New yield + scale flag
634 W 92nd St
Vermont Vista · Los Angeles
$3.70M21 units7.97% listed cap$176,190/unit
Direct broker page describes a stabilized 21-unit asset with mostly two-bedroom units, 21 parking spaces and on-site laundry.Broker source ↗Verified apartment opportunities up to $10 million, screened by basis, cap rate, unit count and market — with original underwriting context and direct links back to the listing source.
The September 23 screen adds nine directly verified opportunities across Los Angeles, Long Beach, Glendale, Anaheim and Garden Grove, while keeping one internally inconsistent West Adams listing out of live inventory until its source terms reconcile.
Vermont Vista · Los Angeles
El Sereno · Los Angeles
Garden Grove
West Adams · Los Angeles
| Market | Listings tested | Median DSCR proxy | ≥ 1.25× | < 1.00× | Median listed cap |
|---|
Method: asking price × published cap rate is treated as an NOI proxy; annual debt service is calculated at 65% LTV, 6.25% nominal interest and 30-year amortization. This deliberately ignores lender adjustments, replacement reserves, post-sale tax reassessment, insurance changes, capital expenditures and financing fees.
| Property | Market | Ask | Listed cap | DSCR proxy | Debt / yr |
|---|
H1 2026 average cap rates show why a single “Los Angeles cap rate” is not enough. Higher going-in yield often accompanies different supply, vintage, operating and regulatory risk.
Closed sales are not direct comps without adjustment, but they provide a reality check on basis in premium submarkets and newer product.
Matthews reports Q2 Los Angeles vacancy of 4.52%, average effective rent of $2,887, average cap rate of 5.37% and average price per unit of $308,551; Long Beach rent growth was +2.7% year over year. Matthews Q2 source ↗
Current-screen median price per unit. A high basis can reflect location, age, condition or product quality; it is not a value judgment.
| Opportunity | Market | Ask | Units | Cap | Price / unit | GRM | Status | Source |
|---|
Newly constructed 20-unit, 100% affordable housing project in Los Angeles. Colliers markets the property for auction with a published starting bid of $850,000.
Starting bid is not an asking price and should not be used as a price-per-unit comp. Direct Colliers page rechecked Sep. 22.
Colliers source ↗Newly built 35-unit affordable housing property in South Los Angeles. Colliers lists an auction starting bid of $1.75 million.
Affordable-housing covenants, lease-up, operating assumptions and auction terms require separate diligence. Direct Colliers page rechecked Sep. 22.
Colliers source ↗LAHD states the allowable RSO increase is 3% for July 1, 2026 through June 30, 2027. The amended formula uses 90% of CPI with a 1% floor and 4% ceiling.
The City of Cudahy states a 3% maximum for protected units from July 1, 2026 through June 30, 2027. That is directly relevant to Jana + Santa Ana.
LA County DCBA publishes a 1.919% general allowable increase for July 1, 2026 through June 30, 2027, with different published limits for qualifying small-property and luxury categories.
LA County's published AB 1482 reference shows an 8.7% cap for the Los Angeles metropolitan area beginning August 1, 2026 for covered units that are not governed by a stricter local cap.
Recent Los Angeles transactions include 117 S Avenue 64 at $258,958/unit and 3407–3411 Drew St at $194,839/unit, while 1534 S Shenandoah traded at $270,000/unit. They are context points—not automatic comps—and should be adjusted for income, regulation, condition and product.
Open recent closings ↓4771 W Adams demonstrates the quarantine rule: when the same broker ecosystem presents materially inconsistent asking price or cap-rate terms, RLF does not average or guess. The record remains excluded until the active source terms reconcile.
Single-room-occupancy housing can carry different licensing, bathroom, habitability, tenant-protection and operating requirements, while ancillary retail or advertising income can change the revenue mix. RLF now separates SRO assets in the risk filter before ranking headline cap rates.
The FOMC raised the federal-funds target range by 25 basis points to 3.75%–4.00%, effective September 17. For multifamily underwriting, that is capital-markets context only: acquisition loan pricing still depends on Treasury/SOFR benchmarks, leverage, amortization, DSCR, sponsorship and lender spreads.
Federal Reserve source ↗Matthews reports $9.3B of Los Angeles multifamily sales over the trailing 12 months, up 35.2% year over year. Average cap rate reached 5.37% while average price per unit was $308,551. Use the market-wide figures as context, not a substitute for property underwriting.
Matthews source ↗The Tuvia Group’s H1 2026 analysis shows average cap rates of 6.7% in Koreatown/Mid-Wilshire versus 5.0% in West LA, with Hollywood at 6.0% and Northeast LA at 5.9%. The spread is a reminder to price supply, location, vintage and operating complexity explicitly.
Submarket source ↗California’s Tenant Protection Act is only one layer. Los Angeles, Cudahy, Culver City and other jurisdictions can impose different or stricter rules. The underwriting rule is simple: establish the governing regime and lawful rent schedule before counting “upside.”
Open regulatory lens ↓Los Angeles Office of Finance states that for transfers closing after June 30, 2026, the 4% ULA tier begins above $5.4 million and runs below $10.9 million. For acquisitions, that seller-side cost can influence pricing and negotiation even though the buyer does not simply add 4% to purchase cost.
City source ↗Freddie Mac’s 2026 Q2 multifamily Refinance Test uses a 5.78% implied 10-year forward rate. That is a stress-test input, not a quote for any property on this site.
Freddie Mac source ↗California change-in-ownership events can trigger reassessment and supplemental tax bills. Acquisition underwriting should model taxes from the probable post-sale assessed basis rather than carrying forward the seller’s current tax line.
California BOE source ↗Before spending time on cosmetic upside, verify electrical capacity and panels, sewer lateral condition, roof age, balcony/deck obligations, seismic work and parking/ADU assumptions. Marketing claims are a starting point, not diligence.
Fannie Mae reports $36.6 billion of multifamily new-business volume for January through July 2026. That is transaction-market context, not evidence that any individual acquisition will qualify for agency execution.
Fannie Mae source ↗1636 N Stanton illustrates why RLF does not rely on one marketplace surface. CRMLS-fed data moved the property to Contingent on September 20 while other broker/CoStar surfaces still showed availability. RLF archives the record from active counts until the status conflict clears.
MLS-fed status ↗A verification date records the last source check, not a guarantee that an offer is still available. The September 23 inventory includes September 24 source corrections. Reviews use published pages, which may be cached or lag broker updates; they are not direct broker confirmations.