Prepared Exclusively for Frampton Ventures, LLC
Frampton Ventures, LLC · June 2026
Since 2013, the LAAA Team has closed 460+ multifamily transactions totaling $1.47B+ in volume across Los Angeles, Ventura, and Santa Barbara counties. Our practice spans the full spectrum of Southern California multifamily — from infill value-add to brand-new, turnkey small-lot product like 25134 Frampton Ave.
That practice is built on disciplined underwriting, the deepest comparable-sales dataset in each 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 25134 Frampton Ave, that means an evidence-based opinion of value anchored in recent South Bay / Harbor-area sales of newer multifamily product, 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
25134 Frampton Ave is a brand-new 2022-built, six-unit small-lot community in Harbor City, comprising six spacious three-bedroom townhome-style residences totaling 6,244 rentable square feet. The property is 100% occupied and produces $261,060 of in-place gross scheduled rent.
Every home is an all three-bedroom floor plan — a scarce, family-oriented unit type that draws long-tenure renters and limits turnover. The 2022 vintage means zero deferred maintenance, individually metered utilities, and full exemption from the City of Los Angeles Rent Stabilization Ordinance (RSO) and California's AB 1482 rent cap.
With two units currently leased below market, a new owner inherits a clean, low-friction path to a $275,880 stabilized rent roll (a 6.05% pro forma cap) simply on natural turnover — no renovation capital and no rent-control constraints standing in the way.
Harbor City is a residential pocket of the City of Los Angeles in the South Bay / Harbor area, bordered by Torrance, Lomita, San Pedro, and Wilmington. It offers relative affordability versus the coastal South Bay while retaining quick access to the 110 (Harbor) and 405 freeways and the greater Long Beach / Port employment base.
Local renter demand is anchored by the Kaiser Permanente South Bay Medical Center — a major regional hospital campus located in Harbor City — together with the Port of Los Angeles / San Pedro logistics economy and the broader South Bay industrial and aerospace employment base. The renter pool skews toward healthcare, logistics, and working families who place a premium on newer, larger three-bedroom homes.
The subject sits on Frampton Ave near Lomita Blvd, a quiet residential street. As a 2022 small-lot community of six three-bedroom homes, it represents a scarce newer-construction product type in a submarket otherwise dominated by aging 1960s-1980s apartment stock.
| Location Details | |
|---|---|
| Submarket | Harbor City (South Bay / Harbor) |
| ZIP | 90710 |
| Jurisdiction | City of Los Angeles |
| Major Employers | Kaiser Permanente South Bay, Port of LA |
| Freeway Access | 110 / 405 |
| Schools | LAUSD (Narbonne HS) |
| Nearby Cities | Torrance, Lomita, San Pedro |
| Property Overview | |
|---|---|
| Units | 6 (all 3-bedroom) |
| Year Built | 2022 (new construction) |
| Building SF | 6,244 |
| Avg Unit SF | 1,041 |
| Occupancy | 100% (6 of 6) |
| Condition | New / turnkey |
| Site & Zoning | |
|---|---|
| Address | 25134 Frampton Ave |
| City / ZIP | Harbor City, CA 90710 |
| APN | 7413-001-014 |
| Lot Size | 0.23 ac (10,002 SF) |
| Stories † | 3 (typical) |
| Construction | Small-lot subdivision, wood-frame |
| Building Systems | |
|---|---|
| HVAC † | Central, each unit |
| Laundry † | In-unit W/D each unit |
| Metering | Individually metered (2022 code) |
| Parking † | Attached garages |
| Internet | Owner-provided Spectrum |
| Regulatory & Utilities | |
|---|---|
| Rent Control (RSO) | Exempt (2022 build) |
| AB 1482 | Exempt (<15 yrs) |
| Owner Pays | Water/sewer, common electric, trash, internet |
| Tenant Pays | In-unit gas & electric |
| Registration | No RSO/SCEP |
† To be confirmed by buyer in due diligence.
