Rare opportunity to acquire Collins Garden Apartments, a 43-unit multifamily community on an expansive 43,604 SF (one-acre) LAR3 lot in the heart of Tarzana. Built in 1977, the property spans approximately 25,900 SF and features a quiet courtyard setting with a sparkling pool and sundeck, controlled access, on-site laundry, and ample surface parking, with a unit mix of 32 studios, 9 one-bedrooms, and 2 two-bedrooms many with private balconies. The offering presents two distinct paths to value: current rents average $1,511/unit against $1,800/unit at market approximately $12,444/month in loss-to-lease growing NOI from $451,140 to $595,991 and the cap rate from 5.50% to 7.27% plus the opportunity to develop the rear parking area into 8 two-bedroom/two-bath ADUs at an estimated $2,850/month each, a combined 35.1% upside potential in gross income (buyer to verify). At $190,698 per unit below the recent San Fernando Valley comp set average the property offers scale at an attainable basis in a submarket with a $107,378 median household income and $1.3M median home price. The location delivers everyday convenience: an 11-minute walk to the Metro G Line, 15 minutes on foot to the Ventura Boulevard corridor's dining and shopping, a 9-minute drive to Warner Center, and immediate 101 Freeway access. An outstanding opportunity for value-add investors seeking a stabilized, income-producing asset with multiple levers for growth in one of the San Fernando Valley's most established neighborhoods.