Executive Summary
4830 S Slauson Ave is a cleared, shovel-ready 8,500 SF (0.195 ac) R3 development site in Del Rey — the LA City pocket wedged between Culver City, Playa Vista, and the Marina, minutes from the Silicon Beach employment core. This is not a plans-in-hand listing: the new-building permit for a 5-story apartment building over street-level and subterranean parking was issued by LADBS on 12/9/2024, both existing houses have been demolished with the demo permits finaled (February 2026), and permit and school district fees totaling approximately $275,000 are payable by the buyer after the close of escrow (per the ownership). The program delivers 18 units (4×1BR, 10×2BR, 4×3BR; 17,981 SF of livable area) — 15 units on the base permit, two of them VLI, plus three ADUs within the built envelope. Upper-floor units face city views with potential ocean views per the ownership.
Subject Property
The site is a single 8,500 SF parcel (Tract 3901, Lot 128) on the west side of S Slauson Ave in Del Rey — City of Los Angeles jurisdiction (Palms–Mar Vista–Del Rey community plan, Council District 11), though the 90230 ZIP reads "Culver City." The Culver City boundary is immediately adjacent, Ballona Creek and the Culver/Slauson interchange with the 405 and Marina (90) freeways are just south, and the Playa Vista / Silicon Beach employment core — Google, YouTube, EA, Belkin — is under three miles west. The two original houses (1940/1949) have been demolished and the lot sits cleared behind construction fencing, ready for mobilization.
0.195 acres
City of LA · Del Rey · CD 11
demo finaled 2/2026
bldg + shoring + grading
ADM-2021-2888-DB · 2 VLI
incl. 3 ADUs · 2 VLI
land $1,538,342
The Permitted Project — 18 Units
The issued permit covers a 5-story Type V-A apartment building over a Type I-A street-level parking and recreation level, over one level of Type I-A subterranean parking — an 18-unit program totaling 17,981 SF of livable area. Fifteen units sit on the base permit, two of them set aside for Very Low Income households (units 204 and 303) under the site's density-bonus entitlement with three on-menu incentives; three ADUs complete the count within the built envelope — two first-floor 2BR/2BA units of approximately 960 SF each (units 101–102) and a 1BR/1BA conversion of the 704 SF second-floor recreation room (unit 203):
| Floor | Units | Mix | Unit SF |
|---|---|---|---|
| 1st (street level) | 101, 102 ADU plan | 2× 2BR/2BA | ≈960 each |
| 2nd | 201, 202, 204 + 203 rec room ADU plan | 2BR · 2BR · 3BR + 1BR conversion | 1,104 / 945 / 1,272 / 704 |
| 3rd | 301, 302, 303, 304 | 2BR · 2BR · 1BR · 3BR | 1,104 / 945 / 691 / 1,272 |
| 4th | 401, 402, 403, 404 | 2BR · 2BR · 1BR · 3BR | 1,104 / 945 / 691 / 1,272 |
| 5th | 501, 502, 503, 504 | 2BR · 2BR · 1BR · 3BR | 1,104 / 945 / 691 / 1,272 |
| Total | 18 units — 4×1BR · 10×2BR · 4×3BR | 17,981 SF | |
19,748 SF zoning FAR area
7,463 SF subterranean + 1,934 SF street level
units 204 & 303 · 16 of 18 market rate
incl. 950 SF roof deck
LADBS 21010-10000-01935
potential ocean views, upper floors (per ownership)
Permit Record (LADBS)
| Permit # | Scope | Status | Valuation |
|---|---|---|---|
| 21010-10000-01935 | New 5-story, 15-unit (2 VLI) apartment over parking + rec room over subterranean parking | Issued 12/9/2024 | $2,834,215 |
| 21020-10000-01463 | Temporary shoring | Issued 12/9/2024 | $50,000 |
| 21030-10000-02921 | Grading | Issued 12/9/2024 | $4,215 |
| 22019-10000-05392 | Demolition — front house + garage (4830) | Finaled 2/13/2026 | — |
| 22019-10000-05388 | Demolition — middle house (4832) | Finaled 2/19/2026 | — |
| — | Pre-inspections on the building permit (LADBS Metro; inspector assigned) | Approved 6/13/2025 & 12/11/2025 | — |
Comp Analysis — Westside Development Land
The subject's buyer underwrites price per buildable door first and $/SF of land as the cross-check. Two realities frame the set: the same-street 2022 sale that proves the corridor, and the 2024–2026 repricing that resets the band. The subject carries 472 SF of land per door — and unlike everything on the active menu below, its permits are already issued and its dirt already cleared.
