220 S GALE DR - LoopNet

Offering Memorandum

220 S GALE DRBeverly Hills, CA 90211

I mpeccably Remodeled | 11-Unit 1960’s Gold M edal l ion Bui ld ing

Five Vacant Units (One Non- Conforming) | Family O wned for O ver 50 years

N O N - E N D O R S E M E N T & D I S C L A I M E R N OT I C ECO N F I D E N T I A L I T Y & D I S C L A I M E RThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by

the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of

Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to

establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due

diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the

income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the

property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal

regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s

plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained

from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained

herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever

regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the

information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.

© 2017 Marcus & Millichap. All rights reserved.

N O N - E N D O R S E M E N T N OT I C EMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this

marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or

endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of

Marcus & Millichap, and is solely included for the purpose of providing tenant lessee

information about this listing to prospective customers.

A L L P R O P E R T Y S H O W I N G S A R E BY A P P O I N T M E N T O N LY.

P L E A S E CO N S U LT YO U R M A R C U S & M I L L I C H A P AG E N T F O R M O R E D E TA I L S .

220 S G A L E D R I V EB E V E R L Y H I L L S , C A 9 0 2 1 1

Joshua RossSenior Vice President Investments

Encino OfficeOffice 818.212.2650

Fax [email protected]

License CA 01918715

ELI APPELFirst Vice President Investments

Encino OfficeOffice 818.212.2707

Fax [email protected]

License CA 01918652

E XC LU S I V E LY L I S T E D BY

O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

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15EXECUTIVE SUMMARYS E C T I O N 1 Investment Overview • Investment Highlights

COMPE TITIVE COMPARABLESS E C T I O N 4 Sales Comparables • Rent Comparables

PROPER T Y DESCRIPTIONS E C T I O N 2 Property Details • Regional Map • Property Photos

FINANCIAL ANALYSISS E C T I O N 3 Pricing Details • Operating Data • Rent Roll

TA B L E O F CO N T E N T S

EXCLUSIVELY LISTED BY:


This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0000000

1

220 S GALE DRIVE

EXECUTIVESUMMARY

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O F F E R I N G H I G H L I G H T S

220 S GALE DR, BEVERLY HILLS, CA 90211

O F F E R I N G P R I C E

$5,700,000C A P R AT E

3.28%

NO. OF UNITS

6 1 Bedroom/1 Bathroom

2 2 Bedroom/2 Bathroom

2 2 Bedroom/2 Bathroom Townhouse

1 Studio/1 Bathroom Non-Conforming


UNIT MIX

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I N V E S T M E N T O V E R V I E W

Marcus & Millichap is pleased to present the exclusive listing of 220 S Gale Drive, an 11--unit (one

non-conforming) 1960’s Gold Medallion apartment building in beautiful Beverly Hills. Family owned

and operated for over fifty years, this modern-deluxe property has been meticulously cared for and

recently remodeled from floor to ceiling one unit at a time with thorough restorations and immaculate

detail including upgrades to copper piping, brand new wide-plank flooring, and recessed LED light

fixtures throughout.

The thoughtfully revamped kitchens feature all energy-efficient appliances including dishwashers,

modern sinks with sleek Goose Neck faucets, and electric glass stove-tops. Custom cabinetry has been

carefully selected with real wood and luxury soft-close drawers and hinges. Each bathroom has been

refashioned with brand new tile floors, intricate designer mosaics surfacing the bathtubs and sur-

rounding walls, and lustrous vanities adorned with stainless steel hardware and deep sinks. Bedrooms

have large closets stretching the width of the room providing abundant storage space, and laundry is

available on site for tenants’ convenience. (See next page for full list of owner upgrades).

The property is just two blocks from the new Beverly Hills Initiative, Beverly Hills Connect, and half a

block from La Cienega Park. Within walking distance are many shops and eateries including Starbucks,

The Coffee Bean and Tea Leaf, a nail salon, pharmacy, mini mart, dry cleaners, hot yoga and much

more.

