Prepared Exclusively for Sam Delijani
NASA Group LLC · July 2026
Since 2013, the LAAA Team has closed 460+ multifamily transactions totaling $1.47B+ in volume across Los Angeles, Ventura, and Santa Barbara counties - from the San Fernando Valley to the Koreatown / Mid-Wilshire core, where the team's recent assignments include 1145 S New Hampshire Ave, 936 S Mariposa Ave, and 941 Fedora St, all within a mile of the subject.
Our practice is built on disciplined underwriting, the deepest comparable-sales dataset in the submarket, and a marketing engine that reaches every active multifamily buyer in Los Angeles. We advise owners on when and how to sell - not just whether - and we price to clear, not to languish.
For 1120 Irolo St, that means an evidence-based opinion of value anchored in what non-rent-controlled, townhouse-style product actually trades for in Koreatown - presented with the same rigor we would bring to defending the price against a buyer's due-diligence challenge.
• Chairman's Club - Marcus & Millichap's top-tier annual honor
• National Achievement Award - multiple years, both partners
• #1 Most Active Multifamily Team in LA County - CoStar 2019-2021
• Sales Recognition Award - every year since 2016
• 40+ transactions per year - one of SoCal's most active groups
1120 Irolo St is a six-unit rental property in the heart of Koreatown, one block south of the Olympic Blvd corridor: five 3BR/2.5BA two-story townhomes averaging ±1,440 SF - three bedrooms and two full baths upstairs; living room, kitchen, powder room, and in-unit washer/dryer downstairs, with no units stacked above or below one another - plus a brand-new studio ADU with in-unit washer/dryer, now in the final stages of permitting and delivered finaled and leased at close.
Built in 1991, the property is exempt from the Los Angeles Rent Stabilization Ordinance: every unit that turns over resets to full market rent, with only statewide AB 1482 caps applying to in-place renewals.
Townhome rents of $3,000-$3,150 are achieved rents, not projections, and the studio is underwritten at a comp-supported $1,895. Two townhomes will deliver vacant at close - immediate mark-to-market flexibility for the buyer. At $322/SF against $400-500+/SF for new construction, the asset offers house-scale rental product at a structural discount to replacement cost.
Koreatown is one of the densest, most liquid rental submarkets in Los Angeles - a compact, walkable urban district with a 24-hour restaurant and retail economy along the Olympic, Wilshire, and Western corridors and one of the highest renter-household shares in the city (roughly nine of ten households rent).
The subject sits on Irolo St one block south of Olympic Blvd, roughly half a mile south of the Wilshire Center office district and the Metro D (Purple) Line at Wilshire/Normandie - a station whose westside extension is deepening Koreatown's transit connectivity. The 10, 110, and 101 freeways are each within about two miles, placing Downtown, Mid-Wilshire, and USC/Exposition Park employment within a short commute.
Tenant demand is on display a block away: The Normandie, a newly built mid-rise one block east, and BORA 3170 on Olympic are leasing studios at $2,000+ - while family-sized three-bedroom product like the subject is structurally scarce in a submarket dominated by pre-war studios and one-bedrooms. That scarcity is exactly why the subject's townhomes achieve $3,000+ rents.
| Location Details | |
|---|---|
| Submarket | Koreatown / Wilshire Center |
| ZIP | 90006 |
| Renter Households | ≈90% (among LA's highest) |
| Corridors | Olympic / Wilshire / Western |
| Transit | Metro D Line - Wilshire/Normandie |
| Freeway Access | 10 / 110 / 101 |
| Nearby Lease-Ups | The Normandie, BORA 3170 |
| Employment Nodes | Wilshire Center, DTLA, USC |
| Property Overview | |
|---|---|
| Units | 6 (5 townhomes + studio ADU) |
| Year Built | 1991 (ADU new, finaling 2026) |
| Building SF | 7,200 (assessor) + ±450 ADU |
| Unit Mix | 5x 3BR/2.5BA + 1x studio |
| Townhome Size | ±1,440 SF average |
| Configuration | No stacked units - side by side |
| Site & Parcel | |
|---|---|
| APN | 5078-019-024 |
| Lot Size | 5,907 SF (0.14 ac) |
| Land Use (Assessor) | Multi-Family Res (5+ Units) |
| Structures | 1 building |
| Adjacent Lots Owned | None |
| Unit Design | |
|---|---|
| Upstairs | 3 bedrooms, 2 full baths |
| Downstairs | Living, kitchen, half bath |
| Laundry | In-unit washer/dryer, every unit |
| Studio ADU | In-unit W/D; delivered finaled & leased at close |
| Parking | On-site (count to be confirmed) |
| Regulatory & Utilities | |
|---|---|
| Rent Control (RSO) | Exempt (1991, post-10/1978) |
| AB 1482 | Applies to renewals (5% + CPI cap); vacancies reset to market |
| Owner Pays | Water/sewer, trash (to verify) |
| Tenant Pays | Gas, electric (to verify) |
| Registration | No RSO registration; SCEP applies |
Click any image to enlarge; scroll the thumbnail strip for more. Source: MLS / lease listing media — renovated finishes vary by unit. Full photo set available on request.