Closed Sales — Development Land
| # | Address / Submarket | Closed | Lot SF | Units | Status at Sale | Price | $/SF | $/Unit |
|---|---|---|---|---|---|---|---|---|
| 1 | 4424–4438 S Slauson Ave, Del Rey — "Casa Culver," 4 blocks west Same Street | 1/31/2022 | 20,038 | 34 | Unentitled land (DB entitled after; broke ground 3/2026) | $6,320,000 | $315 | $185,882 |
| 2 | 4706 S Centinela Ave, Del Rey | 8/9/2024 | 9,583 | 73 | Unentitled (buyer filed ED1 100% affordable; now u/c) | $2,190,000 | $229 | $30,000 |
| 3 | 2481 Sawtelle Blvd, West LA | 12/5/2023 | 7,499 | 42 | Covered land, unentitled (buyer filed 6-story ED1) | $1,675,000 | $223 | $39,881 |
| 4 | 9700–9740 W Pico Blvd, Pico-Robertson | Rep. 8/2025 | 75,359 | 242 | Unentitled (11 offers in 45 days; DB filed 6/2026) | $24,000,000 | $318 | $99,174 |
Active Competition — Development Land Listings
| Address / Submarket | Status | Lot SF | Units | Entitlement | Ask | $/SF | $/Unit | |
|---|---|---|---|---|---|---|---|---|
| A | 1656 Sawtelle Blvd, Sawtelle / West LA LAAA Listing | Active | 7,005 | 38 | Cleared raw land — marketed for 38 units (MIIP) | $2,995,000 | $428 | $78,816 |
| B | 11510 Venice Blvd, Mar Vista | Active | 10,000 | ~20 | Unentitled covered land — LAR3, TOC Tier 2 (3 lots) | $3,750,000 | $375 | ~$187,500 |
Rent Comps — New-Construction Westside Rentals
What the finished building earns is what a developer-buyer capitalizes. The comps below are current asking rents at newer buildings in Del Rey, Mar Vista, Palms, Culver City, and Playa Vista, pulled 8/3/2026 — property names link to the live listings. The subject's tier is the small-building set; the large amenity-podium projects are shown as the ceiling it prices below.
Subject Tier — Small Buildings & Community Comps
| Property / Address | Built | Unit Type | SF | Asking Rent |
|---|---|---|---|---|
| 11400 Culver Blvd, Del Rey — 21 units | 2018 | 2 BR / 2 BA | 798 | from $3,295 |
| Frame Mar Vista, 11830 Courtleigh Dr, Del Rey — 30 units | 2019 | 1 BR / 1 BA | 800 | $3,200 |
| Frame Mar Vista (same building) | 2019 | 3 BR / 2 BA | 1,233 | $4,400–$4,950 |
| Vantage Mar Vista, 11671 National Blvd — 46 units | 2020 | 1 BR / 1 BA | 533 | from $3,025 |
| Vantage Mar Vista (same building) | 2020 | 2 BR / 2 BA | 1,050 | $4,650 |
| Vantage Mar Vista (same building) | 2020 | 3 BR / 2 BA | 1,234+ | from $4,795 |
| Avalon Playa Vista, 5535 Westlawn Ave, Del Rey — 309 units | 2005 | 1 BR / 1 BA | 650–750 | $3,015–$3,275 |
| Avalon Playa Vista (same community) | 2005 | 2 BR / 2 BA | 1,144 | $3,930–$4,040 |
The Ceiling — Amenity Podium Product (Above Subject Tier)
| Property / Address | Built | Unit Type | SF | Asking Rent |
|---|---|---|---|---|
| Venue Residences, 3688 Overland Ave, Palms | 2022 | 1 BR · 2 BR | 732–1,100 | $4,095 · $5,495+ |
| Upper Ivy at Ivy Station, 8809 Washington Blvd, Culver City | 2021 | 1 BR · 2 BR | 665–1,479 | $3,607+ · $5,726+ |
| Access Culver City, 8770 Washington Blvd, Culver City | 2016 | 1 BR · 2 BR | — | $3,850+ · $5,134+ |
Cost to Build & Value After Completion
The developer math from the buyer's chair: the projected rent roll at completion, the stabilized income it produces, the cost to finish the project, and the margin between the two.