1031 Exchange Buyers
Investors trading out of older, management-intensive, rent-controlled stock into turnkey new construction with no deferred capital, a clean expense profile, and built-in mark-to-market upside.
Private South Bay / Harbor Investors
Local owners seeking a stabilized, low-touch six-unit of larger 3BR homes they can self-manage in a familiar, high-demand working submarket.
First-Time Multifamily Buyers
Buyers stepping up from a duplex or fourplex who want new construction, individually metered utilities, and minimal operational complexity.
The combination of new construction, vintage exemptions, all-3BR family units, and an owner-friendly expense structure broadens the buyer pool well beyond a typical value-add small apartment.
"Two units are renting below market."
That is the upside, not a flaw. In-place rent is $261,060; market is $275,880. Because the 2022 vintage is RSO- and AB 1482-exempt, a buyer can mark those units to market on natural turnover with no rent-control friction, lifting NOI to $187,666 (a 6.05% cap).
"A 5.6% in-place cap isn't high enough."
For brand-new 2022 construction with zero deferred maintenance and no rent control, this prices at or above the recent newer-product comp range, and steps to a 6.05% pro forma cap as units roll to market.
"The expense ratio looks low (31%)."
It is structurally correct for a 2022 build: reassessed taxes at 1.25%, 5% management, minimal R&M, and tenant-paid in-unit utilities. Figures are normalized from the owner's trailing P&L; buyer to verify in DD.
"Harbor City isn't a prime coastal submarket."
Correct, and that is why it trades at a yield premium and a fraction of the per-unit basis of coastal South Bay product — while drawing on Kaiser South Bay, the Port, and a deep working-renter base. The asset is 100% occupied.
Three recent closings of newer (2020-2025) small multifamily product across the South Bay / Harbor submarkets frame the subject's value. Source: CoStar (confirmed sales).
| Address | Submarket | Yr | Units | Sale Price | $/Unit | $/SF | Cap | Dist | Sold |
|---|---|---|---|---|---|---|---|---|---|
| 6818 Florence Pl | Bell Gardens | 2025 | 4 | $1,950,000 | $487,500 | $481 | 5.70% | ≈14 mi | Mar 2026 |
| 850 W 165th Pl | Harbor Gateway N | 2020 | 4 | $2,115,000 | $528,750 | $315 | 5.98% | ≈6 mi | Dec 2025 |
| 1502 W 205th St | Harbor (Torrance) | 2025 | 5 | $2,670,000 | $534,000 | $297 | —‡ | ≈2 mi | Nov 2025 |
| Median (3 sold comps) | $528,750 | $481 | 5.84%§ | - | - | ||||
‡ Sold ~20% vacant during lease-up; no stabilized cap reported. § Median of the two comps reporting a stabilized cap. Distances approximate.
1. 6818 Florence Pl, Bell Gardens — The closest match on product type: a brand-new 2025 small-unit (~1,013 SF/unit) building that traded at a 5.70% cap and $481/SF — essentially in line with the subject's $496/SF and bracketing its in-place/pro-forma cap. $487,500/unit on smaller floor plans than the subject's larger 3BR homes.
2. 850 W 165th Pl, Gardena — A 2020-built Harbor Gateway townhome-style fourplex of large ~1,679 SF units, sold 100% occupied at a 5.98% cap and $528,750/unit. The larger units explain the lower $/SF ($315); on a per-unit and cap basis it sits right at the subject's pricing.
3. 1502 W 205th St, Torrance — The nearest comp (≈2 mi), a brand-new 2025 five-unit in the Harbor submarket that traded at $534,000/unit. It sold roughly 20% vacant (in lease-up), so no stabilized cap is reported; the per-unit figure marks the top of the recent local range for new-construction product.
