500 (new construction with 2.5–3.5 baths, above the $3,900–$4,300 comp band) and the 2BR ADU at $3,200 (mid-band vs. the $2,900–$3,395 two-bedroom comps). Sources: Apartments.com / Zillow Woodland Hills rental listings, 2026.
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent [1] | $189,000 | $47,250 | $38.43 | - |
| Less: Economic Vacancy (3%) | ($5,670) | ($1,418) | $1.15 | - |
| Effective Gross Income | $183,330 | $45,833 | $37.28 | 100% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [2] | $32,500 | $8,125 | $6.61 | 17.7% |
| Insurance [3] | $4,250 | $1,063 | $0.86 | 2.3% |
| Water / Sewer [4] | $1,200 | $300 | $0.24 | 0.7% |
| Trash, Gas, Electric [5] | $0 | $0 | $0.00 | 0.0% |
| Repairs & Maintenance [6] | $2,000 | $500 | $0.41 | 1.1% |
| Contract Services [7] | $1,200 | $300 | $0.24 | 0.7% |
| Reserves [8] | $600 | $150 | $0.12 | 0.3% |
| Total Operating Expenses | $41,750 | $10,438 | $8.49 | 22.8% |
| Net Operating Income | $141,580 | $35,395 | $28.79 | 77.2% |
[1] Gross Scheduled Rent: Broker opinion of market rents at 100% lease-up: $4,500 + $4,100 (front 3BR townhomes) + $3,950 (3BR ADU) + $3,200 (2BR ADU), benchmarked to current Woodland Hills rental listings.
[2] Real Estate Taxes: LA County reassesses to the purchase price at close. Shown at 1.25% of the list price.
[3] Insurance: Two-component LAAA formula scaled to a new build with no claims, no high-fire-severity-zone surcharge.
[4] Water / Sewer: Owner-paid minimal common-area allowance; in-unit metering covers tenant usage.
[5] Trash, Gas, Electric: Tenant-paid; individually metered to 2026 code.
[6] Repairs & Maintenance: Brand-new 2026 construction. No deferred maintenance, no turnover history.
[7] Contract Services: Landscape, quarterly pest, annual backflow + fire-sprinkler inspections.
[8] Reserves: $150/unit, lowest tier for a 2026 build with no deferred capital needs.
100% benchmark-built - subject is new 2026 construction with no operating history. Buyer to verify actuals in due diligence.
| Operating Data | |
|---|---|
| Price | $2,600,000 |
| Down Payment | $1,040,000 |
| Number of Units | 4 |
| Price / Unit | $650,000 |
| Price / SF | $529 |
| Gross SF | 4,918 |
| Year Built | New (2026) |
| Returns (Reassessed) | |
|---|---|
| Cap Rate | 5.45% |
| GRM | 13.76x |
| Cash-on-Cash | 2.82% |
| DSCR | 1.26x |
| Financing | |
|---|---|
| Loan Amount | $1,560,000 |
| Rate / Amort | 6.00% / 30yr |
| Loan Constant | 7.19% |
| LTV (actual) | 60.0% |
| Constraint | LTV |
| Income | |
|---|---|
| Gross Scheduled Rent | $189,000 |
| Less Vacancy (3%) | ($5,670) |
| Effective Gross Income | $183,330 |
| Operating Expenses | ($41,750) |
| Net Operating Income | $141,580 |
| Cash Flow | |
|---|---|
| Net Operating Income | $141,580 |
| Debt Service | ($112,238) |
| Net Cash Flow | $29,342 |
| Cash-on-Cash | 2.82% |
| + Principal Reduction | $19,157 |
| Total Return | 4.66% |
| Expense Ratio | |
|---|---|
| OpEx / EGI | 22.8% |
| OpEx / Unit | $10,438 |
| OpEx / SF | $8.49 |
| Purchase Price | Cap Rate | Cash-on-Cash | $/Unit | $/SF | GRM | DSCR |
|---|---|---|---|---|---|---|
| $2,900,000 | 4.75% | 1.76% | $725,000 | $590 | 15.34x | 1.20x |
| $2,850,000 | 4.86% | 1.85% | $712,500 | $580 | 15.08x | 1.20x |
| $2,800,000 | 4.97% | 1.95% | $700,000 | $569 | 14.81x | 1.20x |
| $2,750,000 | 5.08% | 2.06% | $687,500 | $559 | 14.55x | 1.20x |
| $2,700,000 | 5.20% | 2.20% | $675,000 | $549 | 14.29x | 1.20x |
| $2,650,000 | 5.32% | 2.51% | $662,500 | $539 | 14.02x | 1.23x |
| $2,600,000 | 5.45% | 2.82% | $650,000 | $529 | 13.76x | 1.26x |
| $2,550,000 | 5.58% | 3.15% | $637,500 | $519 | 13.49x | 1.29x |
| $2,500,000 | 5.71% | 3.49% | $625,000 | $508 | 13.23x | 1.32x |
| $2,450,000 | 5.86% | 3.85% | $612,500 | $498 | 12.96x | 1.36x |
| $2,400,000 | 6.00% | 4.22% | $600,000 | $488 | 12.70x | 1.39x |
The list price of $2,600,000 reconciles three independent pricing lenses. On a per-unit basis ($650,000) it sits approximately 7% below the new-construction sold-comp median of $696,875 - the appropriate discount for Woodland Hills relative to the premium Toluca Lake / NoHo submarkets - and just above the directly comparable Woodland Hills active at 6420-6422 Hanna Ave ($631,250/unit). On cap rate (5.45%) it lands above the sold-comp median of 5.23%, giving buyers a measurable yield premium to recent closings. On price-per-SF ($529) it carries a premium to the sold median ($488), which is expected for compact new-construction product - the building's four units average just 1,230 SF, with the 874 SF ADU lifting the per-SF figure - so per-unit and cap rate are the primary lenses here.
The price is anchored at the disciplined, comp-supportable end of the range and is positioned to clear within an industry-standard 60-90 day marketing window, with room for upward buyer-side negotiation. On the seller's questions: we estimate $189,000 in market GSR ($15,750/mo across the four units), a stabilized cap rate of roughly 5.0%-5.5% for new four-unit product in this West Valley submarket, and a recommended list of $2,600,000 - and yes, the LAAA Team actively works a deep 1031-exchange buyer pool.