Projected Rent Roll at Completion — 18 Units
| Unit | Type | SF | Projected Rent | $/SF |
|---|---|---|---|---|
| 101 | 2 BR / 2 BA · ADU | ~960 | $3,795 | $3.95 |
| 102 | 2 BR / 2 BA · ADU | ~960 | $3,795 | $3.95 |
| 201 | 2 BR / 2 BA | 1,104 | $4,295 | $3.89 |
| 202 | 2 BR / 2 BA | 945 | $3,995 | $4.23 |
| 203 | 1 BR / 1 BA · ADU (rec-room conversion) | 704 | $3,095 | $4.40 |
| 204 | 3 BR / 2.5 BA VLI Covenant | 1,272 | $1,251 | $0.98 |
| 301 | 2 BR / 2 BA | 1,104 | $4,295 | $3.89 |
| 302 | 2 BR / 2 BA | 945 | $3,995 | $4.23 |
| 303 | 1 BR / 1 BA VLI Covenant | 691 | $1,001 | $1.45 |
| 304 | 3 BR / 2.5 BA | 1,272 | $4,795 | $3.77 |
| 401 | 2 BR / 2 BA | 1,104 | $4,295 | $3.89 |
| 402 | 2 BR / 2 BA | 945 | $3,995 | $4.23 |
| 403 | 1 BR / 1 BA | 691 | $3,095 | $4.48 |
| 404 | 3 BR / 2.5 BA | 1,272 | $4,795 | $3.77 |
| 501 | 2 BR / 2 BA | 1,104 | $4,295 | $3.89 |
| 502 | 2 BR / 2 BA | 945 | $3,995 | $4.23 |
| 503 | 1 BR / 1 BA | 691 | $3,095 | $4.48 |
| 504 | 3 BR / 2.5 BA | 1,272 | $4,795 | $3.77 |
| Total — 18 units | 17,981 | $66,672 / mo | $3.71 | |
| Gross Scheduled Income (annual) | $800,064 | |||
Stabilized Operating Pro Forma
| Line Item | Annual | Basis |
|---|---|---|
| Gross Scheduled Income | $800,064 | Rent roll above |
| Vacancy & Collection Loss | ($32,003) | 4.0% |
| Effective Gross Income | $768,061 | |
| Management | ($30,722) | 4.0% of EGI |
| Insurance | ($10,800) | $600 / unit |
| Utilities (common area) | ($9,000) | $500 / unit |
| Repairs & Maintenance | ($9,000) | $500 / unit · new construction |
| Reserves | ($4,500) | $250 / unit |
| Administrative | ($3,600) | $200 / unit |
| Real Estate Taxes | ($125,452) | 1.2% of completed value |
| Net Operating Income | $574,988 |
Completed Value
| Exit Cap Rate | Completed Value | $/Unit | $/SF (livable) | GRM |
|---|---|---|---|---|
| 5.50% | $10,450,000 | $581,000 | $581 | 13.1 |
Cost to Build vs. Value — The Developer Margin
| Component | Low | Mid | High |
|---|---|---|---|
| Land (at recommended list) | $1,995,000 | $1,995,000 | $1,995,000 |
| Permit & school district fees — payable by buyer after close of escrow | $275,000 | $275,000 | $275,000 |
| Hard costs — 23,444 gross SF @ $250–$300/SF | $5,861,000 | $6,447,000 | $7,033,000 |
| Soft costs, financing, contingency (~17% of hard) | $996,000 | $1,096,000 | $1,196,000 |
| Total project cost | $9,127,000 | $9,813,000 | $10,499,000 |
| Completed value (5.50% cap) | $10,450,000 | $10,450,000 | $10,450,000 |
| Developer profit | $1,323,000 | $637,000 | ($49,000) |
Pricing Recommendation
Two readings of the comp set frame the number — where the seller's 2022 anchor sits, and where 2026 buyers are actually transacting:
Recommended Pricing
Strategic note: this price is set by the developer math, not by optimism. At a $10.45M completed value (covenant rents on the VLI units, 5.50% exit cap), a realistic $250–$300/SF construction budget, and the ≈$275,000 of permit fees the buyer pays after close, $1,995,000 of land leaves a margin ranging from break-even (full third-party GC) to roughly 15% (hands-on owner-builder) — about 6.5% at the midpoint. The deal underwrites for the private, self-performing builder, which is exactly the buyer pool a sub-$2M Westside site draws. The subject still asks 41% more per door than the raw-land competitor at 1656 Sawtelle ($78,816/door) — a premium fully carried by issued permits, finaled demolition, paid fees, and the Del Rey / Silicon Beach location — while sitting a 40% per-door and 26% $/SF discount to the January 2022 Casa Culver print four blocks west, and 17% above the 2026 assessed value of $1,709,013. Priced here, the subject is simultaneously the cheapest shovel-ready deal and the most de-risked deal on the Westside land menu — that dual position is what generates competing offers.
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The LA Apartment Advisors Team
LA Apartment Advisors (LAAA) is a Marcus & Millichap investment sales team specializing in multifamily and land/development transactions across Los Angeles County. With 458+ transactions and over $1.46 billion in closed volume, we help property owners make confident investment decisions — whether buying, selling, or exploring the market.
(Trailing 3 Years)
Filip Niculete is a Senior Managing Director at Marcus & Millichap and co-founder of the LAAA Team. Born in Romania and raised in the San Fernando Valley, Filip studied Finance at San Diego State University and began his career at Marcus & Millichap in 2011. Known for execution, integrity, and relentless work ethic, Filip and the LAAA Team consistently lead the market in active inventory across Los Angeles.
Glen Scher is a Senior Managing Director at Marcus & Millichap and co-founder of the LAAA Team. A UC Santa Barbara graduate in Economics, Glen launched his career in 2014 and earned Rookie of the Year from the SFV Business Journal by 2016. A former Division I golfer, he captured three collegiate titles and was named UCSB Male Athlete of the Year.
Team Members
LAAA Active Development Inventory
Every development site LAAA currently has on the market — 11 active listings totaling $53.2M and 1,147 buildable units across the LA region. This team is already marketing the subject's nearest competing land listing (1656 Sawtelle) — which means we already hold the live buyer list for Westside development sites, and listing 4830 S Slauson with LAAA puts it in front of that exact pool on day one.