Checklist: Preparing Your Apartment Building for Sale

Buyers pay more for buildings they understand. Having these items ready before you list shortens escrow, reduces renegotiation and protects your price.

Financials

• Current rent roll: unit, tenant, move-in date, current rent, deposit, and any concessions.
• Trailing 12-month income and expense statement (T-12) and the last two years of operating statements.
• Utility bills for the past 12 months (water, gas, electric, trash).
• Property tax bill and any special assessments.
• Service contracts: laundry, landscaping, pest control, elevator, trash.

Leases and tenants

• Copies of all leases and amendments.
• Rent control registration (LAHD RSO, Santa Monica, Pasadena or county), proof of fee payments, and copies of recent rent increase notices.
• A list of pending disputes, evictions, or rent adjustments.
• Tenant estoppel certificates, which buyers usually request during escrow.

Building

• Seismic retrofit status and any certificate of completion.
• Permits for past work, especially additions, ADUs and converted units.
• Recent inspections: LAHD Systematic Code Enforcement (SCEP), fire, and balcony inspections (SB 721) where required.
• Roof, plumbing and electrical age and any recent upgrades.
• Insurance policy and loss runs.

Decisions to make early

• On-market or off-market? Off-market keeps the sale quiet; on-market reaches the most buyers.
• 1031 exchange? Start your replacement search before you list.
• Measure ULA? If your price is near $5.4 million or $10.9 million and the building is in the City of LA, model the net proceeds first.
• Vacant units: renovating them before sale can raise value, or you can leave the upside to the buyer.

We help gather and organize all of this. Start with a free valuation.

Common questions

What documents do I need to sell an apartment building?

A rent roll, trailing 12-month income and expenses, leases, utility bills, rent control registrations, service contracts and building records such as permits and retrofit status.

Should I sell my apartment building on-market or off-market?

Off-market keeps the sale private and avoids tenant disruption; on-market usually reaches more buyers. The right choice depends on your price, timing and privacy needs.