1031 Exchange Buyers
Investors trading out of older, management-intensive RSO stock into a turnkey six-unit with non-rent-controlled townhouse product, achieved (not projected) rents, and a brand-new sixth unit delivered leased.
Private Koreatown & Mid-Wilshire Investors
A deep bench of local and international capital that knows the 90006 corridor block by block, prizes non-RSO assets, and rarely sees all-3BR townhouse product come to market.
Family & First-Time Multifamily Buyers
Five-unit scale with house-style units and SFR-like tenancy - one of the least management-intensive formats in the submarket, well suited to self-management.
Non-RSO status, an all-3BR townhouse core, and a brand-new sixth unit delivered leased broaden the buyer pool well beyond the typical Koreatown six-unit.
"It's Koreatown - everything is rent controlled."
Not this one. The 1991 construction date places it outside LA's RSO (which covers pre-October 1978 buildings). Only statewide AB 1482 applies to in-place renewals, and every vacancy resets to full market rent.
"Two of the townhomes are vacant or vacating."
Identical floor plans in the building achieved $3,000-$3,150, so lease-up risk is minimal - and the underwriting uses those achieved rents, not projections. For most buyers, two units delivering vacant is a feature: choose your tenants and set your rents on day one.
"The studio ADU isn't finaled yet."
The property is priced and delivered as a six-unit: the seller completes the final permit steps and delivers the studio leased at close, with escrow timed accordingly. The $1,895 underwritten rent is supported by six current comps, including a new lease-up one block east. If a buyer transacts before final, the structure adjusts (holdback or credit) - the pricing basis is protected either way.
"1991 vintage against new-construction pricing."
The subject prices at $322/SF - a steep discount to the $400-500+/SF new construction commands - yet its townhomes already achieve the $3,000+ rents that make the newer product pencil, and the sixth unit is brand-new construction. The buyer gets new-build rent economics at a 1991 basis.
The verified sold-comparable exhibit - closed 2024-2026 sales of newer-vintage, non-rent-controlled, and townhouse-style multifamily across Koreatown and Mid-Wilshire - is being finalized from CoStar and will be inserted here with a comp map, per-comp photos, and full pricing detail.
Preliminary framing while the exhibit is completed: Koreatown's pre-war, rent-controlled stock clears at roughly $190,000-$225,000 per unit (LAAA's own 12-unit 90006 listing at 1145 S New Hampshire Ave asked $199,583/unit) - but that band is the market's floor, not the subject's peer set. Those buildings average a fraction of the subject's unit size, carry RSO-suppressed rents of $900-$2,200, and require decades-old systems to be maintained. Non-rent-controlled townhouse product with achieved rents above $3,000/unit trades at a substantial premium to that band, and the recommendation in this BOV is anchored accordingly. Final pricing will be reconciled against the CoStar exhibit before launch.
The active and pending listing survey - the competing inventory a buyer would tour against the subject - is being finalized from CoStar alongside the sold set and will be inserted here with a comp map and per-listing links. What the rental side of the market already shows: brand-new lease-ups within blocks of the subject (The Normandie one block east; BORA 3170 on Olympic) are achieving $2,000+ on sub-530 SF studios, confirming the depth of tenant demand that underpins the subject's $3,000+ townhouse rents. On the for-sale side, non-rent-controlled small multifamily is chronically scarce in 90006 - a scarcity that works in the seller's favor when the property is exposed to the full buyer pool.
| Unit | Type | SF | Rent/Mo | Rent/SF | Status | Notes |
|---|---|---|---|---|---|---|
| 101 | 3BR / 2.5BA townhouse | ±1,440 | $3,100 | $2.15 | Occupied | Tenant vacating end of July 2026 |
| 102 | 3BR / 2.5BA townhouse | ±1,440 | $3,150 | $2.19 | Vacant | Underwritten at prior achieved rent |
| 103 | 3BR / 2.5BA townhouse | ±1,440 | $3,070 | $2.13 | Occupied | |
| 104 | 3BR / 2.5BA townhouse | ±1,440 | $3,050 | $2.12 | Occupied | |
| 105 | 3BR / 2.5BA townhouse | ±1,440 | $3,000 | $2.08 | Occupied | |
| ADU | Studio (new construction) | ±450 | $1,895 | $4.21 | Permitting | Delivered finaled & leased at close; comp-supported rent |
| Total | 6 units | ±7,650 | $17,265/mo | $2.26 | 4 of 6 occ. | $207,180/yr GSR |
Townhome SF estimated at assessor building total ÷ 5 and studio SF estimated from plans-stage comps; seller to confirm both. Townhome rents per owner-provided rent roll, July 2026; studio at the comp-supported market rent below. The property is underwritten as delivered: six units with the studio ADU finaled and leased.
