The Group
CRE
Off-Market Multifamily Acquisition Brief
Taylor
taylor@thegroupcre.com
(310) 555-1234
12278 S Sycamore Ave
APN:
5031-092-071
Mid-City / West Adams
50
units
Built
1966
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Headline Metrics
Opportunity Score
42 / 100
Assessed Value
$8.68M
Last Sale Price
$14.88M
Last Sale Date
Feb 19, 2006
Hold Years
20.3 yrs
Units
50
RSO Status
pending
ULA Exposure
None / Pending
Soft-Story
pending
Why This Deal
top signals — public record sources
Long hold
20.3 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
Owner entity: trust
Hernandez 2003 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 $8.68M vs ~$13.3M est. market (66% of comp)
At 66% of submarket comp, locked equity creates sell/refi pressure
📂 LA County Assessor 2024 roll — annual assessed value (data.lacounty.gov)
+5
Ownership
LA County Assessor — owner of record
Current Owner
Hernandez 2003 Bypass Trust
trust
Held
20.3 years
(since 2006)
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
$13.25M
max(AV × 1.5 = $$13.02M, submarket $/unit × units = $$13.25M)
ULA Tier
Tier 2 — $10.3M+ (5.5%)
ULA Tax Exposure
$729K
Source:
Measure ULA
· Ordinance 187382, Apr 2023. Paid by seller at close.
📊 Implied Cap Rate
Rent basis
submarket median rent
GSI (annual)
$1.08M
NOI (5.0% vacancy, 35.0% opex)
$667K
At AV
(Prop-13 — understated)
7.7%
$8.68M AV
At Market
(comp-adjusted)
5.0%
$13.25M 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 · Mid-City / West Adams submarket
No comps within Mid-City / West Adams 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