The Group
CRE
Off-Market Multifamily Acquisition Brief
Taylor
taylor@thegroupcre.com
(310) 555-1234
10215 S Virgil Ave
APN:
5088-038-018
Koreatown
38
units
Built
1949
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Headline Metrics
Opportunity Score
33 / 100
Assessed Value
$5.75M
Last Sale Price
$10.74M
Last Sale Date
Oct 10, 2020
Hold Years
5.6 yrs
Units
38
RSO Status
pending
ULA Exposure
None / Pending
Soft-Story
pending
Why This Deal
top signals — public record sources
Quitclaim deed
Quitclaim deed
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 $5.75M vs ~$9.9M est. market (58% of comp)
At 58% of submarket comp, locked equity creates sell/refi pressure
📂 LA County Assessor 2024 roll — annual assessed value (data.lacounty.gov)
+8
Long hold
5.6 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)
+5
Owner entity: individual
Terry & Michael Cho
Individual owner; lower succession signal without long hold
📂 LA County Assessor — owner-of-record (assessment roll)
+5
Ownership
LA County Assessor — owner of record
Current Owner
Terry & Michael Cho
individual
Held
5.6 years
(since 2020)
Most recent transfer:
quitclaim
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
$9.88M
max(AV × 1.5 = $$8.62M, submarket $/unit × units = $$9.88M)
ULA Tier
Tier 1 — $5.15M+ (4%)
ULA Tax Exposure
$395K
Source:
Measure ULA
· Ordinance 187382, Apr 2023. Paid by seller at close.
📊 Implied Cap Rate
Rent basis
submarket median rent
GSI (annual)
$775K
NOI (5.0% vacancy, 35.0% opex)
$479K
At AV
(Prop-13 — understated)
8.3%
$5.75M AV
At Market
(comp-adjusted)
4.8%
$9.88M 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 · Koreatown submarket
No comps within Koreatown 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