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Investment Opportunity · May 3, 2026
4457 Berryman Avenue, Mar Vista, CA
For Sale · 4457 Berryman Avenue · Mar Vista 90066

Two-lot SB9 site, fully entitled.

A Letter of Determination has been issued. Two SB9 lots are ready for final map. The buyer steps into a permitted, build-ready position with two clean development paths: a four-unit rental compound, or an eight-home SB1123 small lot subdivision built for sale.

Asking Price · Land
$1,850,000
Letter of Determination secured · Final map next · Free and clear · No tenants in possession
The Site

A first look at 4457 Berryman

Image 01
Aerial / drone shot
recommended: 1600×1200
Image 02
Front elevation today
recommended: 1600×1200
Image 03
Rear yard / depth
recommended: 1600×1200
The Opportunity

Pick your play. Both pencil.

Land Cost
$1.85M
all-in basis · entitled · ready to build
Option A · Total Capital
$4.85M
land + $3.0M to build 4 rentals · holds $5.8M
Option B · Total Capital
$8.93M
land + $7.08M to build 8 SB1123 homes · sells $12.4M
A · Stabilized Rent
$24,000/mo
$288K/yr gross · 4 units
A · Net Operating Income
$182,880
per year · operating only · no debt
A · Exit Value Y5
$6.55M
income + appreciation · permanent asset
B · Sale Revenue
$12.40M
8 homes × $1.55M each · sell-out in 24 months
B · Pre-Tax Profit
$2.68M
net of selling costs · 30% margin on capital
B · Annualized Return
~14%
over 24-month build-and-sell cycle
Choose Your Scenario

Two ways to underwrite this site

Click between the tabs to see each play modeled end-to-end. Same land, same $1.85M entry, two very different exits. Money in and money out are shown as the first thing on each tab.

Option A · Money In / Money Out

$4.85M in. $5.80M asset + $183K/yr forever.

A buy-build-hold play. Acquire the land, build four rental units, lease them up, and own a $5.80M income-producing compound. The numbers below are unleveraged — what the property earns on its own.

Money In · Total Capital
$4,850,000
One-time investment · funded over 14 months
Land Acquisition$1,850,000
Vertical Construction · 2 SFR + 2 ADU$2,540,000
Site Work · Utilities · Final Map$200,000
Soft Costs · Permits · Design$260,000
Closing Costs · 2%$37,000
Money Out · 5-Year Returns
$2,460,000
Income + appreciation through Year 5 · before any sale
Cumulative NOI · Years 2–5$915,000
Property Value at Stabilization$5,800,000
Appreciation · 2.5%/yr × 4 yrs$606,000
Year-5 Exit Value$6,550,000
Equity Created Above Cost$1,545,000

Note: figures shown unleveraged. A 65% LTV refi at stabilization returns ~$3.77M of capital tax-free, leaving ~$1.08M in the deal earning $86K of post-debt cash flow (8% cash-on-cash on remaining equity).

Option A · Visualized

Renderings & site plan

Image A-02
Site plan · 2 lots, 4 buildings
recommended: 1600×900
Image A-03
ADU detail / interior
recommended: 1600×900
Option A · What Gets Built

Two SB9 homes, two ADUs, four rent checks

The Plan in One Sentence
Record the final map for the two SB9 lots, build a single-family home plus a detached ADU on each lot, and hold all four units as rentals on prime Mar Vista dirt.
Lot 1 · SFR
2,000
SQUARE FEET
3 bed · 2.5 bath · 2-story
$8,500
PER MONTH
Lot 1 · ADU
800
SQUARE FEET
2 bedroom · detached
$3,500
PER MONTH
Lot 2 · SFR
2,000
SQUARE FEET
3 bed · 2.5 bath · 2-story
$8,500
PER MONTH
Lot 2 · ADU
800
SQUARE FEET
2 bedroom · detached
$3,500
PER MONTH

The Site Today

Address4457 Berryman Ave, Mar Vista 90066
Asking Price$1,850,000
StatusLetter of Determination secured
Next MilestoneFinal map recordation
Lots Created2 SB9 ministerial lots
PossessionFree and clear · no tenants

The Site After Build (Option A)

Total Buildings4 separate rental units
Total Square Feet5,600 sq ft
Building Type2 SB9 SFRs + 2 detached ADUs
Construction Cost$3,000,000
Stabilized Rent$24,000/month
Estimated Value$5,800,000
Option A · The Money · Monthly View

How rent flows through the four units

Stabilized monthly numbers once both homes and both ADUs are leased. Unleveraged operating performance.

