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Fifteen properties across California. A consolidated view of valuation, tax exposure, and strategic recommendations for the wholly-owned and partnership-held assets.
Five California regions. South Orange County (Irvine), West LA / Mid-City, Hollywood + Koreatown, the Inland Empire (Riverside + Yucaipa), the North County coast (Oceanside), and Big Bear (Sugarloaf). Pin colors reflect strategic posture — click any pin for the property snapshot.
A diversified California real estate portfolio anchored by stabilized cash-flow assets in the Inland Empire and high-equity, value-add opportunities across West LA. The strategy splits into three tiers: protect, optimize, and exit.
Catawba Ln (Irvine) and the Yucaipa cluster form the bedrock. Catawba's owner-occupancy exclusion preserves a $1.06M tax basis vs. $2.2M reassessed — saving ~$1,140/mo. The five Yucaipa properties run at sub-21% tax-to-rent ratios.
Action: maintain occupancy status, hold for yield.
Sherbourne (15 units) is severely under-market at ~$1,333/unit vs. ~$2,700 market. Sale at today's income would leave millions on the table; a turnover-and-reposition play could nearly double the value to ~$4.86M.
Action: rent roll + expense audit (Eva), confirm seismic retrofit status.
Plymouth, Queen Anne, Sugarloaf, and the Hollywood/Koreatown 25% partnership stack are the natural liquidation candidates. The partnership package (24 units across three buildings) is a strong window post-partner transition.
Action: open partner conversation re: package sale of Hudson + Gramercy.
Three items pending Eva: (1) Sherbourne rent roll & expenses, (2) Sugarloaf land-lease confirmation, (3) Gramercy LLC structure for reassessment treatment.
Three seismic checks pending: Sherbourne, 1012 Hudson, 1016 Hudson — all 1959–1964 LA stock.
Estimated values, tax projections, and strategic posture across every asset. Values reflect current market assumptions and should be revisited as comps evolve.
| Property | Type | Built | Est. value | Mo. tax | Posture |
|---|---|---|---|---|---|
| 5381 Catawba Ln, Irvine | SFR · 3/2 | 1969 | $2,200,000 | $1,060* | Keep · owner-occ |
| 1955 S Sherbourne, LA 90034 | 15-unit multi | 1963 | $2.4M – 4.86M | — | Optimize · value-add |
| 1282 Queen Anne, LA 90019 | 4-unit multi | — | $1,250,000 | $1,302 | Sell candidate |
| 832 S Plymouth Blvd, LA 90019 | SFR · 3/2 | — | $1,400,000 | $1,354 | Hold · last to sell |
| 2714 East St, Oceanside | SFR · 3/2 | 1926 | $865,000 | $858 | Keep · renovate |
| 1152-1168 Villa St, Riverside | 9-unit multi | 1959 | $2,400,000 | $2,500 | Keep · cash flow |
| 12010 3rd St, Yucaipa | Duplex | — | $500,000 | $521 | Keep · yield |
| 12012 3rd St, Yucaipa | Multi-family | 1937 | $700,000 | $729 | Keep · yield |
| 12026 3rd St, Yucaipa | SFR / 3-unit? | 1957 | $593,000 | $618 | Verify unit count |
| 12333 Westpark Cir, Yucaipa | SFR · 3/2.5 | 2006 | $680,000 | $708 | Keep · modern rental |
| 33101 Eagle Point Dr, Yucaipa | SFR · 4/3 | 2002 | $593,000 | $618 | Keep · stabilized |
| 203 Moreno Ln #207, Sugarloaf | Cabin · 1/1 | 1970 | $175,000 | $208 | Sell candidate |
| 1012 N Hudson Ave, LA 90038 | 8-unit · 25% | 1964 | $625,000† | $651† | Hold or package sell |
| 1016 N Hudson Ave, LA 90038 | 8-unit · 25% | 1964 | $625,000† | $651† | Hold or package sell |
| 321 S Gramercy Pl, LA 90020 | 8-unit · 25% | 1959 | $700,000† | $729† | Sell · partner transition |
| Total estate exposure | 15 properties | — | ~$15,706,000 | — | — |
*Tax shown reflects owner-occupancy exclusion basis. †25% proportional share of total building value and tax.
One property, free and clear, with a tax-protection structure that's hard to replicate elsewhere in the portfolio.
The 1970s-era build means no Mello-Roos, and the 2027 owner-occupancy exclusion adds $1,044,586 on top of the $150K original assessed value — a total $1,194,586 tax-free threshold.
The math: keeping this owner-occupied saves roughly $1,140/mo in property tax versus an investment hold. If owner-occupancy isn't viable, this becomes a sale candidate to capture the high equity rather than absorb a $26,400/yr reassessed bill.
A 15-unit value-add play, a 4-unit residential exit candidate, and a remodeled SFR being kept in reserve. Sherbourne is where the optionality lives.
