Broker Opinion of Value — Confidential

2126–2136 Branden Street

A 39-Unit, Permit-Ready (RTI) Development · Echo Park, Los Angeles, CA 90026
Units Approved
39
Lot Area
14,928 SF
Building
4 + 2 Subt.
Entitlement
RTI
Zoning
R3-1VL
Matt Ziegler
Matt Ziegler
Senior Managing Director · The Ziegler Group
Direct(818) 212-2738
LicenseCA 01280909
Glen Scher
Glen Scher
Senior Managing Director Investments
Mobile(818) 212-2808
LicenseCA 01962976
Filip Niculete
Filip Niculete
Senior Managing Director Investments
Mobile(818) 212-2748
LicenseCA 01905352
Prepared for 2126 Brandenstreet LLC · May 15, 2026
Section 01 — Executive Overview

A Shovel-Ready Density-Bonus Project With Two Ways to Win

2126–2136 W Branden Street is a fully designed, permit-ready (Ready-to-Issue) development on two contiguous Echo Park parcels — 39 residential units entitled through the California State Density Bonus, 4 stories of wood-frame residential over 2 levels of subterranean parking. The site delivers a developer-buyer an unusually de-risked starting point: the entitlement is complete, the construction documents are drawn, and the project can pursue two distinct exits — build-to-rent or for-sale condominium.
39
Units Approved
2.05×
Density Bonus (19→39)
±33,045
Net Residential SF
51
Subterranean Stalls
RTI
Permit Status

The opportunity. Echo Park is one of Los Angeles' most rent- and resale-resilient submarkets — supply-constrained, transit-rich, and consistently leased and sold at a premium to the broader Eastside. The Ownership has carried 2126–2136 Branden through the hardest and most time-consuming part of the development cycle: securing a State Density Bonus entitlement that lifts the site from a by-right base of 19 units to 39 approved units, and advancing the design to a Ready-to-Issue permit posture. A buyer steps in past the entitlement risk, the community process, and 18–24 months of pre-development carry.

Two exits, one site. Because the units finish at a true for-sale size and quality — averaging ±847 SF across a one-, two-, and three-bedroom mix — the project underwrites cleanly on two independent rails. Build-to-Rent: proven newer-construction Echo Park rents support a stabilized institutional apartment asset. For-Sale: condominium-mapped, the same units back into a gross sellout in the high-$20-million range against current Echo Park condo pricing. This BOV prices the site against both.

What this document does. It establishes finished-product value from the ground up — newer-construction rent comparables on the rental side, newer-construction condominium pricing on the for-sale side — then nets back construction, soft cost, and developer profit to a recommended value for the RTI site as it sits today. Every comparable is sourced; every assumption is labeled.

Section 02 — The Project

39 Units, Designed and Permit-Ready

The approved scheme is a contemporary, amenitized infill apartment building — white plaster and warm wood cladding, private balconies, a landscaped frontage, and a rooftop deck — the same design language commanding premium rents and resale prices in newer Echo Park product.
2126-2136 Branden Street rendering, dusk street view
2126-2136 Branden Street rendering, front elevation 2126-2136 Branden Street rendering, oblique view
Architectural renderings — 2126–2136 W Branden Street, approved public-works/construction plan set (Molai Land & Design).

Project Data

Address
2126–2136 W Branden StLos Angeles, CA 90026
Submarket
Echo ParkSilver Lake–Echo Park–Elysian Valley Plan
APNs
5423-005-007 & -008Lots 353 & 354, Edendale Tract
Lot Area
14,927.7 SF±0.343 acre · two contiguous parcels (ZIMAS)
Zoning
R3-1VLEast L.A. Area Planning Commission
Units Approved
39 ResidentialBase 19 → 39 via State Density Bonus
Entitlement
State Density BonusLAMC 12.22.A.37 — density, FAR & height incentives
Permit Status
RTI Ready-to-IssueConstruction documents complete
Building Form
4 Stories Type V-Aover 2 levels Type I-A subterranean garage
Height / FAR
67 ft · 3.56:1height & FAR incentives granted
Net Residential Area
±33,045 SF±41,098 SF gross building (LABC)
Unit Mix
1, 2 & 3-Bedroom±610–1,195 SF · avg ±847 SF/unit
Parking
51 Stalls2 subterranean levels · AB 2097: none required
EV / Bicycle
13 EV-ready · 5 EVCS35 long-term + 3 short-term bike stalls
Open Space
3,307 SFincl. ±1,357 SF roof deck + private balconies
Affordability
Very-Low-Income Set-Asideincome-restricted units secure the bonus
Existing Use
6-Unit RSO Buildinginterim income; replaced at construction
Why RTI matters. A buyer of a Ready-to-Issue project skips the single highest-risk, longest-duration phase of ground-up development — discretionary entitlement. The State Density Bonus case is approved, the incentives (density to 39 units, FAR to 3.56:1, height to 67 ft) are secured, and the construction documents are drawn. The remaining path is plan-check sign-off, permit issuance, and construction — a materially shorter, more financeable runway than a raw or partially-entitled site.