The studio ADU - now in the final stages of permitting - is underwritten at the market rent below and delivered leased at close. Based on a July 2026 survey of six Koreatown studio comparables, we support $1,895 per month, with a defensible range of $1,795-$2,095:
| Comparable | Asking Rent | SF | Product | Laundry | Distance |
|---|---|---|---|---|---|
| IRO Apartments · 901 Irolo St | $1,350 | 400 | Remodeled pre-war | On-site | 2 blocks N, same street |
| The Irolo · 932 Irolo St | $1,395-$1,450 | 500-550 | Renovated | On-site | 2 blocks N, same street |
| Sienna · 1011 S Serrano Ave | $1,869-$2,180 | ±450 | Built 2020 | In-unit W/D | 0.5 mi W |
| The BORA 3170 · 3170 W Olympic Blvd | $2,122-$2,479 | 429-461 | Built 2023 | In-unit W/D | 0.4 mi E |
| Rise Koreatown · 750 S Oxford Ave | $2,157 | 457 | New construction | In-unit W/D | 0.8 mi NW |
| The Normandie · 1124-1140 S Normandie Ave | ≈$2,075+ | 441-527 | New mid-rise, 2025 lease-up | In-unit W/D | 1 block E |
The comps bracket the subject cleanly: renovated pre-war walk-ups on the same block without in-unit laundry lease at $1,350-$1,450, while 2020-2023 full-amenity new construction with in-unit W/D within a half mile asks $1,869-$2,479. The subject's brand-new studio earns the in-unit-W/D premium over the walk-up stock but should position just below the elevator buildings' amenity packages - $1,895 is defensible for underwriting yet conservative enough to lease within 30 days in the current concession-heavy Koreatown market.
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent [1] | $207,180 | $34,530 | $27.08 | - |
| Less: Economic Vacancy (3%) | ($6,215) | ($1,036) | $0.81 | - |
| Effective Gross Income | $200,965 | $33,494 | $26.27 | 100% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [2] | $30,750 | $5,125 | $4.02 | 15.3% |
| Insurance [3] | $8,850 | $1,475 | $1.16 | 4.4% |
| Water / Sewer [4] | $3,600 | $600 | $0.47 | 1.8% |
| Trash, Gas, Electric [5] | $2,400 | $400 | $0.31 | 1.2% |
| Repairs & Maintenance [6] | $4,500 | $750 | $0.59 | 2.2% |
| Contract Services [7] | $1,800 | $300 | $0.24 | 0.9% |
| Reserves [8] | $1,500 | $250 | $0.20 | 0.7% |
| Total Operating Expenses | $53,400 | $8,900 | $6.98 | 26.6% |
| Net Operating Income | $147,565 | $24,594 | $19.29 | 73.4% |
[1] Gross Scheduled Rent: Delivered six-unit basis: in-place, achieved rents on the five townhomes per the owner's rent roll (vacant unit 102 at its prior $3,150 achieved rent) plus the studio ADU at its comp-supported $1,895 - the seller delivers the ADU finaled and leased at close.
[2] Real Estate Taxes: LA County reassesses to the purchase price at close. Shown at 1.25% of the list price.
[3] Insurance: Two-component LAAA formula (units x $200 + SF x $1.00).
[4] Water / Sewer: Owner-paid allowance of $600/unit for townhouse product; to be trued up against seller actuals.
[5] Trash, Gas, Electric: Private-hauler trash allowance (≈$200/mo); gas and electric assumed tenant-paid and separately metered - to be verified.
[6] Repairs & Maintenance: $750/unit blended - 1991 vintage townhomes with single-family-style tenancy plus a brand-new studio at the lowest maintenance tier.
[7] Contract Services: Landscape, pest, and periodic inspection allowance.
[8] Reserves: $250/unit.