P R O P E R T Y U P G R A D E S

• All piping in laundry room has been replaced with copper piping

• New water heater was installed January 2020

• All verticals, except for units 2 & 3, have been replaced with copper

piping

• All horizontals in units 1, 4, 5, 6, 7, 8, 9 and 10 have been replaced

with copper piping

• From street to building, incoming pipes, valves, pressure relief and

pressure regulators have been replaced

• All stem valves have been replaced with ball valves

• Old bath valves have been replaced with single handle temperature

control valves in units 1, 4, 5, 6, 9 & 10

• Outgoing sewer line has been replaced with cast iron except in two

mid-garage sections

• New roof was installed June 2020

• Seven large windows were replaced with Milgard aluminum picture

windows as per code (all first-floor windows, two second-floor windows)

• Six units have laminate flooring

• Six units have refinished ceilings, recessed lighting installed, renovated

bathrooms and renovated kitchens

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S U M M A R Y O F T E R M SI N T E R E S T O F F E R E DMarcus & Millichap has been selected to exclusively market for sale 220 S Gale Dr, Beverly Hills, CA 90211.

T E R M S O F S A L E220 S Gale Drive is offered free and clear of existing debt.

P R O P E R T Y TO U R SProspective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must

be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants, on-site management or staff without

prior approval.property tours must be arranged with the Marcus & Millichap listing agents. At no time shall the tenants, on-site

management or staff be contacted without prior approval.

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0000000

220 S GALE DRIVE

PROPER T YDESCRIPTION

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P R O P E R T Y D E TA I L S

Property Address 220 S Gale Drive

Number of Units 11

Number of Buildings 1

Number of Stories 2

Year Built 1960

Lot Size 0.15 Acres

Type of Ownership Fee Simple

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LO C A L M A P

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R E G I O N A L M A PLO C A L M A P

W I L S H I R E / L A C I E N E G A M E T R O P U R P L E L I N E E X T E N S I O N

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L AU N C H I N G CO N N E C T B E V E R LY H I L L S

M E E T M E O N W I L S H I R E & L A C I E N E G A

Launching Connect Beverly Hills: Meet Me On Wilshire and La CienegaNew Streetscape Plan to debut with Metro Purple Line Extension

Beverly Hills, CA - The City of Beverly Hills will be launching Connect Beverly Hills: Meet Me on Wilshire and La Cienega (“Connect Bev-erly Hills”), a project that will develop a streetscape plan and design standards for Wilshire and La Cienega Boulevards. Connect Bever-ly Hills will help the City prepare for the upcoming Metro Purple Line Extension that will bring two new subway stations to Beverly Hills: Wilshire/La Cienega in 2023 and Wilshire/Rodeo in 2025. These rail stations are expected to bring a significant increase in pedestrian amenities, such as landscaping, lighting, and bus shelters.

“Connect Beverly Hills is an opportunity to promote the new metro stations as destinations that are uniquely Beverly Hills,” Said Beverly Hills mayor Lester Friedman. The plan will improve accessibility and enhance the overall experience for people traveling to our city along these two historically significant corridors.”

Due to the COVID-19 pandemic, initial community outreach activities have been transitioned to an online platform on which a virtual walking tour will be available. In early summer, the City will host a week-long design workshop with the community to collect additional input about how the streets function today and start brainstorming about how they could be enhanced.

Connect Beverly Hills is led by the City’s Community Development Departments, with project support from a consultant team led by Toole Design, a national leader in rethinking streets and mobility with offices throughout North America, RCH Studios, a multidisciplinary design and architecture firm based in Los Angeles with an international portfolio, and Community Arts Resources, co-founder of CicLAvia and one of the region’s most innovative community engagement specialists.

For more information and to stay involved, visit the project website at https://connect.beverlyhills.org/, or contact the City by email at [email protected] or phone at 310.285.1128.

