Property Intelligence · MF · Coverage Grade A

255 S Grand Ave

402-unit, multifamily, built 1988, Class B/C

LOS ANGELES, CA 90012 · Los Angeles-Long Beach-Anaheim, CA

APN / AIN

5151-015-015

Units

402

Built

1988

Class

B/C

Owner

GRAND PROMENADE

Assessed

$104.8M

Last sale

2001 · n/d

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Comp-implied value range

$116.4M to $132.1M

Appraiser-derived valuation places the asset at $126.4M on a 5.18% cap, eight basis points above the market median of 5.10%.

$104.8M

assessed · tax basis

$116.4M

P35 · $290K/unit

$126.4M

midpoint

$132.1M

P65 · $328K/unit

A 402 unit multifamily property built in 1988 in the Los Angeles-Long Beach-Anaheim market, valued at $126.4M ($314K/unit) on a 5.18% going-in cap derived from five strong comparables spanning 0.6 to 2.5 miles. The asset trades 17.0% below its appraised midpoint in a supply-trap cycle phase characterized by delivery ratios 1.5x demand and permits 147% of the three-year average.

Verdict

The subject sits 17.0% below the $126.4M comparable midpoint, pricing in immediate execution risk in a gluting market where 2,248 income-restricted units nearby compress achievable rents. The 5.18% going-in cap offers a modest spread to the 5.10% market median, though year-one basis step-up on tax reassessment will erode nominal yield unless the discount persists through close.

Absentee owner

Owner's mailing address differs from the site, signaling a potential motivated seller.

Rent ceiling nearby

2,248 income-restricted units nearby cap achievable new-lease pricing.

Supply gluting

Delivery ratio 1.5x demand and permits 147% of the three-year average create immediate occupancy and concession pressure.

Tax resets on sale

Assessment resets to purchase price on sale, requiring year-one tax underwriting at acquisition basis rather than the seller's trailing bill.

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Subject · rooftop 1 / 2 / 3-mi radius 34.05366, -118.25147

Subject & Parcel

parcel record

Asset

Units

402 · numunits

Year built

1988

Asset class

B/C

Use

Residential - Five or more apartments · code 0551

Lot

1.36 ac · 59380 sf

Ownership

Owner

GRAND PROMENADE

Absentee owner

Yes

Mailing

5150 OVERLAND AVE, CULVER CITY

Site & zoning

Site address

255 S GRAND AVE

County

los-angeles

Census tract

06037207502

Opportunity zone

Zoning

[HB5-SH1-5] [CX3-FA] [CPIO]

Valuation · assessor

Assessed total

$104,839,286

Land value

$5,597,763

Improvement value

$99,241,523

Tax year

2026

Last sale

2001-01-17 · price n/d

Valuation & Cap Rate

appraisal UW

Cap-rate benchmark

Cap benchmark

5.18% · class-matched · high conf

vs market median

+8 bps

Market median

5.10%

Sample size

53 caps · high conf

Median vintage

1990

Subject going-in vs the class-matched market band (P25–P75).

Appraisal-UW basis — reflects underwriting at loan origination and can lag current-market caps; per-comp appraisal dates are in Comparable Sales.

P25 4.56%mkt 5.10%subj 5.18%P75 5.41%

Valuation vs marketcomps appraised 2025

Assessed total

$104,839,286

Comp-implied value

$126,359,856

Delta

-17.0% · assessed tax basis, not a value gap

Assessed $/unit

$260,794

Comp-median $/unit

$314,328

Assessed basis as % of comp-implied value

assessed / comp-implied83%

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Comparable Sales

appraisal-derived

Five transactions within 2.5 miles provide high-confidence bracketing with strong match quality and an appraisal-derived basis.

5 mi5

5 comparable sales within 5 mi. Ranked by subject-aware similarity.

#	Property	Dist·mi	Units	Built	Cap	$/unit	Appraised	As of	Match
1 ★	Piero II 609 Saint Paul Avenue, Los Angeles 90017	0.55	335	2004	4.94%	$314K	$105.3M	2025-06-06	strong
2	Be DTLA 1120 West 6th Street, Los Angeles 90017	0.64	606	2018	4.90%	$376K	$228.0M	2025-10-13	strong
3	Orsini III 606 North Figueroa Street, Los Angeles 90012	0.70	210	2010	4.06%	$330K	$69.3M	2025-09-17	strong
4	Leeward Apartments 1134 West 17th Street, Los Angeles 90015	1.88	257	1922	4.85%	$212K	$54.6M	2025-09-03	moderate
5	Flores Del Valle 222 North Avenue 25, Los Angeles 90031	2.55	146	2006	4.48%	$179K	$26.2M	2025-04-23	moderate

All 5 comparable sales fall within 5 mi of the subject. APPRAISAL-derived (CMBS/agency loan filings), not arms-length transaction prices.

