5623 Woodman Ave

A triplex at 5623 Woodman Ave in Van Nuys, California, offered at $935,000 at a 5.74% cap ($53,696 NOI). That works out to $311,667 per unit and $383.51 per SF, with a current GRM of 12.39. The property is marketed as an owner-user opportunity, and one unit will be delivered vacant and partially gutted.

The two buildings hold three units: a front main house (2BR/1.5BA) and a rear duplex (1BR/1BA and 2BR/1BA). Built in 1942, they total 2,438 SF on a 5,532 SF lot zoned LARD1.5 (APN 2246-025-008). The property is 67% occupied and sold as-is. Current rent is $6,291 a month against $7,900 at market, roughly 25% upside. On pro forma numbers the property reaches a 7.75% cap and $72,430 NOI (9.86 GRM). Current expenses are $21,926, and garage and storage income adds $2,400 a year. The property qualifies for 30-year fixed residential financing. The offering materials show a 20% down payment of $187,000 and a new $748,000 loan at 7.25%. The three garage spaces may be convertible to ADUs, subject to buyer verification. A shared courtyard and mature landscaping add outdoor space.

The property sits in Van Nuys next to Sherman Oaks, just north of Burbank Blvd and west of Fulton Ave. It is served by the Metro G Line and is near the 405, 101 and 170 freeways. Nearby retail includes Ralphs, Trader Joe's, CVS, Westfield Fashion Square and LA Fitness, plus the Van Nuys/Sherman Oaks Recreation Center. Walk Score is 70, Transit Score 52 and Bike Score 61. About 312,435 people live within three miles, with average household income of $87,075. The market overview cites historically low apartment vacancy, and Los Angeles vacancy is projected at 4.7% for 2026. Proposed nearby projects include Van Nuys Vose (332 units) and Lake Balboa Vista (150 apartments). Seven 3-unit sales comps from 2025 closed between $1,000,000 and $1,275,000, or $333,333 to $425,000 per unit.