Prepared Exclusively for the Robin Salame Family Trust
Robin Salame Family Trust · Mid-City Los Angeles · June 2026
The LAAA Team is a ten-person multifamily investment-sales group led by co-founders Glen Scher and Filip Niculete, working Central Los Angeles and the wider metro every day. We sell buildings exactly like 1512 S Westmoreland: small, rent-stabilized, long-held family assets where the value is in the per-unit basis and the turnover upside.
That focus matters on a deeply below-market rent-controlled property. The buyer pool, the financing, and the pricing all turn on how credibly the upside is underwritten, and on a team that can run a disciplined, confidential process to the right private capital.
A sample of recent LAAA closings relevant to 1512 S Westmoreland by Central LA location, size bracket, price tier, and buyer profile.
• 35.5 median days on market — faster than the submarket
• 37% sold under 30 days, 64% under 60 days
• 59% closed within 3% of asking
• 468 closings / $1.47B+ volume / 4,219 units sold since 2013
• The Westmoreland buyer pool is the same private-capital and exchange-buyer audience that repeatedly competes for small Central LA apartment buildings
1512 S Westmoreland Avenue is a fully occupied 5-unit property in two buildings — a front four-unit and a detached rear house — in Mid-City Los Angeles, held by the Robin Salame Family Trust. The asset pairs durable, rent-stabilized in-place income with the deepest mark-to-market upside in the portfolio.
The seller position is simple: present durable, fully-occupied income today, while documenting the upside as the three compressed units reset to the building's own proven rents under Costa-Hawkins vacancy decontrol. In-place gross rent of $89,196 grows to a $132,480 pro forma on natural turnover — a +$43,284 (+48%) lift. Per ownership, four of the five units were rebuilt prior to the current owner's acquisition (a seller representation to be confirmed against permit records in due diligence), consistent with the near-market rents two units already carry.
1512 S Westmoreland Avenue sits in Mid-City Los Angeles in the 90006 trade area, between Koreatown, Mid-Wilshire, and Pico-Union, minutes from the Wilshire corridor, MacArthur Park, and Downtown. It is one of the densest, most renter-dominated neighborhoods in the city.
Central Los Angeles is among the most supply-constrained rental submarkets in the region. A built-out grid, deep renter demand, and limited new construction keep the rental base tight, supporting occupancy and long-term rent growth.
| Location & Demand Drivers | |
|---|---|
| Submarket | Mid-City Los Angeles |
| ZIP | 90006 |
| Retail / Dining | Wilshire corridor & Koreatown |
| Transit | MacArthur Park Metro (B/D Line) |
| Employment | Downtown Los Angeles |
| Culture | Mid-Wilshire & Miracle Mile |
| Rent Control | LA RSO |
| Zoning | RD1.5-1 |
| Property Overview | |
|---|---|
| Units | 5 |
| Buildings | 2 (front 4-unit + rear house) |
| Year Built | 1907 |
| Gross Building SF | 4,358 |
| Unit Mix | 2× 1BR/1BA, 3× 2BR/1BA |
| Occupancy | 100% |
| Site & Zoning | |
|---|---|
| APN | 5056-003-021 |
| Lot Size | 6,795 SF (0.16 ac) |
| Land Use | Multi-Family Res (5+ units) |
| Zoning | RD1.5-1 |
| Configuration | Front four-unit + detached rear house |
| Unit Mix Layout | |
|---|---|
| 1 Bed / 1 Bath | 2 units · 715 SF avg |
| 2 Bed / 1 Bath | 3 units · 976 SF avg |
| Avg Unit Size | 872 SF |
| Current GSR | $89,196 |
| Pro Forma GSR | $132,480 |
| Regulatory & Condition | |
|---|---|
| Rent Control (RSO) | LA RSO |
| Vacancy Decontrol | Costa-Hawkins on turnover |
| Condition | 4 of 5 units rebuilt per ownership [*] |
| Owner Pays | Water / sewer |
| Tenant Pays | Gas & in-unit electric |
[*] Per ownership, four of the five units were rebuilt prior to the current owner's acquisition. This is a seller representation shown for context and should be confirmed against LADBS permit records in due diligence.