Location & Rent

ZIP 90012

ZIP profile

Class

Urban

Income tier

2 - $50k-$100k

Median HH income

$66,860

Population

37,336

Rent · ZIPas of Apr 2026

ZORI rent

$2,487 · 2026-04-30

1-yr growth

0.54%

3-yr CAGR

-0.40%

SAFMR 2BR ceiling

$2,730

Rent growth · metro

Blended forward

3.72% · low conf

Realized same-store

6.24%

ZORI YoY

1.20%

ACS gross rent · metro (by bedroom)

$1,616

Studio

$1,746

1BR

$2,104

2BR

$2,586

3BR

$2,986

4BR

18 LIHTC properties · 2,248 income-restricted units mapped nearby — rent-restricted supply that can cap achievable market rents in this ZIP.

Market Fundamentals

metro

Demand

Population

12.84M

Pop CAGR · 5-yr

-0.52%

Domestic migration

-1.02%

Job growth · 1-yr

1.15%

Avg weekly wage

$1,596

Financing · nationalas of Jun 2026

UST 10-yr

4.44%

Agency MF rate

5.54% · +110 bps

Conduit MF rate

6.31% · +187 bps

As of

2026-06-30

Supply

Cycle phase

gluting

2026E deliveries

16,836 units

Permit run-rate vs 3-yr average

147%

Delivery ratio (deliveries ÷ demand)

20261.02×

20271.50×

Market signal & turning point

Composite rank

46.1 · / 100

Quadrant

WEAK

Regime state

NEUTRAL

Turning flag

SUPPLY-TRAP

Composite market strength

weakstrong

Basing2/5

Topping2/5

Affordability

Own vs rent premium

69.9%

Premium shift

50.8 pts

Metro

Los Angeles, CA

Risk

multi-source

Market occupancy & vacancy

Market occupancy

97.14% · loan data · n=45, stable

Vacancy

2.86%

vs underwriting

0.0 pts

% below 90% occ

12.9%

97.1%

Agency distress · LOS ANGELES, CAas of Q3 2025

Region distressed

0.52%

National distressed

1.59% · 2025-Q3

Distressas of Q2 2026

Delinquent

3.7% · n=27

Median DSCR

1.46

Trend

Stable across observed quarters.

Delinquency by quarter

3.3%

2025-Q3

3.7%

2025-Q4

3.7%

2026-Q1

3.7%

2026-Q2

Debt bands · conduit_cmbs (n=3)

DSCR · P25–P75, median marked

1.27×1.32×1.33×

LTV

67.7%69.1%71.8%

Debt yield

7.7%7.7%8.2%

Debt bands (conduit CMBS) and agency (Fannie/Freddie) are separate loan populations — never blended.

Underwriting & Costs

confidence medium

CA reassesses on sale — base your Year-1 tax estimate on the purchase price, not the seller's current bill.

Rent-growth benchmark is low confidence, drawn from a limited sample — treat the blended figure as a range, not a fixed assumption.

Operating expenses

Opex ratio · median

35.4%

Match level

msa_all_mf_vintage

Opex ratio · P25–P75, median marked

32.3%35.4%42.1%

Property tax

Effective rate

0.70%

Rate source

county_acs

Resets on sale

Yes · Prop 13

Insurance

Per unit · B/C

$1,500 · [1230, 1770]

Per unit · Class A

$2,200

Peril

wildfire + earthquake

Coastal uplift

Annual estimate

$603,000

Trailing operatingas of Q4 2025

Rent / occupied unit

$33,985

Expense ratio

34.3%

Median DSCR

1.23

Median occupancy

100%

Sample size

8 loans

This read vs the platform

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Inputs	Public + filing-grade data on the address	Adds your documents: OM, T-12, rent roll
Valuation	Comps-based range and cap band	Full DCF in your Excel template, your assumptions
Assumptions	Market bands to check by hand	OM assumptions auto-validated against the bands, variances flagged
Scoring	Not included	AcquiScore 0 to 100, ranks your whole pipeline
Documents	Address only	OM, T-12, rent roll extracted in minutes
Volume	1 address per week	Unlimited, email-to-deal
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