Rent from 4 Units
$8,500 + $3,500 + $8,500 + $3,500
+$24,000
Vacancy Allowance
5% of gross rent · empty units between tenants
−$1,200
Effective Rent Collected
$22,800
Property Tax
1.25% of $4.85M reassessed basis
−$5,052
Insurance
Two landlord policies · new construction premium
−$600
Property Management
8% of rent · handles tenants, repairs, leasing
−$1,920
Repairs & Maintenance + CapEx Reserve
5% of rent · low in years 1–10 due to new construction
−$1,200
Admin / Misc / Common Utilities
−$300
Monthly Net Operating Income
$13,728

Annual: $164,736 of net operating income before any financing costs. At a 3.4% cap rate this supports a $5.80M valuation, in line with prime Westside Los Angeles SFR-style rentals.

Option A · Year-by-Year

How $4.85M turns into $6.55M

Year 1 is final map recordation, permits, and the start of vertical construction. Stabilized rent begins late Year 1 and runs through the hold.

Day 1 · Close
Acquire land
−$1.85M
Wire to escrow · take title
Months 1–14
Build 4 units
−$3.00M
Funded as draws against construction line
Year 2 · Stabilized
First full year of rent
+$165K
Net income · all 4 units leased
End of Year 5
Hold value + cumulative income
+$6.55M
Asset value · $1.55M above cost
5-Year Summary · Option A
Total invested: $4.85M. Cumulative NOI Years 2–5: $915K. Year-5 asset value with 2.5% annual appreciation: $6.55M. Total value created above cost: ~$2.46M. Refinance at stabilization recycles ~$3.77M of capital tax-free, leaving roughly $1.08M in the deal earning ~8% cash-on-cash with $5.8M of upside still in the asset.
Option B · Money In / Money Out

$8.93M in. $11.61M out in 24 months.

A merchant-build play. Acquire the land, re-entitle as an 8-lot SB1123 small lot subdivision, build eight fee-simple homes, sell each individually. Capital is fully recycled at exit.

Money In · Total Capital
$8,930,000
Funded over 24 months · ~$3M peak draw
Land Acquisition$1,850,000
SB1123 Re-Entitlement · Soft Costs$400,000
Site Work · Driveway · Utilities$600,000
Vertical Construction · 8 × 1,600 SF$5,440,000
Construction Contingency · 10%$640,000
Money Out · Sell-Out Proceeds
$11,613,000
Net cash to investor at exit · 24-month cycle
Gross Sale Revenue · 8 × $1.55M$12,400,000
Less Sales Commissions · 5%−$620,000
Less Closing · Title · Escrow · 1%−$124,000
Less Holding Costs During Build−$43,000
Net Sale Proceeds$11,613,000
The Bottom Line
+$2,683,000
Pre-tax developer profit · 30% return on capital · ~14% annualized over 24 months · ~$1.88M after-tax assuming 30% blended rate
Option B · Visualized

Renderings & site plan

Image B-02
Site plan · 8 lots, shared drive
recommended: 1600×900
Image B-03
Single-home rendering / floor plan
recommended: 1600×900
Image B-04
Front elevation rendering
1600×1200
Image B-05
Shared driveway perspective
1600×1200
Image B-06
Aerial massing / axonometric
1600×1200
Option B · What Gets Built

Eight individually deeded homes for sale

The Plan in One Sentence
Re-entitle the parcel under SB1123 as an eight-lot small lot subdivision, build eight 1,600 sq ft three-bedroom homes around a shared driveway, sell each home individually as a fee-simple residence.
Lots 1–4 · Front Row
1,600
SQ FT EACH
3 bed · 2 bath · 2-story
$1.55M
SALE PRICE
Lots 5–8 · Rear Row
1,600
SQ FT EACH
3 bed · 2 bath · 2-story
$1.55M
SALE PRICE
Shared Drive
~1,200
SQ FT ACCESS
Easement-served · HOA-maintained
8 spots
PARKING
Total Program
12,800
SQ FT BUILT
8 homes · ~24 bedrooms
$12.4M
GROSS REVENUE

Development Cost Breakdown

Land$1,850,000
Vertical Construction$5,440,000
Site Work · Driveway · Utilities$600,000
Soft Costs · Permits · Re-entitlement$400,000
Contingency · 10%$640,000
Total · All-In$8,930,000

Sales Comparison · 90066

Target Price per Home$1,550,000
Implied $/SF$969/SF
Mar Vista New SLO Comps$900–$1,050/SF
8-Home Gross Revenue$12,400,000
Less Selling Costs · 6.4%$787,000
Net Sale Proceeds$11,613,000
Option B · The Money · Development Pro Forma

How profit flows through the subdivision

SB1123 is a build-to-sell play. There is no recurring monthly income — the entire return is realized at sell-out. Below: gross revenue down to net developer profit over the 24-month cycle.