In-place per the owner's rent roll dated 12/31/2025. Market rent per the operating model's potential-rent schedule.
| Unit | Type | SF | In-Place Rent | Market Rent | Rent/SF | Status |
|---|---|---|---|---|---|---|
| 25130 Frampton Ave | 3BR / 2.5BA | 942 | $3,250 | $3,900 | $3.45 | Occupied · below mkt |
| 25130½ Frampton | 3BR / 2.5BA | 942 | $3,900 | $3,900 | $4.14 | Occupied |
| 25132 Frampton | 3BR / 2.5BA | 1,017 | $3,915 | $3,900 | $3.85 | Occupied |
| 25132½ Frampton | 3BR / 2.5BA | 942 | $3,900 | $3,900 | $4.14 | Occupied |
| 25134 Frampton | 3BR / 2BA | 1,118 | $3,250 | $3,395 | $2.91 | Occupied · below mkt |
| 25134½ Frampton | 3BR / 3BA | 1,283 | $3,540 | $3,995 | $2.76 | Occupied · below mkt |
| Total | 6 units | 6,244 | $21,755/mo | $22,990/mo | $3.48 | 100% occ. |
In-place GSR $261,060/yr · Market GSR $275,880/yr · $14,820 of annual mark-to-market upside.
| Income | In-Place | Pro Forma | Per Unit | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent [1] | $261,060 | $275,880 | $45,980 | - |
| Less: Vacancy (3%) | ($7,832) | ($8,276) | ($1,379) | - |
| Effective Gross Income | $253,228 | $267,604 | $44,601 | 100% |
| Expenses | In-Place | Pro Forma | Per Unit | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [2] | $38,750 | $38,750 | $6,458 | 14.5% |
| Insurance [3] | $7,805 | $7,805 | $1,301 | 2.9% |
| Water / Sewer [4] | $5,059 | $5,059 | $843 | 1.9% |
| Electric (common) [5] | $524 | $524 | $87 | 0.2% |
| Trash Removal [6] | $2,880 | $2,880 | $480 | 1.1% |
| Repairs & Maintenance [7] | $3,900 | $3,900 | $650 | 1.5% |
| Landscaping [8] | $1,200 | $1,200 | $200 | 0.4% |
| Internet [9] | $3,439 | $3,439 | $573 | 1.3% |
| General & Administrative [10] | $1,800 | $1,800 | $300 | 0.7% |
| Operating Reserves [11] | $1,200 | $1,200 | $200 | 0.4% |
| Management Fee (5%) [12] | $12,661 | $13,380 | $2,230 | 5.0% |
| Total Operating Expenses | $79,218 | $79,937 | $13,323 | 29.9% |
| Net Operating Income | $174,010 | $187,666 | $31,278 | 70.1% |
[1] Gross Scheduled Rent: In-place ($21,755/mo) per the owner's rent roll dated 12/31/2025; Pro Forma at market/potential rents ($22,990/mo) per the operating model. Three units (25130, 25134, 25134½) are currently $145-$650/mo below market.
[2] Real Estate Taxes: LA County reassesses to the purchase price at close. Shown at 1.25% of the $3,100,000 list price.
[3] Insurance: Per the owner's trailing P&L, annualized and normalized.
[4] Water / Sewer: Owner-paid LADWP, per trailing P&L.
[5] Electric (common): Owner-paid common-area LADWP; in-unit electric is tenant-paid.
[6] Trash Removal: Owner-paid.
[7] Repairs & Maintenance: 2022 construction; minimal, per trailing P&L.
[8] Landscaping: Owner-paid common-area landscape.
[9] Internet: Owner-provided Spectrum (per trailing P&L); a buyer may elect to discontinue.
[10] General & Administrative: Franchise/admin allowance.
[11] Reserves: $200/unit, lowest tier for a 2022 build with no deferred capital.
[12] Management: 5% of EGI.
