The Group
CRE
Off-Market Multifamily Acquisition Brief
Taylor
taylor@thegroupcre.com
(310) 555-1234
13912 S Naomi Ave
APN:
6014-094-053
South Los Angeles
43
units
Built
1978
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Headline Metrics
Opportunity Score
26 / 100
Assessed Value
$4.38M
Last Sale Price
$14.43M
Last Sale Date
Mar 12, 2018
Hold Years
8.2 yrs
Units
43
RSO Status
pending
ULA Exposure
None / Pending
Soft-Story
pending
Why This Deal
top signals — public record sources
Prop 13 equity gap
Assessed $4.38M vs ~$9.0M est. market (48% of comp)
At 48% of submarket comp, locked equity creates sell/refi pressure
📂 LA County Assessor 2024 roll — annual assessed value (data.lacounty.gov)
+13
Owner entity: llc
Metro Portfolio LLC
LLC ownership — investment entity; dissolution on sale common
📂 LA County Assessor — owner-of-record (assessment roll)
+8
Long hold
8.2 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
Ownership
LA County Assessor — owner of record
Current Owner
Metro Portfolio LLC
llc
Held
8.2 years
(since 2018)
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
$9.03M
max(AV × 1.5 = $$6.56M, submarket $/unit × units = $$9.03M)
ULA Tier
Tier 1 — $5.15M+ (4%)
ULA Tax Exposure
$361K
Source:
Measure ULA
· Ordinance 187382, Apr 2023. Paid by seller at close.
📊 Implied Cap Rate
Rent basis
submarket median rent
GSI (annual)
$748K
NOI (5.0% vacancy, 35.0% opex)
$462K
At AV
(Prop-13 — understated)
10.6%
$4.38M AV
At Market
(comp-adjusted)
5.1%
$9.03M 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 · South Los Angeles submarket
No comps within South Los Angeles 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