Source: approved public-works / construction plan set for 2126–2136 W Branden St (cover sheet, project data, area & density-bonus calculations, unit schedules). Areas per ZIMAS and the LABC area summary. Entitlement/permit status per Ownership; buyer to confirm the recorded affordability covenant, plan-check status, and permit conditions in due diligence.

Section 03 — Location

Echo Park — Eastside Demand, Constrained Supply

The site sits in the Glendale Boulevard corridor of Echo Park, minutes from Echo Park Lake, Sunset Boulevard's retail and dining, Dodger Stadium, and the Glendale Blvd / 2 Freeway and 101 connections into Downtown Los Angeles.
Vicinity map of 2126-2136 W Branden Street, Echo Park
Vicinity — 2126–2136 W Branden St, between Glendale Blvd and N Alvarado St, Echo Park 90026.

A renter and buyer magnet. Echo Park has spent a decade as one of Los Angeles' most sought-after creative-class neighborhoods. Walkable to Echo Park Lake, the Sunset Blvd corridor, and Historic Filipinotown, it draws a deep, durable pool of tenants and buyers — and consistently leases and resells at a premium to the broader Eastside.

Supply is structurally tight. Small lots, hillside topography, and rent-stabilized older stock keep new deliveries scarce. Recent newer-construction projects — Encore Echo Park, Inspire Echo Park, 222 Alvarado — have leased up at strong rents within blocks of the subject, evidence of demand depth rather than oversupply.

Pricing strength. As of mid-2026 Echo Park's median home price sits near $1.30–$1.35 million, with for-sale condominiums and townhomes trading in an approximate $650,000–$1,050,000 range — the band the subject's finished units are designed to hit.

Sources: Redfin — Echo Park housing market; RentCafe & Zumper Echo Park / Greater Echo Park Elysian rent research; Compass and Homes.com Echo Park condo & townhome listings. Figures current as of May 2026 and approximate.

Section 04 — The Dual-Exit Thesis

Two Paths to Value From the Same Approved Building

A buyer is not locked into a single business plan. The approved 39-unit building can be delivered as an income-producing rental asset, or condominium-mapped and sold unit-by-unit. Each path is underwritten independently in the sections that follow; the recommended value reflects both.
Strategy A — Build to Rent

Stabilized Apartment Asset

±$15.5M

Build, lease, and hold (or sell) a 39-unit Class-A apartment building. Stabilized value at a 5.25% cap on ±$817K NOI — supported by proven newer-construction Echo Park rents.

Strategy B — Build for Sale

Condominium Sellout

±$27.7M

Condominium-map the 39 units and sell individually. Gross sellout at ±$875/SF against current Echo Park condo pricing — the stronger value rail and the basis for the recommended price.

Values shown are finished-product values, not the value of the site as it sits. Section 07 nets construction cost, soft cost, cost of sale, and developer profit back from each exit to a recommended value for the RTI site today. All figures are estimates — see assumptions in Sections 05–07.

Section 05 — Strategy A: Build to Rent

The Build-and-Rent Strategy

Newer-construction apartment buildings within a few blocks of the subject — all delivered 2021–2025 — establish the rents a completed 2126–2136 Branden would command. These are the direct rent comparables: same submarket, same vintage of finish, same mid-rise format.

Newer-Construction Rent Comparables — Echo Park

Building Address Built Units Unit Types & Size Asking Rents ±$/SF
Encore Echo Park NEW 226 N Lake St 2021 36 Studio 473 SF · 1BR 668 SF · 2BR 816–1,208 SF Studio fr. $1,795 · 1BR ±$2,500–2,600 · 2BR ±$3,295 $3.70–4.00
222 Alvarado NEW 222 N Alvarado St 2025 ±40 1BR ±650 SF (studio–2BR mix) 1BR $2,500–$2,935 $3.85–4.50
Inspire Echo Park NEW 355 Glendale Blvd 2024 90 Studio–3BR · 319–1,116 SF Studio fr. $2,271 · 1BR fr. $2,103 · 2BR fr. $2,836 · 3BR fr. $6,032 $3.30–4.20
Echo Park — market average (all vintages) Neighborhood mixed — Studio 606 · 1BR 666 · 2BR 991 · 3BR 1,058 SF Studio $2,234 · 1BR $2,436 · 2BR $3,427 · 3BR $3,954 $3.46–3.74
SUBJECT — 2126-2136 Branden 2126-2136 W Branden St 2027–28E 39 1, 2 & 3BR · ±610–1,195 SF · avg 847 SF Underwritten blended ±$2,800/mo (market units) ±$3.30

