12
Units
10840 Bluffside Drive is a 12-unit, fee-simple apartment community offered free of existing debt. In-place rents sit well below the surrounding market across nearly every unit, giving a new owner a clear, low-risk path to substantial NOI growth through natural turnover.
Bringing rents to market grows NOI from $137,996 to $218,079 — a $86,556 annual loss-to-lease captured entirely through unit turnover, no renovation program required.
Blocks from the Ventura Boulevard retail & dining corridor, with easy access to Coldwater Canyon, the 101 Freeway, and the Westside/Valley job centers.
$229,167/unit and $358/SF compares favorably to the $289,889/unit average of nearby closed sale comparables — an entry-point discount for a well-located asset.
No existing debt to assume — buyers underwrite fresh financing at their own terms. Illustrative new-loan proceeds shown at 60% LTV.
Ten 1BR/1BA units anchor the rent roll and show the greatest upside (+43% to market on average), alongside one studio and one 2BR/2BA townhome-style unit already at market.
Built in 1964 on a 9,612 SF (0.22-acre) lot, offering long-term ownership stability and functional 400–1,400 SF floor plans that continue to lease well in this submarket.
Figures reflect the underwritten Operating Statement at the $2,750,000 offering price. Pro forma assumes in-place units are brought to market rent upon turnover; expense pro forma reflects a stabilized 5% management fee and modest inflationary growth.
| Operating Statement | Current | Per Unit | Pro Forma | Per Unit |
|---|---|---|---|---|
| Gross Potential Rent | $331,740 | $27,645 | $331,740 | $27,645 |
| Loss / Gain to Lease | ($86,556) | ($7,213) | $0 | $0 |
| Gross Scheduled Rent | $245,184 | $20,432 | $331,740 | $27,645 |
| Vacancy (3.0%) | ($7,356) | ($613) | ($9,952) | ($829) |
| Effective Rental Income | $237,828 | $19,819 | $321,788 | $26,816 |
| Other Income (Laundry) | $1,200 | $100 | $1,200 | $100 |
| Effective Gross Income | $239,028 | $19,919 | $322,988 | $26,916 |
| Real Estate Taxes | $34,375 | $2,865 | $34,375 | $2,865 |
| Insurance | $16,000 | $1,333 | $16,480 | $1,373 |
| Utilities | $17,586 | $1,466 | $13,596 | $1,133 |
| Trash Removal | $4,200 | $350 | $4,326 | $361 |
| Repairs & Maintenance | $10,240 | $853 | $11,742 | $979 |
| Landscaping | $2,400 | $200 | $3,090 | $258 |
| General & Administrative | $1,280 | $107 | $2,060 | $172 |
| Misc. Expenses | $3,000 | $250 | $3,090 | $258 |
| Management Fee (5.0%) | $11,951 | $996 | $16,149 | $1,346 |
| Total Expenses | $101,032 | $8,419 | $104,908 | $8,742 |
| Expenses as % of EGI | 42.3% | — | 32.5% | — |
| Net Operating Income | $137,996 | $11,500 | $218,079 | $18,173 |
As of July 2026. Eleven of twelve units are currently leased below achievable market rent — the core of the property's value-add thesis.
| Unit | Unit Type | SF | Current Rent | Market Rent | Upside |
|---|---|---|---|---|---|
| 1 | 2 Bed / 2 Bath | 1,400 | $2,800 | $2,800 | — |
| 2 | 1 Bed / 1 Bath | 575 | $1,269 | $2,295 | +80.9% |
| 3 | 1 Bed / 1 Bath | 575 | $1,219 | $2,295 | +88.3% |
| 4 | 1 Bed / 1 Bath | 575 | $1,750 | $2,295 | +31.1% |
| 5 | 1 Bed / 1 Bath | 575 | $1,010 | $2,295 | +127.2% |
| 6 | 1 Bed / 1 Bath | 575 | $1,663 | $2,295 | +38.0% |
| 7 | Studio | 400 | $1,595 | $1,895 | +18.8% |
| 8 | 1 Bed / 1 Bath | 575 | $1,900 | $2,295 | +20.8% |
| 9 | 1 Bed / 1 Bath | 575 | $1,695 | $2,295 | +35.4% |
| 10 | 1 Bed / 1 Bath | 575 | $1,868 | $2,295 | +22.9% |
| 11 | 1 Bed / 1 Bath | 575 | $1,895 | $2,295 | +21.1% |
| 12 | 1 Bed / 1 Bath | 575 | $1,768 | $2,295 | +29.8% |
| Total / Weighted Average | 7,676 | $20,432 | $27,645 | +35.3% | |
Recently marketed comparable units within a short radius of the subject property support market rents used in the pro forma above. Comp data compiled from company research and LAAA Comps (comps.laaa.com/live). Addresses link to the exact location on Google Maps.
