The Group
CRE
Off-Market Multifamily Acquisition Brief
Taylor
taylor@thegroupcre.com
(310) 555-1234
14454 Reservoir St
APN:
5403-009-045
Silver Lake / Echo Park
48
units
Built
1950
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Headline Metrics
Opportunity Score
33 / 100
Assessed Value
$10.03M
Last Sale Price
$39.06M
Last Sale Date
Jan 4, 2018
Hold Years
8.4 yrs
Units
48
RSO Status
pending
ULA Exposure
None / Pending
Soft-Story
pending
Why This Deal
top signals — public record sources
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
Owner entity: llc
Sherman Holdings LLC
LLC ownership — investment entity; dissolution on sale common
📂 LA County Assessor — owner-of-record (assessment roll)
+8
Long hold
8.4 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
Prop 13 equity gap
Assessed $10.03M vs ~$15.4M est. market (65% of comp)
At 65% 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
Sherman Holdings LLC
llc
Held
8.4 years
(since 2018)
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
$15.36M
max(AV × 1.5 = $$15.04M, submarket $/unit × units = $$15.36M)
ULA Tier
Tier 2 — $10.3M+ (5.5%)
ULA Tax Exposure
$845K
Source:
Measure ULA
· Ordinance 187382, Apr 2023. Paid by seller at close.
📊 Implied Cap Rate
Rent basis
submarket median rent
GSI (annual)
$1.24M
NOI (5.0% vacancy, 35.0% opex)
$765K
At AV
(Prop-13 — understated)
7.6%
$10.03M AV
At Market
(comp-adjusted)
5.0%
$15.36M 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 · Silver Lake / Echo Park submarket
No comps within Silver Lake / Echo Park 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