Central LA Value-Add Operator · stabilizing to 6.5%+
Hands-on owners underwriting the mark-to-market on the three compressed units as they reset on turnover under LA rent stabilization and Costa-Hawkins. The core buyer.
Private 1031 Exchange · 3.75–4.25% going in
Regional principals trading into a rent-controlled Central LA hold with deep, organic turnover upside.
Local Apartment Owner · 4.00–4.50% going in
Central LA owners adding a well-located small building in a dense, transit-rich trade area to a local portfolio.
Entrepreneurial Private Capital · underwriting the turnover lift
Patient private capital seeking a below-market basis in a supply-constrained Central LA submarket with a clear, legal path to market yield.
Deep 90006 renter demand and the deepest below-market upside in the portfolio should draw a capital-rich pool, each underwriting the turnover lift on a small, rent-stabilized asset.
"The going-in cap is only 5.15% — that's soft."
It reads soft only because three of five units are deeply suppressed under RSO. The building's own units already prove ~$1,920–$2,100 rents; on those proven rents the pro forma NOI is $91,711 — a 9.17% yield on the same $1,000,000 basis. The price is set on in-place income, with the upside beside it, never inside it.
"It's a 1907 building."
Per ownership, four of the five units were rebuilt before the current owner acquired it (pending permit verification), consistent with the near-market rents two units already carry — newer interiors within a vintage Central LA shell.
"Two buildings on one lot — complication?"
It is flexibility, not friction: a front four-unit plus a detached rear house broadens the buyer pool to owner-users of the house as well as pure investors.
"How real is the upside?"
It is the building's own proven rents, captured on natural turnover under Costa-Hawkins — not buyouts — validated by 90006 lease comps and the structural-twin sale (2718 W 15th) a mile away.
| Address | Submarket | Yr | Units | Sale Price | $/Unit | $/SF | Cap | GRM | Dist | Sold |
|---|---|---|---|---|---|---|---|---|---|---|
| 1512 S Westmoreland (subject) | Mid-City LA | 1907 | 5 | $1,000,000 | $200,000 | $229.46 | 5.15% | 11.21 | — | In place |
| 2718 W 15th Street (twin) | Los Angeles | 1916 | 5 | $1,000,000 | $200,000 | $297.62 | 5.53% | 11.45 | 0.9 mi | Jun 2026 |
| 1707 S Bonnie Brae Street | Los Angeles | 1924 | 5 | $1,450,000 | $290,000 | $228.20 | 7.56% | 9.14 | 0.6 mi | Oct 2025 |
| 2233 W 14th Street | Los Angeles | 1923 | 10 | $1,580,000 | $158,000 | $345.28 | 8.78% | 8.12 | 0.3 mi | Feb 2026 |
| 1205 S Mariposa Avenue | Los Angeles | 1926 | 10 | $1,475,000 | $147,500 | $336.76 | 6.65% | 9.81 | 0.8 mi | Aug 2025 |
| 1242 S Mariposa Avenue | Los Angeles | 1960 | 5 | $1,200,000 | $240,000 | $326.44 | NA | NA | 0.8 mi | Jan 2026 |
| 1745 Magnolia Avenue | Los Angeles | 1959 | 9 | $1,435,000 | $159,444 | $238.53 | NA | NA | 0.4 mi | Nov 2025 |
| 2241 W 14th Street | Los Angeles | 1954 | 10 | $1,235,000 | $123,500 | $214.11 | NA | NA | 0.3 mi | Jul 2025 |
| Comparable averages | $1,339,286 | $188,349 | $283.85 | 7.13% | 9.63 | — | — | |||
Each sale re-underwritten on the same broker-optimistic basis as the subject (property tax reassessed at its own sale price). Cap rate and GRM are shown only where the sale disclosed actual income — "NA" sales contribute to the per-unit and per-SF averages but not the verified yield averages (cap 7.13% / GRM 9.63). The subject's going-in cap reads soft and its GRM high because the registered in-place rents are the most suppressed in the set; higher GRM = more suppressed.
2718 W 15th Street — The fresh structural twin: five units in two buildings (a front four-plex plus a detached house) with suppressed RSO income, sold June 2026 at $1,000,000 / $200,000 per unit with one unit vacant. The subject is larger, fully occupied, and carries more in-place income, supporting the same basis.
