Investment Narrative

1508 S Centinela sits in the coveted Sawtelle corridor of West LA. At $281K/unit — 14% below the CoStar comp avg of $325K (7 West LA sales) — with 31% loss-to-lease and 2 vacant units for immediate lease-up, this is the strongest value story in the portfolio. FY1 DCR 1.71x.

Key Highlights

✓$281K/unit — 14% below CoStar comp avg of $325K (7 sales)

✓31% loss-to-lease — strongest value story

✓2 vacant units — immediate lease-up upside

✓Conservative 42.8% LTC — FY1 DCR 1.71x

✓FY3 stabilized cap: 6.48%

Year Built

1963

Unit Mix

2×Studio + 5×1BR + 1×2BR/2BA + 1×2BR/1BA

RSF

6,478 SF

Occupancy

Low Vacancy

Submarket Profile

Sawtelle / West LA (90025)

Sawtelle and West LA combine institutional employment anchors — UCLA, the VA campus, and the growing Westside tech corridor — with one of LA’s most vibrant dining and retail scenes along Sawtelle Blvd. The submarket’s tenant base skews young professional and graduate student, driving strong occupancy in workforce housing. Class B and C vacancy runs materially tighter than Class A, as new luxury product absorbs the concession pressure while vintage buildings maintain stable occupancy. The 1508 S Centinela location sits between Sawtelle’s restaurant row and the Santa Monica border, giving tenants walkable access to both employment and lifestyle.

4.5%

Submarket Vacancy (Class B/C)

$2,098/mo

Median 1BR Rent (vintage)

$2,395/mo

Renovated 1BR Premium

UCLA, VA, tech corridor

Key Employers

84

Walk Score

Expo Line + future D Line

Transit

Rent Comp Analysis

Underwriting vs. Market Rents

1BR

4 comps · $1,850–$2,395

U/W $2,350

Avg $2,098

At market

Studio

1 comps · $1,894 (vintage micro only)

U/W $2,050

Avg $1,894

At market

2BR/1BA

0 comps · $2,550–$3,000

U/W $3,000

Limited data

At market

2BR/2BA

0 comps · Limited vintage 2BR/2BA

U/W $3,200

Limited data

At market

Sales Comps

Recent Comparable Sales

Property	Units	Price	$/Unit	$/SF	Cap Rate	Date	Note
1508 S Centinela Ave	9	$2.5M	$281K	$390	—	—	Subject Property
1447 S Saltair Ave	15	$4.2M	$280K	$246	4.50%	Sep 2025	Age 59 · 17,052 SF · West LA
11727 Ohio Ave	9	$2.6M	$289K	$337	5.70%	Feb 2026	Age 65 · 7,697 SF · West LA
1320 S Carmelina Ave	9	$2.6M	$294K	$385	4.10%	May 2025	Age 63 · 6,875 SF · West LA
1246 S Saltair Ave	8	$2.5M	$306K	$567	4.39%	Feb 2026	Age 71 · 4,320 SF · West LA
1703 Stoner Ave	9	$2.9M	$322K	$320	—	Nov 2025	Age 53 · 9,056 SF · West LA
1236 McClellan Dr	9	$3.0M	$339K	$440	5.42%	Oct 2025	Age 64 · 6,935 SF · West LA
12039 Goshen Ave	9	$4.0M	$447K	$456	—	Jun 2025	Age 59 · 8,829 SF · West LA

Comp Analysis

Pricing Context

$/Unit

$325K avg · Range: $280K–$447K · 7 CoStar sales · 14% below avg

Verdict: Saltair ($280K, 15u) is floor. Carmelina $294K, Ohio Ave $289K cluster near subject. Goshen Ave ($447K, 9u) sets ceiling. Strongest value story in portfolio.

$/SF

$393 avg · Range: $246–$567 · 7 comps · Below avg $/SF

Verdict: Saltair at $246/SF anchors the low end. Stoner at $320/SF, Ohio Ave at $337/SF. 1246 Saltair at $567/SF sets ceiling.

Analyst Note

7-comp avg: $325K/unit. Subject at $281K = 14% below avg. Cap range: 4.10%–5.70%. All West LA submarket. 100% local private buyers.

Active Rent Comps

Current Listings in the Area

Address	Type	Rent	$/SF	Dist.	Features
1550 Centinela Ave #213	1BR/1BA	$1,850	—	0.03 mi	GatedA/CReduced
1560 S Centinela #215	1BR/1BA	$1,950	—	0.04 mi	Top floorRenovated
1216 Armacost Ave #10	1BR/1BA	$2,195	$3.66	0.3 mi	Vintage
1522 S Centinela Ave	1BR/1BA	$2,395	—	0.01 mi	RenovatedKey comp

Summary

Key Metrics

$2,098

1BR Vintage Avg

U/W: $2,300–$2,395

$2,550

2BR Vintage Range

U/W: $3,000–$3,200

$1,894

Studio (vintage micro)

U/W: $2,000–$2,100

31%

Loss-to-Lease

$43,932/yr gap · 2 vacant units

Location

1508 S Centinela Ave, Los Angeles, CA 90025

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