Benchmark-built pending the seller's operating actuals (offered and to be incorporated). Buyer to verify all figures in due diligence.
| Operating Data | |
|---|---|
| Price | $2,460,000 |
| Down Payment | $984,000 |
| Number of Units | 6 |
| Price / Unit | $410,000 |
| Price / SF | $322 |
| Gross SF | ±7,650 |
| Year Built | 1991 + new ADU |
| Returns (Reassessed) | |
|---|---|
| Cap Rate | 6.00% |
| GRM | 11.87x |
| Cash-on-Cash | 4.20% |
| DSCR | 1.39x |
| Financing | |
|---|---|
| Loan Amount | $1,476,000 |
| Rate / Amort | 6.00% / 30yr |
| Loan Constant | 7.19% |
| LTV (actual) | 60.0% |
| Constraint | LTV |
| Income | |
|---|---|
| Gross Scheduled Rent | $207,180 |
| Less Vacancy (3%) | ($6,215) |
| Effective Gross Income | $200,965 |
| Operating Expenses | ($53,400) |
| Net Operating Income | $147,565 |
| Cash Flow | |
|---|---|
| Net Operating Income | $147,565 |
| Debt Service | ($106,192) |
| Net Cash Flow | $41,373 |
| Cash-on-Cash | 4.20% |
| + Principal Reduction | $18,126 |
| Total Return | 6.05% |
| Expense Ratio | |
|---|---|
| OpEx / EGI | 26.6% |
| OpEx / Unit | $8,900 |
| OpEx / SF | $6.98 |
The property is priced and marketed as a six-unit: the seller completes the studio ADU's final permit steps and delivers it leased at close.
Taxes are reassessed at 1.25% of price. If timing forces a sale before the ADU is finaled, escrow can bridge the gap with a completion holdback or credit rather than a price cut.
| Purchase Price | Cap Rate | Cash-on-Cash | $/Unit | $/SF | GRM | DSCR |
|---|---|---|---|---|---|---|
| $2,660,000 | 5.45% | 2.84% | $443,333 | $348 | 12.84x | 1.26x |
| $2,610,000 | 5.58% | 3.16% | $435,000 | $341 | 12.60x | 1.29x |
| $2,560,000 | 5.72% | 3.50% | $426,667 | $335 | 12.36x | 1.32x |
| $2,510,000 | 5.85% | 3.84% | $418,333 | $328 | 12.12x | 1.36x |
| $2,460,000 | 6.00% | 4.20% | $410,000 | $322 | 11.87x | 1.39x |
| $2,410,000 | 6.15% | 4.58% | $401,667 | $315 | 11.63x | 1.42x |
| $2,360,000 | 6.31% | 4.97% | $393,333 | $309 | 11.39x | 1.46x |
| $2,310,000 | 6.47% | 5.38% | $385,000 | $302 | 11.15x | 1.50x |
| $2,260,000 | 6.64% | 5.81% | $376,667 | $295 | 10.91x | 1.54x |
| $2,210,000 | 6.82% | 6.25% | $368,333 | $289 | 10.67x | 1.58x |
| $2,160,000 | 7.01% | 6.72% | $360,000 | $282 | 10.43x | 1.62x |
The list price of $2,460,000 - on the delivered six-unit basis - is anchored to a 6.00% reassessed cap, with the expected trade range extending down from list. A six-cap on achieved (not projected) rents is an unambiguous buyer-credible entry point for the corridor: it clears every competing non-rent-controlled yield in the submarket and prices the deal to generate competition rather than market time. On a per-unit basis ($410,000), the price carries a deliberate premium over Koreatown's pre-war rent-controlled band ($190,000-$225,000/unit) - justified because five of the six units are ±1,440 SF three-bedroom townhomes earning $3,000+ each, two to three times the rent of the studio and one-bedroom stock that sets that band, and the sixth is brand-new construction delivered leased. On price-per-SF ($322), the subject sits 20-35% below the $400-500+/SF new construction commands, while renting at new-construction levels. These figures are preliminary and will be reconciled against the verified CoStar sold-comp exhibit before launch.
Off-market or open market? We recommend the open market - preceded by a 7-14 day "coming soon" exposure to LAAA's 23,795-subscriber buyer database and our known Koreatown 1031 exchangers. Non-rent-controlled, all-3BR townhouse product is genuinely scarce in 90006, and scarcity only converts to price when the full buyer pool competes for it; a purely off-market sale typically leaves 3-5% on the table and makes sense only when confidentiality or speed outweighs proceeds. The coming-soon phase gives the seller both: a pre-emptive offer can be taken if it hits the number, with the open-market launch as the backstop that keeps every buyer honest.
Timeline to offers and close. From launch, we would expect the first offers within 3-5 weeks, a best-and-final round and buyer selection by week 5-6, and a 60-75 day escrow reflecting commercial (5+ unit) financing - a realistic launch-to-close window of approximately four months. The escrow period doubles as the runway to final and lease the studio ADU, so the six-unit delivery basis and the sale timeline work together rather than against each other; if final inspection runs past close, the gap is bridged with a holdback or credit. For a seller leveraging into a larger acquisition, this timeline supports a conventional 1031 structure, and we can coordinate the identification windows accordingly.