The "meat on the bone" play. Current rents at ~$1,333/unit are roughly half of market (~$2,700) for 90034 — investors pay forward 30–50% of that gap upfront.
Selling at a 6-cap on today's income would be a fire sale. Market $/door for 1960s 90034 stock is $275K–$350K, putting realistic value at $4.5M+ after seismic and turnover work.
4-unit cap is the sweet spot: still residential financing (lower DPs), so the buyer pool is owner-users + investors. Adding a 5th unit pushes it into commercial territory and shrinks the buyer pool.
TIC conversion alternative: $400K–$500K per unit suggests $1.6M–$2.0M total upside — but legal costs and utility sub-metering required.
Best exit timing is when a unit goes vacant (owner-user can move in immediately).
Strategy is to list at $1.4M to draw multiple offers and let the comps push toward $1.6M+.
Owner's note: "Keep this one in the back pocket — last thing to sell. Maybe Adam wants to move into it in the next year?" If owner-occupancy materializes, this becomes a Catawba-style tax-protected hold.
Combined West LA wholly-owned: ~$5.05M as-is, with Sherbourne's pro-forma adding up to +$2.46M on top.
Plymouth and Queen Anne together represent the most liquid ~$2.65M exit window if capital reallocation is needed.
One property, owner-occupied by Andjej, with both a renovation upside and a tenant resolution headache.
Sub-$1M assessment threshold protects this asset from California's aggressive reassessment rules. The case for keeping is straightforward — a coastal SFR under the radar, with the homeowner's exemption locked in.
The renovation budget at $250+/sq ft runs ~$272,000+ for a quality remodel. That's a real check, but it's the path to long-term equity in a high-exposure coastal market.
One 9-unit complex, already performing near market — the income-yielding counterweight to Sherbourne's value-add risk.
Unlike Sherbourne, Villa St rents are already at market — there's no hidden upside to unlock through turnover. The tax-to-income ratio (12.5%) is the most efficient in the entire portfolio.
If a liquidation is required to fund a 1031 or a value-add elsewhere, Sherbourne is the candidate, not Villa. This is the steady cash machine.
Five properties. ~$3.07M combined value. Tax-to-income ratios under 21% across the board. Shielded from West LA's RSO and reassessment pressures.
Standard San Bernardino tax treatment. The 2-bedroom market in Yucaipa supports this comfortably — a simple yield play with no major capital pressure.
The most "hands-off" residential asset in the cluster. 2006 build = modern systems, low CapEx pressure, higher-tier tenant profile. Last listed at $3,400/mo — current $2,990 may have ~$400/mo upside on turnover.
Family-friendly 4BR layout in a top school district = strong tenant retention. The $618 monthly tax carry is comfortably covered by ~$3,200 rent. Modern build (2002) means less management overhead than the older Yucaipa cluster.
Small footprint, big risk. The math says renovate-or-sell, but renovation likely returns zero net equity gain.
Renovation math doesn't work. $150/sq ft × 504 sq ft = $75,600, and a full systems overhaul (roof + plumbing + electrical) likely pushes to $100K+. Total invested ($175K + $100K = $275K) approximates the upper-end finished comp ($270K–$290K) — meaning zero or negative net equity after selling costs.
The case for selling is strengthened by the uninsured status, vagrant/squatter risk, and 17% wildfire probability over 30 years.
Three 1960s-era 8-unit buildings. 24 units total. Same partner group across all three. The partner-transition window is open.
Rent roll + a vacant unit currently at ~$11,768/mo gross. Limited control as a 25% owner; major decisions require partner alignment.
Identical physical specs to 1012. Combined with 1012, the 16-unit Hollywood adjacency creates real portfolio scale — attractive to a single buyer at a premium vs. individual sales.
The trigger event: last original partner deceased, ownership now distributed among the children. Estates typically prefer a clean exit over managing 1950s RSO complexity.
The bigger play: propose a 3-building portfolio sale across Gramercy + both Hudson buildings (24 units total, same partners). Scale typically commands a premium over individual asset sales.
A clear hierarchy of intent across the portfolio. Each property maps to one of three postures — and the framework dictates the next twelve months of capital decisions.
Catawba (Irvine) and the five Yucaipa properties. Maintain occupancy status where applicable. Monitor insurance renewal exposure (Yucaipa 9–10/10 fire factor). No capital reallocation needed — these are the floor of the portfolio.
The single highest-leverage decision in the portfolio. Marketing as a turnover play (not as-is income) is the difference between $2.4M and $4.86M. Required pre-work: rent roll, expense audit, seismic retrofit confirmation. Villa St. and Eagle Point provide cash-flow stability while this plays out.
Sugarloaf cabin (uninsured, dilapidated, no upside math). Plymouth and Queen Anne when the timing fits — Queen Anne benefits from a vacancy window for owner-user buyers. The Hollywood/K-town partnership stack as a 24-unit package sale.
