The Group
CRE
Off-Market Multifamily Acquisition Brief
Taylor
taylor@thegroupcre.com
(310) 555-1234
1391 S Cloverdale Ave
APN:
5032-037-055
Mid-City / West Adams
20
units
Built
1940
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Headline Metrics
Opportunity Score
47 / 100
Assessed Value
$1.84M
Last Sale Price
$4.59M
Last Sale Date
May 5, 2022
Hold Years
4.0 yrs
Units
20
RSO Status
pending
ULA Exposure
None / Pending
Soft-Story
pending
Why This Deal
top signals — public record sources
Prop 13 equity gap
Assessed $1.84M vs ~$5.3M est. market (35% of comp)
At 35% of submarket comp, locked equity creates sell/refi pressure
📂 LA County Assessor 2024 roll — annual assessed value (data.lacounty.gov)
+17
Owner entity: trust
Choi Bypass Trust
Trust ownership signals estate/succession planning; trustee sales common
📂 LA County Assessor — owner-of-record (assessment roll)
+15
Intra-family transfer
Intra-family transfer
Succession or estate event; heirs often prefer cash over landlord operations
📂 LA County Recorder — deed transfer records (rrcc.lacounty.gov)
+15
Ownership
LA County Assessor — owner of record
Current Owner
Choi Bypass Trust
trust
Held
4.0 years
(since 2022)
Most recent transfer:
intra family
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
$5.30M
max(AV × 1.5 = $$2.76M, submarket $/unit × units = $$5.30M)
ULA Tier
Tier 1 — $5.15M+ (4%)
ULA Tax Exposure
$212K
Source:
Measure ULA
· Ordinance 187382, Apr 2023. Paid by seller at close.
📊 Implied Cap Rate
Rent basis
submarket median rent
GSI (annual)
$432K
NOI (5.0% vacancy, 35.0% opex)
$267K
At AV
(Prop-13 — understated)
14.5%
$1.84M AV
At Market
(comp-adjusted)
5.0%
$5.30M 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