"It's on the best street in Tarzana," his broker, Erica Reams of Santa Monica-based Sunset Park Realtors, tells PEOPLE. "People live there for years. This is a family neighborhood."
The half-acre compound includes a five-bedroom, five-bath main house, a guesthouse, a gym, a pool and spa and a tennis court.
Reams said Valderrama, 27, is selling the house because he wants a larger place to live.
The actor, who has dated Lindsay Lohan and Mandy Moore, never had to worry about his privacy being violated at the house: It's in a gated community and has a video security system.
"This is a very secure area," Reams said.