Three concrete grouping plays. Each one trades on a different premium — partner-coordinated scale, asset-class fit for institutional buyers, or geographic concentration for a regional investor. Group sales typically command 3–8% premiums over the sum of individual sales because they attract larger, more sophisticated buyer pools.
Three 1960s-era 8-unit RSO buildings under the same partnership group. The Gramercy heir transition is the catalyst — estates prefer clean exits over the headache of multi-generational RSO management. A 24-unit "scale buy" attracts professional multifamily funds rather than mom-and-pop investors, and historically commands a premium over individual asset sales.
Sherbourne (15-unit) + Queen Anne (4-unit) as a combined offer to a multifamily value-add fund. Both 90034 / 90019, both with rent upside, both stabilized enough for bridge or agency financing. The package gives a fund 19 doors of West LA exposure with one closing — and lets you exit two assets that would otherwise be slow-moving individual sales.
The five Yucaipa holdings span SFRs and small multifamily across the same Inland Empire submarket. Could attract a single regional investor seeking diversified yield in a low-tax, low-RSO county — particularly someone running a 1031 upleg from a coastal sale. Keep individually for now, but maintain a "ready file" so a single-buyer exit is executable on short notice.
Selling residential and selling RSO multifamily are different documentation stacks. These are the items to have in hand before anything goes to market — incomplete files cost basis points at close and trigger price reductions during inspection. The LA RSO column is where most of the work lives.
Selling generates a tax event. Selling smartly redirects capital into the next asset before the IRS gets a vote. Three concepts drive every disposition decision in the portfolio: 1031 exchanges to defer gain, the step-up basis that resets cost basis at death, and the capital-gains math that determines net proceeds.
The single most powerful sale tool. Capital gains tax is deferred (not eliminated) when proceeds roll into a like-kind investment property of equal or greater value, with the same or greater debt position.
For free-and-clear, low-basis assets, holding through death may save more than any strategic sale. The cost basis steps up to fair market value at date of death, eliminating the deferred gain entirely for heirs. Sherbourne and Catawba are the two strongest candidates — both unencumbered, both with massive embedded gain.
Headline sale price isn't take-home. California is the highest-tax state in the country for real estate dispositions — gross-to-net erosion of 30–37% on long-term gains is realistic for high earners.
Effective April 2023, the City of LA imposes additional transfer taxes on high-value sales. Material to anything in 90020, 90034, 90019, 90038.
Applies to any LA city sale at $5M+. The Sherbourne pro-forma value ($4.86M) sits just below the threshold — material to pricing strategy. The 24-unit Hollywood + K-town package at ~$7.8M total would clear the threshold by a wide margin.
Applies to any LA city sale at $10M+. None of the individual assets cross this threshold, but a combined institutional package of all West LA assets could.
Each Hollywood/K-town building is ~$2.5M–$3.2M individually — well below the ULA threshold. Selling all three as a single combined transaction at ~$7.8M would trigger the 4% additional tax (~$312K). Closing as three same-day separate transactions to one buyer is a common workaround — confirm structure with counsel.
Action items grouped by owner. Eva is the long pole on most of these — confirmation of structure, financials, and pending capital exposure across the partnership stack.
Need current per-unit rents and operating expense breakdown to validate the $20K/mo gross and 40% expense ratio assumptions. Without this, the $2.4M as-is vs. $4.86M pro-forma valuation cannot be tightened.
Source notes flag a possible land-lease structure plus reference to "2 other parcels." Material to any sell decision — a leased-land cabin trades at a steep discount to fee-simple.
If held in an LLC, the reassessment treatment on partner-share transfers differs materially from a direct deed structure. This affects both the heir-transition exit timing and the after-tax proceeds calculation.
Mandatory for 1963 wood-frame LA buildings. If unsigned, buyers will subtract $150K–$200K plus a "hassle" premium. Status check needed before any list activity.
Both 1964-built 8-unit buildings under same partnership. Permit history references a retrofit requirement on 1016. Confirm completion with co-owners; capital call exposure if not done.
County code "3 Single Family Res" suggests 3 detached structures rather than one 2,512 sq ft SFR. If multi-unit, valuation and rent strategy both change materially.
Owner note: "maybe Adam wants to move into it in the next year." Decision affects whether Plymouth is held (Catawba-style tax protection) or listed at $1.4M to draw multiple offers.
Open dialogue with co-owners on a coordinated 3-building, 24-unit portfolio sale (1012 Hudson + 1016 Hudson + 321 Gramercy). The Gramercy heir transition is the natural catalyst.
2714 East St has tenant complications that block any meaningful renovation deployment. Path forward (cash-for-keys, formal eviction, tenant relocation) should be scoped before committing the $272K+ remodel budget.