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220 S GALE DRIVE

F INANCIAL ANALYSIS

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R E N T R O L L S U M M A R Y

NO. OF UNITS UNIT TYPE CURRENTRENT / MONTH

PRO FORMARENT / MONTH

6 1 Bed/1 Bath $2,042 $2,495

1 2 Bed/2 Bath $2,450 $3,600

2 2 Bed/2 Bath Townhouse $2,384 $4,200

1 Studio/1 Bath Vacant $1,995 $1,995

1 2 Bed/2 Bath Vacant $3,600 $3,600

Total/Weighted Averages 11 $2,494 $3,178

Gross Annualized Rents $300,780 $390,780

Notes: Laundry is underwrtitten at $10/unit per month. Property taxes are underwritten at 1.25% of purchase price. Insurance is underwritten at $0.45 per square foot. Utilities are underwritten at $90/unit per month. Pest control is underwritten at $720. Reserves & Replacements are underwritten at $200/unit. 7) Maintenance & Repairs are underwritten at $400/unit. Management Fee is underwritten at 4% of scheduled gross income. Units 3, 8 and 9 are vacant and underwritten at market rent. Unit 10 Due to COVID-19 family is paying $1,000/month (tenants since 2010, expected to pay full rent as soon as they return to work). Unit 11 is a non-conforming studio and is underwritten at market rent ($1,995). Unit 3 has had fire damage and is taken down to the studs (it’s an empty box). Unit 1 has given notice that they will not renew their lease and is noted as vacant and underwritten at market rent. They may extend for a few additional months.

R E N T R O L L D E TA I L

UNIT UNIT TYPE CURRENTRENT / MONTH

PRO FORMARENT/MONTH

1 1 Bed/ 1 Bath $2,495 $2,495

2 1 Bed/1 Bath $1,505 $2,495

3 1 Bed/1 Bath Vacant $2,495 $2,495

4 1 Bed/1 Bath $1,915 $2,495

5 1 Bed/1 Bath $1,344 $2,495

6 2 Bed/2 Bath Townhouse + Private Rooftop Deck $2,366 $4,200

7 2 Bed/2 Bath $2,450 $3,600

8 1 Bed/1 Bath Vacant $2,495 $2,495

9 2 Bed/2 Bath Vacant $3,600 $3,600

10 2 Bed/2 Bath Townhouse + Private Rooftop Deck $2,401 $4,200

11 Studio/1 Bathroom Vacant Non-Conforming $1,995 $1,995

Total Square Feet: 8,805 $25,061 $32,565

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P R I C I N G D E TA I L SPRICE $5,700,000

