The Group
CRE
Off-Market Multifamily Acquisition Brief
Taylor
taylor@thegroupcre.com
(310) 555-1234
647 S Sycamore Ave
APN:
5035-081-007
Mid-City / West Adams
116
units
Built
1964
🔗 Copy share link
✓ Copied to clipboard
Headline Metrics
Opportunity Score
53 / 100
Assessed Value
$12.20M
Last Sale Price
$41.19M
Last Sale Date
Aug 17, 1993
Hold Years
32.8 yrs
Units
116
RSO Status
pending
ULA Exposure
None / Pending
Soft-Story
pending
Why This Deal
top signals — public record sources
Long hold
32.8 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
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 $12.20M vs ~$30.7M est. market (40% of comp)
At 40% 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
Greater LA Real Estate Inc
corp
Held
32.8 years
(since 1993)
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
$30.74M
max(AV × 1.5 = $$18.30M, submarket $/unit × units = $$30.74M)
ULA Tier
Tier 2 — $10.3M+ (5.5%)
ULA Tax Exposure
$1.69M
Source:
Measure ULA
· Ordinance 187382, Apr 2023. Paid by seller at close.
📊 Implied Cap Rate
Rent basis
submarket median rent
GSI (annual)
$2.51M
NOI (5.0% vacancy, 35.0% opex)
$1.55M
At AV
(Prop-13 — understated)
12.7%
$12.20M AV
At Market
(comp-adjusted)
5.0%
$30.74M 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