Nine actively-managed, rent-control-exposed properties, grouped into four sized exchanges and traded for passive, single-tenant NNN retail — a corporate tenant, zero landlord responsibilities, no more 2am calls. Cash flow won't fully match today's legacy-debt returns, and that's expected, not a flaw: the bar for each candidate is a real corporate guarantee and a cash flow that holds, not the highest cap rate. Toggle cards below to build and compare scenarios.
Today the nine properties net about $382,983 a year on $4,803,000 of equity, using the owner's current loan payments (not a new-buyer loan). That number rides on 2.9%–6.1% loans that reset between 2027 and 2028.
| Exchange | NOI today | Current loan payments / yr | Cash flow / yr | Equity today | Return on equity |
|---|---|---|---|---|---|
| South LA Portfolio 615 W 92nd, 627 W 82nd, 1019/1031/1035 W 102nd | $330,348 | $154,990 | $175,358 | $2,345,000 | 7.5% |
| The Two Fourplexes 924 W 82nd, 6336 S Denver | $100,462 | $22,185 | $78,277 | $943,000 | 8.3% |
| Inglewood 633 S Walnut | $144,395 | $42,450* | $101,945 | $835,000 | 12.2% |
| Long Beach 530 Chestnut | $149,203 | $121,800* | $27,403 | $680,000 | 4.0% |
| All nine properties | $724,408 | $341,425 | $382,983 | $4,803,000 | 8.0% |
NOI uses current rents with vacant units at market rent, less vacancy and expenses, and the actual Prop 13 tax bill. Loan payments come from the owner's monthly schedule. *Walnut and Chestnut payments are estimates until their loan terms are confirmed. Equity is sale price less loan balance.
When their loans reset, keeping the buildings at a 7% rate lowers cash flow too. Compare the exchange against that.
| Exchange · loan reset | Keep today | Keep at 7% | Exchange at 7% | Difference |
|---|---|---|---|---|
| South LA Portfolio 615, 627, 1019/1035 reset ~May 2028 (6.10%); 1031 resets Jun 2028 (2.95%) | $175,358 | $132,248 | $70,560 Caliber Collision | −$61,688 |
| The Two Fourplexes 2.90% fixed resets Feb 2027; interest-only ends Feb 2030 | $78,277 | $46,912 | $99,189 135 E 119th St | +$52,277 |
| Inglewood Terms to confirm (est. 3.00% interest-only) | $101,945 | $45,345 | $25,754 Jiffy Lube | −$19,591 |
| Long Beach Terms to confirm (est. 7.00% interest-only) | $27,403 | $27,403 | $49,436 Kalaveras | +$22,033 |
| Total | $382,983 | $251,908 | $244,939 | −$6,968 |
Both “at 7%” columns are interest-only on the same loan amounts, so the comparison is like for like. Exchange figures use the recommended replacement for each exchange. The calculators below also open interest-only; slide Amort to 30 years to see a 30-year loan.
Our California picks: Kalaveras, the highest-yielding NNN in Southern California, and 135 E 119th St, a new master-leased fourplex sized for the fourplex exchange. Toggle cards to build a scenario, or load a bucket preset from the exchange structure above.
| California scenario — sources, uses & cash flow | Amount |
|---|
Toggle candidate cards to mix and match. Guarantee quality and remaining lease term matter more here than cap rate — the goal is passive income, not matching today's yield. Combined NOI and blended cap come from actual in-place rents on the selected properties. New financing is auto-sized to cover any replacement value above the exchange equity. “Full deferral” requires combined value ≥ target with all equity reinvested. Kalaveras carries a personal, not corporate, guarantee — flagged on its card. Planning estimate only — not tax or legal advice.
Our best out-of-state NNN picks, narrowed from 16 listings on location, guarantee, lease, term and return. Pick a bucket; ★ marks our recommended property for it.
| Out-of-state scenario — sources, uses & cash flow | Amount |
|---|
Toggle candidate cards to mix and match. All carry corporate guarantees on true NNN leases. Inglewood and Long Beach each need their own ~$2.1–$2.4M property; the star shows the best fit for whichever bucket is selected. Photos aren't embedded for the out-of-state set; open the property's Crexi link to view. Planning estimate only — not tax or legal advice.