422SmithwoodDrive422SmithwoodDrive422SmithwoodDrive
Jordan Rubinstein BRE# 01736033
Janet Cervera BRE# 01055236
Jan Alexander BRE# 01964708
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DisclaimerThis Offering Memorandum has been prepared by Century Park Realty, Inc and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor Century Park Realty, Inc can warrant or represent the accuracy or completeness of the materials presented herein, or in any written or oral communications transmitted or made available to the purchaser.
Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor Century Park Realty, Inc represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein, are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner, since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive sub-market conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package.
Prospective purchasers are urged to inspect the property and undertake their own independent valuation of the property, the market, and the surrounding competitive environment. Neither owner nor Century Park Realty, Inc guarantee the accuracy of the information contained herein, including, but not limited to square footage, lot size, projections, or other information concerning the conditions or features of the property provided by the owner or obtained from public records or other sources and prospective purchaser is advised to independently verify accuracy of all information through personal inspection and with appropriate professionals.
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Century Park Realty, Inc. is proud to present this rare townhouse style multi-unit triplex located in the heart of Beverly Hills, steps away from South Beverly Drive at 422 Smithwood Drive. This French Normandy style Triplex was constructed in 1937 and designed by renowned architect William Gauge AIA who also designed Beverly Hills City Hall.
422 Smithwood is a Prime Beverly Hills Legacy Asset with Upside Opportunity for both an owner user or investor looking to stabilize a core asset at market rent, with two (2) units delivered Vacant.
The 4,707 SF property is situated on a 6,084 SF lot zoned BHR4YY. The property’s ideal floorplan and unit mix consists of three - 2 Bedroom / 1.5 Bathroom townhouse apartment units with all of the bedrooms upstairs. Each unit has its own private and covered garage (5 covered garage parking spaces in total) located at the rear of the property with a separate entrance through the alley.
This well-maintained property has been upgraded throughout the years but still features many of quintessential Beverly Hills property characteristics. Upgrades include central HVAC, various power and plumbing upgrades, recently replaced roof, refinished original hardwood floors. Each unit is separately metered for gas and electric and features in-unit laundry/hookup.
High walkability and just steps from world famous dining and shopping, Rodeo Drive, South Beverly Drive, Century City and more.
T he Offering
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BHR4YY
$3,250,000 6,084
4,707Zoning
Price
Year Built 1937APN 4330-027-014Structure Triplex
Unit Mix Three Units 2-bed 1.5-bathTwo story town-homes
Parking Two 2-car garages One 1-car garage
Land Sq. Ft,
Building Sq. Ft.
Property Overview
Property Highlights
Recent Improvements
• First time for sale in 82 years• Perfect value-add owner/user or luxury rental opportunity• 2 of 3 units delivered vacant• Superb Location - Walkscore® 92, a walkers paradise; daily errands do not require a car• Beverly Hills School District, proximity to Century City & Rodeo Drive• Large units w/covered garages
• New roof• Recently painted structure• New Central HVAC• Upgraded power and plumbing• Refinished original hardwood floors Sal
e Mem
orand
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422
Sm
ithw
ood
Dri
ve, B
ever
ly H
ills,
CA
902
12
Locat ion
Beverly Hills
Beverly Grove
Century City
Westwood
Miracle MileTax Map 422 Smithwood Dr, Beverly Hills, CA 90212
Tax Map 422 Smithwood Dr, Beverly Hills, CA 90212 7/2/2019 Page 1 (of 1)
This report is only for the myFirstAm user who applied for it. No one else can rely on it. As a myFirstAm user, you already agreed to our disclaimer regarding third party propertyinformation accuracy. You can view it here: www.myfirstam.com/Security/ShowEULA. ©2005-2019 First American Financial Corporation and/or its affiliates. All rights reserved.