1707 S Bonnie Brae Street — A size-matched five-unit with verified income; its all-large-3BR, detached-house product inflates per-unit to the set maximum and deflates per-SF, bracketing the high end of per-unit, not the subject's level.
2233 W 14th Street — The closest verified-income comp (0.3 mi) and the top of the verified cap band at 8.78%. Larger, all one-bedroom, single-story and recently capitalized — the yield-and-condition reference the subject prices below on per-unit/per-SF and above on going-in cap for its 1907 vintage.
1205 S Mariposa Avenue — A verified-income reference whose tiny studio-and-one-bedroom units push price per SF to the top of the set and per-unit to the low end; its soft 6.65% cap mirrors the same RSO suppression the subject carries.
In-place rents sit far below market on three of five units — the result of long tenancies under LA rent stabilization. Under Costa-Hawkins vacancy decontrol, each unit resets to market on natural turnover, not by buyouts. Pro forma rents are validated by recent 90006 lease comparables and clear the highest in-place rent for each type. The one-bedroom is held at the in-building proven $1,920 floor because the submarket median is at or below it; the real one-bedroom upside is the $1,030 compressed unit resetting on turnover.
| Set | Rent / Unit | Avg Size (SF) | Rent / SF |
|---|---|---|---|
| Subject — current | $1,475 | 715 | $2.06 |
| Subject — pro forma | $1,920 | 715 | $2.69 |
| 2241 W 14th St | $1,765 | 550 | $3.21 |
| 1423 Magnolia Ave | $1,850 | 700 | $2.64 |
| 1036 Menlo Ave | $2,045 | 900 | $2.27 |
| 90006 1BR median | $1,775 | 680 | $2.61 |
| Comparable average | $1,859 | 708 | $2.68 |
| Set | Rent / Unit | Avg Size (SF) | Rent / SF |
|---|---|---|---|
| Subject — current | $1,494 | 976 | $1.53 |
| Subject — pro forma | $2,400 | 976 | $2.46 |
| 1150 Westmoreland Ave | $2,300 | 900 | $2.56 |
| 1125 S Lake St | $2,550 | 878 | $2.90 |
| 90006 2BR median | $2,400 | 900 | $2.67 |
| Comparable average | $2,417 | 893 | $2.71 |
Comparables are recent active asking rents and submarket medians in 90006, used to validate the pro forma market rents (one-bedroom held at the in-building proven $1,920 floor because the submarket median is at or below it; two-bedroom at the $2,400 median). Figures are estimates for discussion and should be confirmed at listing.
| Unit | Type | SF | Current Rent/Mo | Current $/SF | Pro Forma Rent/Mo | Status |
|---|---|---|---|---|---|---|
| 1 | 1 Bed / 1 Bath | 715 | $1,030 | $1.44 | $1,920 | Occupied |
| 2 | 2 Bed / 1 Bath | 976 | $1,333 | $1.37 | $2,400 | Occupied |
| 3 | 1 Bed / 1 Bath | 715 | $1,920 | $2.69 | $1,920 | Occupied · at market |
| 4 | 2 Bed / 1 Bath | 976 | $2,100 | $2.15 | $2,400 | Occupied · near market |
| 5 | 2 Bed / 1 Bath | 976 | $1,050 | $1.08 | $2,400 | Occupied |
| Total | 5 units | 4,358 | $7,433/mo | $1.71 | $11,040/mo | 100% occ. |
In-place rents reflect the current rent schedule, consistent with the most recent owner statement ($7,433/mo = $89,196/yr). Pro forma rents ($11,040/mo = $132,480/yr) are reached only on natural turnover under Costa-Hawkins vacancy decontrol. Three of five units sit deeply below the building's own proven rents. Per-unit square footage is a model estimate by type pending measured floor plans.