Sources: Apartments.com, Zumper, RentCafe and building operator listings for Encore Echo Park (226 N Lake St), 222 Alvarado / Alvarado House (222 N Alvarado St) and Inspire Echo Park (355 Glendale Blvd); RentCafe Echo Park rent-market trends (neighborhood averages). Rents are advertised asking rents current as of May 2026 and exclude concessions. The subject's underwritten rent is a blended market-unit assumption applied to the project's ±847 SF average unit; income-restricted units are underwritten separately below.

Stabilized NOI — 39 Units

  • 36 market units × ±$2,800/mo$1,209,600
  • 3 very-low-income units × ±$1,200/mo$43,200
  • Parking, storage & other income$30,000
  • Gross Potential Income$1,282,800
  • Less vacancy & collection (5%)($64,140)
  • Effective Gross Income$1,218,660
  • Less operating expenses (±33%, incl. taxes)($402,000)
  • Net Operating Income±$816,660

Stabilized Value Sensitivity

Exit CapStabilized ValuePer Unit
5.00%$16,333,000$418,800
5.25% (base)$15,556,000$398,900
5.50%$14,848,000$380,700

Stabilized value = NOI ÷ cap rate. Newer Class-A apartment product in supply-constrained Eastside submarkets has traded in a roughly 4.75%–5.50% range; 5.25% is used as the base case.

Reading the rental rail. The build-and-rent strategy produces a stabilized, financeable, institutional-quality asset worth roughly $15.5 million — and the rent comparables prove the demand is real and the rents are bankable. For a long-term holder this is a credible path. As the valuation section shows, however, current construction costs make the for-sale exit the stronger value driver; the rental rail is best understood as the floor and the optionality, not the ceiling.
Section 06 — Strategy B: Build for Sale

Backing Into Value From Condominium Pricing

Condominium-mapped, the 39 units sell individually into the Echo Park for-sale market. The subject's unit sizes — ±610–1,195 SF — land squarely in the neighborhood's active condominium price band. Newer-construction for-sale product, led by The Cliffs Echo Park one block away on Clifford Street, sets the quality and pricing reference.

Newer-Construction For-Sale Comparables & Benchmarks — Echo Park

Comparable / Benchmark Location Built Product Price Range ±$/SF
The Cliffs Echo Park NEW 2142 Clifford St — 1 block from subject 2019 18 modern condos · 2BR, 1,449–1,774 SF · 2-car garages, roof decks $1.1M–$1.4M tier $750–850
Echo Park condominiums — active market Echo Park 90026 mixed Attached condominiums, all vintages $650K–$900K $700–850
Echo Park townhomes — active market Echo Park 90026 mixed Townhome / small-lot for-sale product $725K–$1,049K $750–900
Echo Park residential — median Echo Park 90026 mixed All residential (incl. single-family) Median ±$1.30–1.35M $780–1,070
SUBJECT — underwritten sellout 2126-2136 W Branden St 2027–28E 39 new condos · 1, 2 & 3BR · avg 847 SF ±$540K–$1.05M/unit ±$875

Sources: HighrisesCondos.com and TopLACondos.com (The Cliffs Echo Park, 2142 Clifford St — 2019, 18 units, 1,449–1,774 SF, polished concrete, 2-car garages, rooftop decks); Compass and Homes.com Echo Park condo & townhome listings; Redfin Echo Park housing-market data. Price ranges are current/recent listing-and-trade ranges as of May 2026; the ±$/SF column is an estimated band for newer attached for-sale product and should be MLS-verified at the unit level in due diligence. The subject sellout $/SF ($875) is a base-case underwriting assumption within this band.

Gross Condominium Sellout

  • 36 market units · 30,492 SF × $875/SF$26,680,500
  • 3 income-restricted units (restricted resale)$975,000
  • Gross Sellout (base case)±$27,655,000

Base case applies $875/SF to the 36 market units' ±30,492 SF of net residential area. Income-restricted units are valued at an affordable-ownership placeholder pending the recorded covenant terms.

