The Group
CRE
Off-Market Multifamily Acquisition Brief
Taylor
taylor@thegroupcre.com
(310) 555-1234
4104 Landa St
APN:
5422-033-007
Silver Lake / Echo Park
53
units
Built
1953
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Headline Metrics
Opportunity Score
16 / 100
Assessed Value
$9.26M
Last Sale Price
$17.48M
Last Sale Date
Dec 3, 2021
Hold Years
4.5 yrs
Units
53
RSO Status
pending
ULA Exposure
None / Pending
Soft-Story
pending
Why This Deal
top signals — public record sources
Prop 13 equity gap
Assessed $9.26M vs ~$17.0M est. market (55% of comp)
At 55% of submarket comp, locked equity creates sell/refi pressure
📂 LA County Assessor 2024 roll — annual assessed value (data.lacounty.gov)
+8
Owner entity: llc
Crown Management LLC
LLC ownership — investment entity; dissolution on sale common
📂 LA County Assessor — owner-of-record (assessment roll)
+8
Ownership
LA County Assessor — owner of record
Current Owner
Crown Management LLC
llc
Held
4.5 years
(since 2021)
Most recent transfer:
arms length
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
$16.96M
max(AV × 1.5 = $$13.89M, submarket $/unit × units = $$16.96M)
ULA Tier
Tier 2 — $10.3M+ (5.5%)
ULA Tax Exposure
$933K
Source:
Measure ULA
· Ordinance 187382, Apr 2023. Paid by seller at close.
📊 Implied Cap Rate
Rent basis
submarket median rent
GSI (annual)
$1.37M
NOI (5.0% vacancy, 35.0% opex)
$844K
At AV
(Prop-13 — understated)
9.1%
$9.26M AV
At Market
(comp-adjusted)
5.0%
$16.96M 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