Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

6

Building size

7,599 sqft

Lot size

7,286 sqft

Year built

1949

Stories

0

Heating

None

Cooling

None

Status

Active

Days on market

0

MLS #

249133996

About this property

Offered for the first time in nearly five decades! This is a rare chance to acquire a six-unit multifamily asset in the City of Beverly Hills, one of the most prestigious and supply-constrained rental markets in Southern California. The property sits at Gregory Way and South Reeves Drive, between Wilshire and Olympic Boulevards, one block from South Beverly Drive's boutique shops, cafes and restaurants. Rodeo Drive and the Golden Triangle are within walking distance, and Century City and Pico-Robertson are minutes away. The same family has held 9430 Gregory Way since the 1970s. It is fully occupied, with in-place rents well below market. In-place rents are about $17,635 per month against pro forma market rents of $25,500, which is more than 40% of rental upside as units turn over and are brought up to modern standards. An investor gets stable income on day one and substantial long-term upside at an irreplaceable Beverly Hills address.The property has an excellent unit mix of (1) One-Bedroom/One-Bathroom unit,(2) Two-Bedroom/One-Bathroom units, (2) Two-Bedroom/One-and-a-Half-Bathroom units, and (1) Three-Bedroom/Two-Bathroom unit. It offers about 7,599 square feet of building area on a 7,283-square-foot R4-zoned lot, and the units average more than 1,200 square feet. Floor plans of that size are increasingly hard to nd in the Beverly Hills rental market. With a Walk Score of 94, the property puts the restaurants, cafs, shopping and neighborhood amenities of South Beverly Drive and the Golden Triangle right outside the front door. Residents also enjoy the Beverly Hills Unified School District, are close to Cedars-Sinai Medical Center, and have easy access to Century City's employment base and the Metro D Line extension along Wilshire Boulevard. Ownership has already invested in the building with a new roof, and the units are separately metered for gas and electric. With a completed SB 721 balcony inspection and seismic gas shut-off valves installed at every unit, 9430 Gregory Way is ready for its next owner. Opportunities that combine generous oor plans, recent capital improvements and meaningful rental upside in the City of Beverly Hills are exceedingly rare. This is a chance for a discerning investor to secure a long-term hold at one of the most desirable residential addresses in Los Angeles.

Location

9430 Gregory Way

Beverly Hills, Los Angeles, CA, 90212