Expenses normalized from the owner's trailing 12-month P&L (12/31/2025) and the M&M operating model. Buyer to verify actuals in due diligence.
| Operating Data | |
|---|---|
| Price | $3,100,000 |
| Down Payment (40%) | $1,240,000 |
| Number of Units | 6 |
| Price / Unit | $516,667 |
| Price / SF | $496 |
| Gross SF | 6,244 |
| Year Built | 2022 |
| Returns (In-Place) | |
|---|---|
| Cap Rate | 5.61% |
| GRM | 11.87x |
| Cash-on-Cash | 3.53% |
| DSCR | 1.34x |
| Financing | |
|---|---|
| Loan Amount | $1,860,000 |
| Rate / Amort | 5.75% / 30yr |
| Loan Constant | 7.00% |
| LTV | 60.0% |
| Constraint | LTV |
| Income (In-Place) | |
|---|---|
| Gross Scheduled Rent | $261,060 |
| Less Vacancy (3%) | ($7,832) |
| Effective Gross Income | $253,228 |
| Operating Expenses | ($79,218) |
| Net Operating Income | $174,010 |
| Cash Flow (In-Place) | |
|---|---|
| Net Operating Income | $174,010 |
| Debt Service | ($130,253) |
| Net Cash Flow | $43,757 |
| Cash-on-Cash | 3.53% |
| + Principal Reduction | $23,928 |
| Total Return | 5.46% |
| Expense Ratio (In-Place) | |
|---|---|
| OpEx / EGI | 31.3% |
| OpEx / Unit | $13,203 |
| OpEx / SF | $12.69 |
In-place basis. Real estate taxes recompute at 1.25% of price at each level; all other expenses held constant. Financing at 60% LTV, 5.75% / 30yr.
| Purchase Price | Cap Rate | Cash-on-Cash | $/Unit | $/SF | GRM | DSCR |
|---|---|---|---|---|---|---|
| $3,350,000 | 5.10% | 2.25% | $558,333 | $537 | 12.83x | 1.21x |
| $3,300,000 | 5.20% | 2.49% | $550,000 | $529 | 12.64x | 1.24x |
| $3,250,000 | 5.30% | 2.74% | $541,667 | $520 | 12.45x | 1.26x |
| $3,200,000 | 5.40% | 2.99% | $533,333 | $512 | 12.26x | 1.28x |
| $3,150,000 | 5.50% | 3.26% | $525,000 | $504 | 12.07x | 1.31x |
| $3,100,000 | 5.61% | 3.53% | $516,667 | $496 | 11.87x | 1.34x |
| $3,050,000 | 5.73% | 3.81% | $508,333 | $488 | 11.68x | 1.36x |
| $3,000,000 | 5.84% | 4.10% | $500,000 | $480 | 11.49x | 1.39x |
| $2,950,000 | 5.96% | 4.40% | $491,667 | $472 | 11.30x | 1.42x |
| $2,900,000 | 6.09% | 4.71% | $483,333 | $464 | 11.11x | 1.45x |
| $2,850,000 | 6.22% | 5.03% | $475,000 | $456 | 10.92x | 1.48x |
The list price of $3,100,000 reconciles three independent pricing lenses against the closed comparables above. On a per-unit basis ($516,667), it sits below the sold-comp median of $528,750/unit — a discount that is appropriate for a six-unit (versus the four- and five-unit comps) while still reflecting turnkey, all-three-bedroom, 2022 construction. On cap rate, the 5.61% in-place yield steps to a 6.05% pro forma cap as the three below-market units roll to market — an unobstructed move given the RSO / AB 1482 exemption — bracketing the 5.70%-5.98% stabilized cap range of the comps. On price-per-SF ($496), it aligns almost exactly with the most comparable small-unit, new-construction sale (6818 Florence Pl, 2025, $481/SF); the lower $/SF on the Gardena and Torrance comps reflects their much larger unit sizes, not a lower basis.
Anchored at the comp-supportable, low-friction end of the range, $3,100,000 is positioned to clear within an industry-standard 60-90 day marketing window, with the pro forma upside giving buyers a credible path to a 6%+ yield.