The Group
CRE
Off-Market Multifamily Acquisition Brief
Taylor
taylor@thegroupcre.com
(310) 555-1234
9153 S San Pedro St
APN:
6035-008-051
South Los Angeles
32
units
Built
1965
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Headline Metrics
Opportunity Score
21 / 100
Assessed Value
$2.42M
Last Sale Price
$4.45M
Last Sale Date
May 19, 2022
Hold Years
4.0 yrs
Units
32
RSO Status
pending
ULA Exposure
None / Pending
Soft-Story
pending
Why This Deal
top signals — public record sources
Prop 13 equity gap
Assessed $2.42M vs ~$6.7M est. market (36% of comp)
At 36% of submarket comp, locked equity creates sell/refi pressure
📂 LA County Assessor 2024 roll — annual assessed value (data.lacounty.gov)
+13
Owner entity: llc
Meridian Land Co 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
Meridian Land Co LLC
llc
Held
4.0 years
(since 2022)
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
$6.72M
max(AV × 1.5 = $$3.63M, submarket $/unit × units = $$6.72M)
ULA Tier
Tier 1 — $5.15M+ (4%)
ULA Tax Exposure
$269K
Source:
Measure ULA
· Ordinance 187382, Apr 2023. Paid by seller at close.
📊 Implied Cap Rate
Rent basis
submarket median rent
GSI (annual)
$557K
NOI (5.0% vacancy, 35.0% opex)
$344K
At AV
(Prop-13 — understated)
14.2%
$2.42M AV
At Market
(comp-adjusted)
5.1%
$6.72M 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