The Group
CRE
Off-Market Multifamily Acquisition Brief
Taylor
taylor@thegroupcre.com
(310) 555-1234
5632 W Jefferson Blvd
APN:
5034-050-051
Mid-City / West Adams
37
units
Built
1953
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Headline Metrics
Opportunity Score
68 / 100
Assessed Value
$4.61M
Last Sale Price
$15.35M
Last Sale Date
May 1, 1994
Hold Years
32.1 yrs
Units
37
RSO Status
pending
ULA Exposure
None / Pending
Soft-Story
pending
Why This Deal
top signals — public record sources
Long hold
32.1 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)
+25
Owner entity: trust
Bernstein Family 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
Prop 13 equity gap
Assessed $4.61M vs ~$9.8M est. market (47% of comp)
At 47% of submarket comp, locked equity creates sell/refi pressure
📂 LA County Assessor 2024 roll — annual assessed value (data.lacounty.gov)
+13
Ownership
LA County Assessor — owner of record
Current Owner
Bernstein Family Trust
trust
Held
32.1 years
(since 1994)
Deed Chain Summary
Date
From
To
Type
May 1994
—
—
Intra-Family Transfer
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
$9.80M
max(AV × 1.5 = $$6.91M, submarket $/unit × units = $$9.80M)
ULA Tier
Tier 1 — $5.15M+ (4%)
ULA Tax Exposure
$392K
Source:
Measure ULA
· Ordinance 187382, Apr 2023. Paid by seller at close.
📊 Implied Cap Rate
Rent basis
submarket median rent
GSI (annual)
$799K
NOI (5.0% vacancy, 35.0% opex)
$494K
At AV
(Prop-13 — understated)
10.7%
$4.61M AV
At Market
(comp-adjusted)
5.0%
$9.80M 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