| Address | Unit Type | SF | Rent | Rent / SF |
|---|---|---|---|---|
| 10979 Bluffside Dr, Studio City, CA 91604 | Studio | 426 | $1,895 | $4.45 |
| 4176 Arch Dr, Studio City, CA 91604 | Studio | 485 | $1,895 | $3.91 |
| 10913 Fruitland Dr, Studio City, CA 91604 | 1 Bed / 1 Bath | 800 | $2,295 | $2.87 |
| 10900 Bluffside Dr, Studio City, CA 91604 | 1 Bed / 1 Bath | 618 | $2,295 | $3.71 |
| 4215 Tujunga Ave, Studio City, CA 91604 | 2 Bed / 2 Bath | 1,020 | $2,895 | $2.84 |
| 4335 Vineland Ave, Studio City, CA 91602 | 2 Bed / 2 Bath | 1,235 | $2,950 | $2.39 |
Four closed multifamily sales within the 91604 submarket, reflecting current investor pricing for similar-vintage, similarly-scaled assets. Addresses link to the exact location on Google Maps.
| Property | Units | Sale Price | Sale Date | Yr Built | Cap Rate | GRM | $/SF |
|---|---|---|---|---|---|---|---|
| 4156 Tujunga Ave | 6 | $1,899,000 | 2/18/2026 | 1971 | 5.31% | 12.32x | $411.57 |
| 4350 Colfax Ave | 9 | $2,000,000 | 11/21/2025 | 1958 | 5.27% | 11.64x | $339.90 |
| 4300 Tujunga Ave | 10 | $2,975,000 | 7/21/2026 | 1963 | 4.60% | 12.90x | $335.00 |
| 11607 Acama St | 12 | $3,880,000 | 3/31/2026 | 1971 | 6.00% | 10.90x | $241.77 |
| Comp Average | 9.25 | $2,688,500 | — | 1966 | 5.30% | 11.94x | $332.06 |
| Subject10840 Bluffside Dr | 12 | $2,750,000 | Offered | 1964 | 5.02% / 7.93%* | 11.22x / 8.29x* | $358.26 |
10840 Bluffside plotted directly against the four closed transactions above, using figures from the underwriting model and comp set — not from third-party OM marketing materials, which reflect list price and other brokers' assumptions rather than closed terms.
The subject is offered free and clear of existing debt. Terms below illustrate a representative new first mortgage at 60% loan-to-value and are provided for underwriting purposes only — buyers should confirm final terms with their lender or Marcus & Millichap Capital Corporation.
Nestled in the Los Angeles hillside submarket between the 101 Freeway and Mulholland Drive, Studio City combines a walkable commercial core with quiet residential streets — a consistently strong renter draw for well-located, small multifamily assets like 10840 Bluffside.
The property sits within walking distance of the Ventura Boulevard corridor's shops, restaurants, and grocery anchors, with convenient access to CBS Studio Center and the broader Los Angeles entertainment-industry employment base. The 101 Freeway provides fast connections to the greater San Fernando Valley and Westside.
Netflix is under contract to acquire the ±55-acre Radford Studio Center — roughly a mile from the subject — for approximately $400 million from a lender group led by Goldman Sachs, with closing expected in Q3 2026. A permanent Netflix production anchor commits the world's largest streamer to Studio City for the long term, deepening the entertainment-employment base that drives the submarket's rental demand. Los Angeles Times · June 19, 2026 ↗
Demographics: U.S. Census Bureau / ACS 5-year estimates (ZIP 91604); approximate and to be buyer-verified.
The LAAA Team at Marcus & Millichap has closed nearly 500 multifamily and investment transactions across Los Angeles and Ventura Counties since 2013 — the same team bringing this analysis to Albert Sharaf.
| Year | Deals Closed | Total Units | Volume Closed |
|---|---|---|---|
| 2026 (YTD) | 19 | 112 | $47M |
| 2025 | 24 | 170 | $83M |
| 2024 | 26 | 147 | $81M |
| 2023 | 21 | 121 | $78M |
| 2022 | 37 | 379 | $184M |
| 2021 | 58 | 458 | $205M |
| 2020 | 41 | 283 | $130M |