Sellout Sensitivity — $/SF

Sellout $/SFGross SelloutAvg / Market Unit
$800 — conservative$25,370,000$677,600
$875 — base$27,655,000$741,100
$950 — upside$29,945,000$804,600

Across the band, average market-unit pricing of ±$680K–$805K sits comfortably within Echo Park's active condominium range — an absorbable, not aspirational, price point.

Section 07 — Valuation Conclusion

From Finished Value to Site Value

The site's value today is what a developer-buyer can pay, build the approved project, sell or stabilize it, earn a market profit, and still be made whole. The residual analysis below nets construction, soft cost, cost of sale, and developer profit back from the for-sale exit — the stronger of the two rails — to a value for the RTI site as it sits.

Residual Land Value — For-Sale Exit (Base Case)

  • Gross condominium sellout$27,655,000
  • Less cost of sale & marketing (6%)($1,659,000)
  • Net sale proceeds$25,996,000
  • Less total development cost ex-land*($19,700,000)
  • Less developer profit (12% of sellout)($3,318,000)
  • Residual Value — RTI Site±$2,980,000

*Total development cost ex-land is an industry-range estimate — hard costs for 4-story Type V-A residential over a 2-level subterranean garage, plus soft costs, financing/carry, demolition and RSO relocation, and contingency (±$505K/unit). It is not a contractor bid. Final site value should be re-run against the Ownership's hard-cost budget and any GC pricing.

Sensitivity — Site Value vs. Sellout

Sellout $/SFNet ProceedsResidual Site Value
$800 — conservative$23,848,000$1,104,000
$875 — base$25,996,000$2,980,000
$950 — upside$28,148,000$4,855,000

Development cost held constant at $19.7M; profit at 12% of sellout. Site value is highly geared to both sellout pricing and cost — every ±$25/SF of hard cost moves site value by roughly $1.0M. A buyer with competitive GC pricing or a sub-$800/SF cost basis underwrites the upper end.

Cross-checks. At the recommended figure the site trades at roughly $83,000 per approved unit and $218 per lot SF — a clear, defensible premium over raw R3 land (a comparable unentitled lot at ±$110/SF implies ±$1.6M), with the spread representing the value of the completed State Density Bonus entitlement, the RTI permit posture, and the eliminated 18–24 months of entitlement risk and carry. It also reconciles to the as-is value of the existing 6-unit RSO building plus that entitlement premium. The build-to-rent rail (±$15.5M stabilized) does not independently support a higher residual at current construction costs, but provides a buyer a fully financeable fallback business plan.
Recommended Pricing — RTI Development Site
$3,250,000
Supportable range $2,950,000 – $3,650,000  ·  ±$83,000 / approved unit  ·  ±$218 / lot SF
Priced to generate competitive developer interest while the dual-exit optionality, the RTI permit posture, and interim RSO income support the upper end of the range in negotiation.

This valuation is an opinion of value, not an appraisal. It is built from the comparable data in Sections 05–06 and the labeled cost and profit assumptions above. Recommended pricing should be finalized with the Ownership after review of the actual hard-cost budget, the recorded affordability covenant, and current plan-check/permit status.

Section 08 — Investment Summary

Why 2126–2136 Branden Trades

01
Entitlement Risk Already Retired

The State Density Bonus case is approved and the project is Ready-to-Issue. A buyer skips discretionary entitlement — the longest, least certain phase of LA development.

02
2.05× Density Upside, Locked

The bonus lifts the site from a by-right 19 units to 39 approved units, with FAR and height incentives secured — density that cannot be replicated on a raw R3 lot.

03
Two Independent Exits

Build-to-rent for a stabilized ±$15.5M asset, or condominium sellout near ±$27.7M gross. A buyer chooses the business plan that fits their capital.

04
Proven, Bankable Rents

Encore, Inspire and 222 Alvarado — all newer construction within blocks — have leased up at strong rents, de-risking the rental underwriting with real market evidence.

05
For-Sale Product That Fits the Market

Finished units of ±610–1,195 SF map directly into Echo Park's active $650K–$1.05M condominium band — an absorbable price point, not an aspirational one.

06
Interim Income in Place

An existing 6-unit RSO building generates holding income through plan-check and financing — a rare carry offset on an otherwise shovel-ready development site.

Positioning

2126–2136 Branden is marketed to the deep bench of Los Angeles merchant builders and density-bonus developers who want to break ground, not chase entitlements. The piece a buyer is acquiring — an approved 39-unit project on a 14,928 SF Echo Park lot, drawn to Ready-to-Issue, with a dual rental/for-sale exit — is exactly the profile that clears quickly in this submarket. The recommended guidance of $3,250,000 is set to drive competitive tension while leaving the dual-exit optionality and RTI premium to be argued for in escrow.