Gross Sale Revenue
8 homes × $1,550,000
+$12,400,000
Sales Commissions
5% blended listing + buyer-side
−$620,000
Closing · Title · Escrow
~1% of gross revenue
−$124,000
Holding Costs During Build
Property tax, insurance, utilities · 18 months
−$43,000
Net Sale Proceeds
$11,613,000
Land Acquisition
$1.85M asking · ready-to-build
−$1,850,000
Vertical Construction
8 × 1,600 SF @ ~$425/SF
−$5,440,000
Site Work · Driveway · Utilities
Shared infrastructure for 8 lots
−$600,000
Soft Costs · Re-entitlement · Permits
SB1123 conversion from existing 2-lot LOD
−$400,000
Construction Contingency
10% of hard costs
−$640,000
Pre-Tax Developer Profit
$2,683,000

~30% margin on $8.93M of capital deployed over 24 months. Annualized return on capital ~14% pre-tax. Capital gains and depreciation recapture treatment depends on entity structure — assume $800K of federal and California tax on the gain, leaving net-net ~$1.88M to the investor.

Option B · Year-by-Year

How $8.93M exits in 24 months

SB1123 conversion adds ~6 months versus Option A's existing SB9 path. Vertical construction runs in parallel across all 8 lots once permits pull. Sell-out begins as units finish.

Day 1 · Close
Acquire land
−$1.85M
Wire to escrow · take title
Months 1–6
SB1123 re-entitlement
−$0.40M
New tract map · permits · architecture
Months 7–18
Vertical construction
−$6.68M
12-month parallel build of 8 homes
Months 18–24
Sell-out · all 8 homes
+$11.61M
Pre-tax profit $2.68M at full sell-out
Cycle Summary · Option B
Total capital deployed: $8.93M. Gross sale revenue: $12.40M. Pre-tax developer profit: $2.68M. After taxes and selling costs, expect ~$1.88M of net cash to the investor at exit. The land is sold off — there is no residual asset and no ongoing income stream.
What Could Go Wrong

Three risks worth pricing in

Risk 1

SB1123 re-entitlement delay (Option B)

The current LOD is for the SB9 two-lot map. Converting to an eight-lot SB1123 subdivision means new tract-map review, new haul-route and tree-protection conditions, and likely six months of soft-cost burn before vertical work can start.

How we handle it: Pre-app meeting with LA City Planning before committing to Option B · keep Option A entitled in parallel as a hedge · cap re-entitlement spend at $400K and walk back to Option A if the schedule slips past nine months.
Risk 2

Mar Vista resale absorption (Option B)

Eight identical 1,600 SF homes hitting the market simultaneously can cannibalize each other. Days-on-market in 90066 averaged 38 in 2025; selling all eight inside six months requires sub-30-day pacing.

How we handle it: Stagger releases by 30 days · differentiate finish packages between front and rear rows · price the first two homes at a 3% discount to seed momentum and absorb the remaining six at full price.
Risk 3

Construction cost overrun (both options)

1,600–2,000 SF homes in LA priced $400–$475/SF in 2025–2026. A 10% overrun erases ~$700K from Option B's profit and ~$300K from Option A's stabilized value.

How we handle it: Lock GC pricing on a guaranteed-max-price basis before final map recordation · 10% contingency already baked in · allowance schedule held tight on finishes · single architect across both options to amortize design fees.
Why This Land at This Price

Two clean paths. One entitled lot. $1.85M to step in.

Most Westside infill sites trade as raw zoning bets — buyers underwrite an entitlement risk premium and discount accordingly. 4457 Berryman is past that. The Letter of Determination is in hand. Two SB9 lots are mapped. The buyer skips 12–18 months of pre-development risk and walks into a permit-ready position with two distinct exit strategies already underwritten.

$1.85M
Asking price — fully entitled · LOD secured · two SB9 lots ready for final map
$4.85M
Option A all-in — produces a $5.80M asset and $165K/yr of unleveraged income
$8.93M
Option B all-in — produces $11.61M of net sale proceeds in 24 months
$2.68M
Option B profit — pre-tax · 30% margin on capital · realized at sell-out
$2.46M
Option A 5-year value created — equity above cost · before any leverage applied

Both options have been underwritten with a 10% construction contingency, conservative Mar Vista comps, and Westside Los Angeles 2026 cost structures. Either play earns a defensible double-digit return on capital. The land at $1.85M is the limiting input — at that basis, both pencil. At a higher land basis, only Option B works; below it, Option A turns into an unambiguous home run.

Investor calls and site walks scheduled by appointment. LOD, ALTA survey, and design-feasibility deck available under NDA. First-position offers given priority review.