Down Payment $5,700,000

Down Payment % 100%

Number of Units 11

Price Per Unit $518,182

Price Per SqFt $647.36

Rentable Built Area (RBA) 8,805

Lot Size 0.15 Acres

Year Built/Renovated 1960

Occupancy 55%

RE TURNS CURRENT PRO FORMA

CAP Rate 3.28% 4.94%

GRM 18.95 14.16

Cash-on-Cash 3.28% 4.94%

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INCOME CURRENT PRO FORMA

Gross Scheduled Rent $300,732 $402,503

Less: Vacancy/Deductions 3.0% $9,022 3.0% $12,075

Total Effective Rental Income $291,710 $390,428

Other Income $1,320 $1,320

Effective Gross Income $293,030 $391,748

Less: Expenses 36.2% $106,133 28.1% $110,082

Net Operating Income $186,897 $281,666

Cash Flow $186,897 $281,666

Debt Service $0 $0

Net Cash Flow After Debt Service 3.28% $186,897 4.94% $281,666

Principal Reduction $0 $0

Total Return 3.28% $186,897 4.94% $281,666

OPERATING EXPENSES CURRENT PRO FORMA

Real Estate Taxes $71,250 $71,250

Insurance $3,962 $3,962

Utilities $11,880 $11,880

Pest Control $720 $720

Reserves & Replacements $2,200 $2,200

Mintenance & Repairs $4,400 $4,400

Management Fee $11,721 $15,670

Total Expenses $106,133 $110,082

Expenses/Unit $9,648 $10,007

Expenses/SF $12.05 $12.50

O P E R AT I N G DATA

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220 S GALE DRIVE

COMPARABLEPROPER TIES

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SUBJECT PROPERTY - 220 S GALE DRIVE, BEVERLY HILLS, CA 90211

1. 201-203 S Arnaz Drive

2. 149-153 S Maple Dr & 9225 Charleville Blvd

3. 336 S Doheny Drive

4. 210 S Hamilton Drive

5. 442 S. Oakhurst Drive

S A L E S CO M PA R A B L E S – S U M M A R Y

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S A L E S CO M PA R A B L E S – M A P

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201 - 203 S A R N A Z D R I V EBeverly Hills, CA 90211

220 S GALE DRIVEBeverly Hills, CA 90211

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S A L E S CO M PA R A B L E S

SALES PRICE $5,700,000


Price Per SF $647.36

Cap Rate 3.28%

GRM 18.95

Total No. of Units 11

Year Built 1960


Close of Escrow 1/31/2020




Year Built 1929

Unit Mix 6 1+1 | 4 2+2

UNDERWRITING CRITERIA

Income: $300,732 Expenses: $106,133

NOI: $186,897 Vacancy: ($9,022)

Notes: Properties sold concurrently but sold on different dates.

Both were sold from the same seller to the same buyer.

201 S Arnaz: built in 1925, 6 1+1’s (2 vacant units), 4,782 sf, sold on 12/31/19.

203 S Arnaz: built in 1929, 4 2+2’s (2 vacant units), 4,552 sf, sold on 1/31/20.

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149 - 153 S M A P L E D R & 9225 C H A R L E V I L L E B LV DBeverly Hills, CA 90212





CAP 2.11%


Year Built 1926 | 1934

Notes: Three-building portfolio sale, three connecting lots

3 336 S D O H E N Y D RBeverly Hills, CA 90211





CAP --


Year Built 1954

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442 S OA K H U R S T D RBeverly Hills, CA 90212

210 S H A M I LTO N D RBeverly Hills, CA 90211

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CAP Rate 3.00%


Year Built 1954

Unit Mix 1 S+1 | 4 2+1 | 1 2+2





GRM 17.74


Year Built 1957

Unit Mix 6 1+1 | 4 2+2

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R E N T CO M PA R A B L E S – S U M M A R Y

SUBJECT PROPERTY - 220 S GALE DRIVE, BEVERLY HIILS, CA 90211

1. 320 N La Peer Dr

2. 231 N La Peer Dr

3. 8669 Colgate Ave

4. 225 S Hamilton Dr

5. 216 S Arnaz Dr

6. 234 S Gale Dr

7. 217 S Hamilton Dr

8. 226 S Gale Dr

9. 163 N Clark Dr

10. 208 N La Peer Dr

11. 169 N La Peer Dr

12. 138 N Clark Dr

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R E N T CO M PA R A B L E S – M A P

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320 N L A P E E R D R I V EBeverly Hills, CA 90211220 S G A L E D R I V E

Beverly Hills, CA 90211

1

R E N T CO M PA R A B L E S

BUILT IN 1960

TOTAL / WTD. AVG $2,220

TOTAL / WTD. AVG 20 $2,395

UNIT T YPE RENT

1 Bed/1 Bath $1,729

1 Bed/1 Bath Vacant $2,495

2 Bed/2 Bath $2,450

2 Bed/2 Bath Vacant $3,600

2 Bed/2 Bath Townhouse $2,384

UNIT T YPE UNITS RENT

1 Bed/1 Bath 20 $2,395

BUILT IN 1961

Notes: Newly renovated with updated hardwood floors, paint, kitchen and

bathroom cabinets, stainless steel appliances, granite countertops, gated

building, intercom access, covered garage parking, swimming pool, one

assigned parking spot per unit, balcony

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8669 CO LG AT E AV E N U ELos Angeles, CA 90048

