For more information
228 S. REEVES DRIVE
228 South Reeves Drive
Beverly Hills, CA 90212
Price: $3,395,000
Miller & Desatnik Realty
310.202.9166
[email protected]
PROPERTY HIGHLIGHTS
b 6 units Prime Beverly Hills location
b Four 1bd+1ba & two 2bd+1ba units
b Large units with upside potential
b Close to the Beverly Hills Golden Triangle, Rodeo Drive, shops,
restaurants, Beverly Vista Middle School and the new
MILLER & DESATNIK
310.202.9166The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.
TABLE OF CONTENTS
Property Description
3
Property Photos
4
Investment Details
5
Executive Summary
6
Pro Forma Summary
7
Unit Mix Report
8
Regional Map
9
Location Map
10
Aerial Map
11
Business Map
12
PROPERTY DESCRIPTION
228 South Reeves Drive | Beverly Hills, CA 90212
228 S. Reeves Drive, Beverly Hills, CA 90212
6 units in Prime Beverly Hills location, located 1 block east of Beverly Drive and 1 1/2 blocks south
of Wilshire Blvd. Close to the Beverly Hills Golden Triangle, Rodeo Drive, Wilshire/Rodeo subway
station, Beverly Vista Middle School, shops and restaurants. There are 4 - 1 bedroom + 1 bath & 2
- 2 bedroom + 1 bath units. The building is 5,789 square feet and it sits on a 6,070 square foot lot.
The units are large and there is upside in the rents. First time on the market in more than 20
years. The owner is also selling the 4 unit building located at 256 S. Reeves Drive. The properties
can be purchased separately or together.
PROPERTY PHOTOS
INVESTMENT DETAILS
228 South Reeves Drive | Beverly Hills, CA 90212
AnalysisAnalysis Date March 2021
Property
Property Type MultiFamily
Property 228 S. Reeves Drive
Address 228 South Reeves Drive
City, State Beverly Hills, CA 90212
Year Built 1941 Purchase Information Purchase Price $3,395,000 Units 6 Total Rentable Sq. Ft. 5,789 Lot Size 6,070 sf
Income & Expense
Gross Operating Income $167,390
Monthly GOI $13,949
Total Annual Expenses ($69,858)
Monthly Expenses ($5,822)
Financial Information All Cash
Loans
EXECUTIVE SUMMARY
228 South Reeves Drive | Beverly Hills, CA 90212
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.
Acquisition Costs
Purchase Price, Points and Closing Costs
$3,395,000
Investment - Cash
$3,395,000
Investment Information
Purchase Price
$3,395,000
Price per Unit
$565,833
Price per Sq. Ft.
$586.46
Expenses per Unit
($11,643)
Income, Expenses & Cash Flow
Gross Scheduled Income
$172,549
Total Vacancy and Credits
($5,158)
Operating Expenses
($69,858)
Net Operating Income
$97,532
Debt Service
$0
Cash Flow Before Taxes
$97,532
Financial Indicators
Cash-on-Cash Return Before Taxes
2.87%
Debt Coverage Ratio
N/A
Capitalization Rate
2.87%
Gross Rent Multiplier
19.68
Gross Income / Square Feet
$29.81
Gross Expenses / Square Feet
($12.07)
Operating Expense Ratio
41.73%
PRO FORMA SUMMARY
228 South Reeves Drive | Beverly Hills, CA 90212
Unit Mix & Monthly Scheduled Income
Type Units Actual Total Market Total
2+1 1 $3,000 $3,000 $3,250 $3,250 2+1 1 $2,995 $2,995 $3,250 $3,250 1+1 1 $2,016 $2,016 $2,500 $2,500 1+1 1 $2,495 $2,495 $2,495 $2,495 1+1 1 $1,912 $1,912 $2,500 $2,500 1+1 1 $1,912 $1,912 $2,500 $2,500 Totals 6 $14,329 $16,495 Annualized Income
Description Actual Market Gross Potential Rent $171,949 $197,940
- Less: Vacancy ($5,158) ($5,938)
+ Misc. Income $600 $600
Effective Gross Income $167,390 $192,602
- Less: Expenses ($69,858) ($69,858)
Net Operating Income $97,532 $122,744
Annualized Expenses
Description Actual Market
Advertising $1,571 $1,571
Building Insurance $3,000 $3,000
Gardener $3,025 $3,025
Janitorial $3,483 $3,483
Maintenance $10,202 $10,202
Taxes - Real Estate $40,740 $40,740
Trash Removal $2,102 $2,102
Utility - Water & Sewer $5,735 $5,735
Total Expenses $69,858 $69,858 Expenses Per RSF $12.07 $12.07 Expenses Per Unit $11,643 $11,643
Investment Summary Price $3,395,000 Year Built 1941 Units 6 Price/Unit $565,833 RSF 5,789 Price/RSF $586.46 Lot Size 6,070 sf APN 4331-002-031 Cap Rate 2.87%
Market Cap Rate 3.62%
GRM 19.68
Market GRM 17.1
UNIT MIX REPORT
228 South Reeves Drive | Beverly Hills, CA 90212
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.
Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly
1 2+1 0 $3,000.00 $3,000.00 $3,250.00 $3,250.00 1 2+1 0 $2,995.00 $2,995.00 $3,250.00 $3,250.00 1 1+1 0 $2,015.71 $2,015.71 $2,500.00 $2,500.00 1 1+1 0 $2,495.00 $2,495.00 $2,495.00 $2,495.00 1 1+1 0 $1,911.68 $1,911.68 $2,500.00 $2,500.00 1 1+1 0 $1,911.68 $1,911.68 $2,500.00 $2,500.00 6 0 $14,329.07 $16,495.00
UNIT MIX UNIT MIX SQUARE FEET
● 2+1 ● 2+1 ● 1+1 ● 1+1 ● 1+1 ● 1+1 ● 2+1 ● 2+1 ● 1+1 ● 1+1 ● 1+1 ● 1+1
UNIT MIX INCOME UNIT MIX MARKET INCOME
REGIONAL MAP
LOCATION MAP
AERIAL MAP
BUSINESS MAP
DEMOGRAPHICS
228 South Reeves Drive | Beverly Hills, CA 90212
Population 1 Mile 3 Miles 5 Miles
Male 16,385 142,931 352,806
Female 19,222 150,642 366,918
Total Population 35,607 293,573 719,724
Age 1 Mile 3 Miles 5 Miles
Ages 0-14 5,060 37,859 102,282
Ages 15-24 3,499 24,868 66,132
Ages 55-64 4,944 39,136 94,556
Ages 65+ 7,502 48,787 114,576
Race 1 Mile 3 Miles 5 Miles
White 31,512 206,510 437,264
Black 363 18,316 68,414
Am In/AK Nat 1 291 870
Hawaiian N/A 51 110
Income 1 Mile 3 Miles 5 Miles
Median $74,677 $72,018 $63,464 < $15,000 2,078 17,606 45,228 $15,000-$24,999 1,494 10,806 30,484 $25,000-$34,999 1,024 10,175 28,277 $35,000-$49,999 1,440 15,298 38,500 $50,000-$74,999 2,778 22,279 51,705 $75,000-$99,999 2,171 16,369 34,842 $10,0000-$149,999 2,532 19,911 42,225 $150,000-$199,999 1,303 9,899 19,615 > $200,000 2,454 15,944 32,897
Housing 1 Mile 3 Miles 5 Miles
Total Units 19,935 159,372 367,994
Occupied 17,934 146,683 340,209
Owner Occupied 6,231 47,114 110,174
