The Group
CRE
Off-Market Multifamily Acquisition Brief
Taylor
taylor@thegroupcre.com
(310) 555-1234
19765 Valerio St, Studio City
APN:
2399-095-047
San Fernando Valley
12
units
Built
1974
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Headline Metrics
Opportunity Score
39 / 100
Assessed Value
$920K
Last Sale Price
$2.52M
Last Sale Date
Mar 17, 1999
Hold Years
27.2 yrs
Units
12
RSO Status
pending
ULA Exposure
None / Pending
Soft-Story
pending
Why This Deal
top signals — public record sources
Long hold
27.2 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)
+22
Prop 13 equity gap
Assessed $0.92M vs ~$2.9M est. market (31% of comp)
At 31% of submarket comp, locked equity creates sell/refi pressure
📂 LA County Assessor 2024 roll — annual assessed value (data.lacounty.gov)
+17
Ownership
LA County Assessor — owner of record
Current Owner
Heritage Realty Company
corp
Held
27.2 years
(since 1999)
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
$2.94M
max(AV × 1.5 = $$1.38M, submarket $/unit × units = $$2.94M)
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)
$230K
NOI (5.0% vacancy, 35.0% opex)
$142K
At AV
(Prop-13 — understated)
15.5%
$920K AV
At Market
(comp-adjusted)
4.8%
$2.94M 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