231 N L A P E E R D R I V EBeverly Hills, CA 90211

32



1 Bed/1.5 Bath 18 $2,498

BUILT IN 1967



1 Bed/1 Bath 4 $2,795

BUILT IN 1934

Notes: Light and bright with ample closet and storage space, beautiful hard-

wood floors throughout the living area, washer & dryer in building, updated

bathrooms with large vanity and mirror, separate large bathtub and standing

shower, updated kitchen appliances, intercom secured entrance, swimming

pool, gated subterranean parking

Notes: Front and rear entry, modern kitchen with granite countertops and new

stainless steel appliances, laundry in unit, formal dining room, air condition-

ing, hardwood floors, lots of closet space, detached one-car garage


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216 S A R N A Z D R I V EBeverly Hills, CA 90211

225 S H A M I LTO N D R I V EBeverly Hills, CA 90211

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2 Bed/3 Bath 50 $5,500

BUILT IN 2008



2 Bed/1.5 Bath 10 $5,400

BUILT IN 1931

Notes: Generous square footage, beautiful hardwood floors, massive modern

kitchen large rooms, great master suite with walk-in closet and designer bath,

direct access to large, private rooftop terrace

Notes: In-unit laundry, assigned parking, central air conditioning, hardwood

floors


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234 S G A L E D R I V EBeverly Hills, CA 90211

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2 Bed/2.5 Bath 1 $4,500

BUILT IN 1989

Notes: Remodeled by celebrity interior designer, chef’s kitchen with new high

end brand name kitchen appliances, bright, spacious, lots of windows, great

floor plan, fireplace in living room and master bedroom, huge master suite

with large bathroom, spa tub, separate shower, bidet, his & her walk-in clos-

ets, washer & dryer in unit, pool, jacuzzi, gym, sauna

217 S H A M I LTO N D RBeverly Hills, CA 90211

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2 Bed/2 Bath 2 $4,300

BUILT IN 1935

Notes: Renovated Spanish duplex, large living room with stained glass picture

window, lots of natural light, hardwood floors in the living areas, carpet in

bedrooms, open kitchen/family room, laundry in unit, cetral ac, ample storage


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226 S G A L E D R I V EBeverly Hills, CA 90211

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2 Bed/2 Bath 2 $3,495

BUILT IN 1956

Notes: Remodeled, newer kitchen cabinets with granite countertops, lots of

natural light, huge closets, private laundry inside unit

163 N C L A R K D R I V EBeverly Hills, CA 90211

9



Studio/1 Bath 4 $2,195

BUILT IN 1930

Notes: Fully remodeled and furnished, full kitchen and full bath, granite coun-

tertops, new stainless steel appliances, beautiful new floors throughout, large

closets, glamorously designed bathrooms


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BUILT IN 1931

Notes: Remodeled, arches on ceiling, lots of windows, full bath, full sepa-

rate large kitchen with gas oven, full size refrigerator, garbage disposal and

lots of cabinets, window AC, laundry in building, assigned covered parking,

hardwood floors



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BUILT IN 1930

Notes: Furnished studio, separate kitchen with stove, refigerator and micro-

wave, AC, laundry on-site, intercom entry, street parking

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138 N C L A R K D R I V EBeverly Hills, CA 90211

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BUILT IN 1928

Notes:Laundry on-site, hardwood floors, beautiful remodeled ktichen


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E X C L U S I V E L Y L I S T E D B Y

220 S GALE DRIVE

JOSHUA ROSSSenior Vice President Investments

Encino OfficeTel 818.212.2650 Fax 310.598.1980

[email protected] CA 01918715

ELI APPELFirst Vice President Investments

Encino OfficeTel 818.212.2707Fax 818.961.0917

[email protected] CA 01918652

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