Listed by Marcus & Millichap - Los Angeles
$3,495,000
Sherman Way Palace & Bakman Palms
Details
APN 2315-022-010; 2315-022-009
Property Type Multifamily
Sub Type Apartment Building
Square Footage 11,351
Units 28
Cap Rate 5.36%
NOI $188,543
Occupancy 96%
Pro-Forma Cap Rate 9.36%
Pro-Forma NOI $326,972
Price per SqFt $308
Year Built 1956/1955
Lot Size (SqFt) 25,278
Zoning LAR3
Parking Spaces 22 spaces
Parking per 1,000 SqFt 1.94
Investment Type Value Add
Ownership Fee Simple
Multifamily | 28 Units | $124,821/unit
Marketing description
The Azzi Group of Marcus and Millichap is pleased to present the opportunity to acquire 11329 Sherman Way and 7209 Bakman Ave, a 28-unit multifamily investment opportunity located in the highly desirable 91352 zipcode of Sun Valley.
11329 Sherman Way and 7209 Bakman Ave are centrally located within the eastern San Fernando Valley, offering convenient access to major employment centers and lifestyle destinations throughout Greater Los Angeles, including Burbank, Panorama City, and North Hollywood.
Investment highlights
- Strong In-Place Cash Flow with Massive Upside: The opportunity generates a ~5.4% in-place cap rate with a clear value-add path to a ~9.4% projected cap rate, driven by approximately 40–50% rental upside through mark-to-market rent growth and operational efficiencies.
- Two Adjacent Properties: Totaling 28 units, including a separately parceled fourplex, allows for shared management efficiencies while providing long-term ownership, financing, and exit flexibility.
- Diversified Unit Mix: The portfolio consists of (9) bachelor units, (8) studios, (10) one-bedroom / one-bath units, and (1) two-bedroom / two-bath unit, supporting broad renter demand and stable occupancy across multiple tenant profiles.
- Major Capital Improvements Completed: Ownership has recently completed key exterior and system upgrades, including copper plumbing, new windows, stone siding, fresh paint, and gated entry, reducing near-term CapEx exposure.
- Ample On-Site Parking: Large surface parking lot provides abundant resident parking—a key competitive advantage in the eastern San Fernando Valley and a strong driver of tenant retention.
- On-Site Laundry Facilities: Centralized on-site laundry room provides a convenient resident amenity while generating supplemental income for ownership.
- Convenient, Amenity-Rich Location: Walkable access to nearby retail, services, and daily conveniences, with proximity to Burbank and North Hollywood employment hubs, supports durable workforce housing demand.
- 11329 Sherman Way - Number of Parking Spaces 18, Number of Buildings 2, Number of Stories 1, Lot Size 18,877 SF
- 7209 Bakman Ave - Number of Parking Spaces 4, Number of Buildings 1, Number of Stories 2, Lot Size 6,401 SF
Listing Contacts
Listed by Marcus & Millichap - Los Angeles
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$188,543.00
$15,711.92/mo
Valuation Metrics
0
DSCR
5.39%
Cap Rate
5.39%
ROI
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