The Group
CRE
Off-Market Multifamily Acquisition Brief
Taylor
taylor@thegroupcre.com
(310) 555-1234
9275 Calvert St, North Hollywood
APN:
2309-011-063
San Fernando Valley
10
units
Built
1964
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Headline Metrics
Opportunity Score
33 / 100
Assessed Value
$1.03M
Last Sale Price
$3.54M
Last Sale Date
Oct 10, 2019
Hold Years
6.6 yrs
Units
10
RSO Status
pending
ULA Exposure
None / Pending
Soft-Story
pending
Why This Deal
top signals — public record sources
Owner entity: trust
Lee 1997 Bypass Trust
Trust ownership signals estate/succession planning; trustee sales common
📂 LA County Assessor — owner-of-record (assessment roll)
+15
Prop 13 equity gap
Assessed $1.03M vs ~$2.5M est. market (42% of comp)
At 42% of submarket comp, locked equity creates sell/refi pressure
📂 LA County Assessor 2024 roll — annual assessed value (data.lacounty.gov)
+13
Long hold
6.6 years
Prop 13 locks assessed value near purchase price; longer hold = larger gap to market
📂 LA County Assessor — Deed transfer records (last_sale_date field)
+5
Ownership
LA County Assessor — owner of record
Current Owner
Lee 1997 Bypass Trust
trust
Held
6.6 years
(since 2019)
Most recent transfer:
arms length
LA Underwriting Pro-Forma
RSO · ULA · Cap rate — every number cited
🔵 RSO Rent Roll Model
RSO status pending LAHD data ingestion.
🟡 ULA Mansion Tax Exposure
Projected sale price
$2.45M
max(AV × 1.5 = $$1.55M, submarket $/unit × units = $$2.45M)
ULA Exposure
None — below $5.15M
Source:
Measure ULA
· Ordinance 187382, Apr 2023. Paid by seller at close.
📊 Implied Cap Rate
Rent basis
submarket median rent
GSI (annual)
$192K
NOI (5.0% vacancy, 35.0% opex)
$119K
At AV
(Prop-13 — understated)
11.5%
$1.03M AV
At Market
(comp-adjusted)
4.8%
$2.45M est.
AV cap is artificially high — Prop-13 AV locks near purchase price. The gap is the owner's hidden equity.
🔴 Soft-Story Retrofit Capex
Pending LADBS data ingestion.
Comparable Sales
Last 24 months · San Fernando Valley submarket
No comps within San Fernando Valley submarket in last 24 months with recorded sale prices.
LA Regulatory Flags
LAHD · LADBS · Measure ULA
🔵 RSO Status
data pending
Pending LAHD RSO dataset ingestion.
Source:
LAHD RSO dataset
· LAMC §151.02
🟡 ULA Mansion Tax
data pending
Pending la-flags-ingest data.
Source:
Measure ULA
· Ordinance 187382 (Apr 2023)
🔴 Soft-Story Retrofit
data pending
Pending LADBS data ingestion.
Source:
LADBS
· Ordinance #183893