PARCEL MAP
Olympic Blvd
Wilshire Blvd
Beverly Dr. Amenities
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Rent RollUnit Unit Type
Average Unit SF
Existing Rent*
Market Rent*
Existing Rent/SF
Market Rent/SF
Total Annual Existing Rent
Total Annual Market Rent
A 2 B / 1.5 BA 1,569 SF $3,950.00 $4,950.00 $2.52 $3.15 $47,400.00 $59,400.00B 2 B / 1.5 BA 1,569 SF $3,625.00 $4,950.00 $2.31 $3.15 $43,500.00 $59,400.00C 2 B / 1.5 BA 1,569 SF $4,000.00 $5,200.00 $2.55 $3.31 $48,000.00 $62,400.00
GROSS RENTAL INCOME $138,900.00 $181,200.00
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*Existing Rent assumptions for Vacant units (A & C) assume market rent in as-is condition*Market Rent assumptions assume Pro Forma market rent after renovation
FinancialsIncome
Expenses
Summary
Total Annual Current Rent* Total Annual Market RentUnit A $47,400.00 $59,400.00Unit B $43,500.00 $59,400.00Unit C $48,000.00 $62,400.00
GROSS OPERATING INCOME $138,900.00 $181,200.00NET OPERATING INCOME $82,632.54 $124,932.54
Annual MonthlyReal Estate Taxes (1.16%) $37,700.00 $3,141.67
Insurance $6,500.00 $541.67Water, Sewer, Trash $4,787.46 $398.96
Landscape $1,750.00 $145.83Repairs/Maintenance. $3,500.00 $291.67
Pest Control $800.00 $66.67Bus License/ Reserves /Fees $1,230.00 $102.50
TOTAL EXPENSES $56,267.46 $4,688.96
Purchase Price $3,250,000Price Per SF $690
Price Per Unit $1,083,333Cap Rate (existing) 2.54%Cap Rate (market) 3.84%
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Comparables
Wilshire Boulevard
Olympic Boulevard
Pico Boulevard
Santa Monica Boulevard
Ro
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Ave. Of The
ADDRESS CITY UNITS PKBLDG SF LOT SF
YEAR BUILT PRICE
PRICE PSF
PRICE PER UNIT SOLD DATE
1 432 SMITHWOOD DR BEVERLY HILLS 2 4 5,054 6,599 1931 $3,990,000.00 $789.47 $1,995,000 07/25/2019
2 9550 W OLYMPIC BLVD BEVERLY HILLS 4 4 5,708 5,500 1951 $3,050,000.00 $534.34 $762,500 04/09/2019
3 440 SMITHWOOD DR BEVERLY HILLS 2 4 3,953 6,604 1930 $2,724,060.00 $689.11 $1,362,030 03/01/2019
4 260 S SPALDING DR BEVERLY HILLS 4 4 6,269 6,125 1936 $3,470,000.00 $553.52 $867,500 10/23/2018
5 426 S BEDFORD DR BEVERLY HILLS 2 8 3,782 6,375 1929 $3,018,000.00 $797.99 $1,509,000 08/06/2018
6 150 N LA PEER DR BEVERLY HILLS 2 4 4,156 5,757 1935 $2,830,000.00 $680.94 $1,415,000 05/15/2018
7 456 SMITHWOOD DR BEVERLY HILLS 3 5 4,774 6,598 1929 $3,218,000.00 $674.07 $1,072,667 12/15/2017
8 9544 W OLYMPIC BLVD BEVERLY HILLS 3 5 4,749 5,499 1937 $3,050,000.00 $642.24 $1,016,667 09/01/2017
9 9945 YOUNG DR BEVERLY HILLS 4 5 5,546 7,000 1936 $3,150,000.00 $567.98 $787,500 8/15/2017
10 9965 -67 DURANT DR BEVERLY HILLS 3 4 3,503 4,399 1936 $3,250,000.00 $927.78 $1,083,333 ACTIVE
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Property Images
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Contact Us
Jordan Rubinstein BRE# 01736033
310.435.3926 [email protected]
Janet Cervera BRE# 01055236
305.776.5115 [email protected]
Jan Alexander BRE# 01964708
310.849.2828 [email protected]
325 N. Maple Drive #1011 Beverly Hills, CA 90213
310.745.7660
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