| Income | Annual | Per Unit | $/SF |
|---|---|---|---|
| Gross Scheduled Rent [1] | $89,196 | $17,839 | $20.47 |
| Less: Vacancy & Credit Loss (3%) | ($2,676) | ($535) | ($0.61) |
| Effective Gross Income | $86,520 | $17,304 | $19.85 |
| Expenses | Annual | Per Unit | $/SF |
|---|---|---|---|
| Real Estate Taxes [2] | $11,700 | $2,340 | $2.68 |
| Water / Sewer | $6,075 | $1,215 | $1.39 |
| Insurance [3] | $5,358 | $1,072 | $1.23 |
| Management Fee [4] | $3,568 | $714 | $0.82 |
| Repairs & Maintenance | $3,500 | $700 | $0.80 |
| Reserves | $2,000 | $400 | $0.46 |
| General Admin | $1,000 | $200 | $0.23 |
| Landscape & Grounds | $600 | $120 | $0.14 |
| Rent Registration | $533 | $107 | $0.12 |
| Common-Area Electric | $480 | $96 | $0.11 |
| Other | $250 | $50 | $0.06 |
| Total Operating Expenses | $35,064 | $7,013 | $8.05 |
| Net Operating Income | $51,456 | $10,291 | $11.81 |
Expenses as % of EGI: 40.5% (current). Sale-basis, broker-optimistic underwriting; figures are estimates pending due diligence.
[1] Gross Scheduled Rent: Current income uses the in-place registered rents under LA rent stabilization ($7,433/mo × 12 = $89,196). Pro forma rent is shown separately and does not drive the in-place value recommendation.
[2] Real Estate Taxes: Reassessed to the purchase price at close, no Prop 13 carryover. Shown at 1.17% of the recommended value; on the pricing matrix, taxes recompute at each price row.
[3] Insurance: Shown at the higher of the benchmark formula and the seller's $4,496 actual.
[4] Management: Included at 4% of gross scheduled rent, even if ownership self-manages today.
Utilities. Gas and in-unit electric are tenant-paid. Trash is carried at $0 until the owner's utility invoices show whether it is billed separately from water (a +$2,000/yr sensitivity).
Expense normalization. Operating expenses are scrubbed of one-time capital items and owner-level costs. Buyer to verify actuals in due diligence.
| Operating Data | |
|---|---|
| Recommended Price | $1,000,000 |
| Number of Units | 5 |
| Buildings | 2 |
| Price / Unit | $200,000 |
| Price / SF | $229.46 |
| Gross SF | 4,358 |
| Year Built | 1907 |
| Returns (In-Place, Reassessed) | |
|---|---|
| Cap Rate | 5.15% |
| GRM | 11.21x |
| Pro Forma Cap (at turnover) | 9.17% |
| Pro Forma GRM | 7.55x |
| Income (In-Place) | |
|---|---|
| Gross Scheduled Rent | $89,196 |
| Less Vacancy (3%) | ($2,676) |
| Effective Gross Income | $86,520 |
| Operating Expenses | ($35,064) |
| Net Operating Income | $51,456 |
| Pro Forma (At Full Turnover) | |
|---|---|
| Pro Forma GSR | $132,480 |
| Pro Forma NOI | $91,711 |
| Annual Upside | +$43,284 (+48%) |
| OpEx / EGI | 40.5% |
| Purchase Price | Price / Unit | Price / SF | Cap Rate | GRM |
|---|---|---|---|---|
| $1,100,000 | $220,000 | $252.41 | 4.57% | 12.33x |
| $1,050,000 | $210,000 | $240.94 | 4.84% | 11.77x |
| $1,000,000 | $200,000 | $229.46 | 5.15% | 11.21x |
| $950,000 | $190,000 | $217.99 | 5.48% | 10.65x |
| $900,000 | $180,000 | $206.52 | 5.85% | 10.09x |
Range metrics are shown on in-place income. Property tax is recomputed at each price row using a 1.17% reassessment rate, so the cap changes with both price and taxes. Price per SF uses gross building area of 4,358 SF.
At $1,000,000 the value ties the structural twin sale at 2718 W 15th on total price and $200,000 per unit, while Westmoreland's larger 4,358 square feet and stronger in-place income support the same basis. Price per SF is $229.46, below the roughly $284 comp average, because the subject is the oldest building in the set with larger, two-bedroom-weighted units.
The going-in cap is 5.15% and the in-place GRM is 11.21; both read the way a deeply suppressed building reads, because three of five units sit far below the building's own proven rents. That suppression is disclosed, not led around: the asset is priced fairly per door and per foot for income that has not yet turned, with the pro forma ($132,480 GSR / $91,711 NOI — a 9.17% yield on the same basis) sitting beside the price as upside, never inside it.