232 South Tower Drive
232 South Tower Drive
Closed 9/4/20
Closed 9/4/20
Description
232 South Tower Drive has a great unit mix consisting...First time on the market in 30+ years! 232 South Tower Drive is an 8 unit “French Chateau” multi-family property located on a great tree lined street in Beverly Hills. It’s an excellent location with a Walk Score rating of 88, providing a short walk to La Cienega Park and countless shopping and dining options along Wilshire Blvd and La Cienaga Blvd. Also nearby are The Grove, Los Angeles County Museum of Art (LACMA) and The Original Farmer’s Market.
232 South Tower Drive has a great unit mix consisting of 2 – 2 Bedrooms/1 Bathroom, 5 – 1 Bedroom/1 Bathroom & 1 – Studio. The units are spacious and average just under 1,000 square feet each. Current rents are low relative to those of surrounding properties and there is significant upside (subject to the Beverly Hills Chapter 6 rent control ~ 3.01% increase for 2019, new rate to be set June 2020.) Architectural details have been preserved throughout the entire property and two units have updated kitchens. All units are in good condition and there is no known deferred maintenance. There is an onsite laundry facility and ample parking in the rear of the property (6 carports & 1 open space) in addition to off street parking by permit. All of the units are separately metered for gas and electricity.
232 South Tower Drive is a great opportunity that will be appealing to an array of buyers including an owner/user, investor or anyone in a 1031 exchange looking for a well located asset in good condition.
- Listed by Stephen Lampe • DRE #01164364 • Brokerage DRE #01508014 • Re/Max Commercial & Investment
- Listed by Brian Estes • DRE #01394559 • Brokerage DRE #01508014 • Re/Max Commercial & Investment
Property Details for 232 South Tower Drive
Location
Sold By Remax Commercial and Investment Realty, Jonathan Taksa, DRE #01366169
Property Details for 232 South Tower Drive
| Status | Closed |
|---|---|
| MLS # | SB20064685 |
| Days on Market | 34 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1940 |
| Lot Size | 0.23 AC / 10,063 SF |
| County | Los Angeles County |
Location
Sold By Remax Commercial and Investment Realty, Jonathan Taksa, DRE #01366169
Building Information for 232 South Tower Drive
Payment Calculator
$25,882 per month
30 year fixed, 7.25% Interest
$21,557
$4,325
$0
Property Information for 232 South Tower Drive
- Gross Income: $16,235
- Gross Scheduled Income: $185,028
- Vacancy Allowance: 5551
- Gross Operating Income: $180,293
- Net Operating Income: $108,819
- Gross Multiplier: 23.68
- Cap Rate: 2.47
- Financing: Conventional
- Operating Expense: $71,474
- New Taxes Expense: $51,876
- Fuel Expense: $300
- Electric Expense: $300
- Insurance Expense: $3,798
- Professional Management Expense: $6,000
- Trash Expense: $0
- Water Sewer Expense: $4,800
- Total Expenses: $71,474
- Tax Tract Number: 4988
- Tax Census Tract: 7009.01
- Tax Lot: 492
- Community Features: Curbs
- Laundry: Yes
- Laundry Features: Common Area
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Lot Features: Landscaped, Level with Street, Lot 10000-19999 Sqft
- Number Of Units: 8
- Land Lease: No
- Land Lease Type: Fee
- Topography: Level
- Levels: Two
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 0
- Parking: Yes
- Parking Garage: Assigned
- Parking Garage Spaces: 0
- Carport Spaces: 0
- Parking Features: Assigned
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $3,295
- Unit Type Total Rent: $9,295
- Unit Type Pro Forma: 3295
- Unit Type Type: 1
- Unit Type Units Total: 1
- Unit Type Beds Total: 0
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $1,350
- Unit Type Total Rent: $1,350
- Unit Type Pro Forma: 1391
- Unit Type Type: 2
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $1,675
- Unit Type Total Rent: $1,675
- Unit Type Pro Forma: 1725
- Unit Type Type: 3
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $1,300
- Unit Type Total Rent: $1,300
- Unit Type Pro Forma: 1339
- Unit Type Type: 4
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $2,700
- Unit Type Total Rent: $2,700
- Unit Type Pro Forma: 2781
- Unit Type Type: 5
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $2,400
- Unit Type Total Rent: $2,400
- Unit Type Pro Forma: 2472
- Unit Type Type: 6
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $1,399
- Unit Type Total Rent: $1,399
- Unit Type Pro Forma: 1441
- Unit Type Type: 7
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $1,300
- Unit Type Total Rent: $1,300
- Unit Type Pro Forma: 1339
- Unit Type Type: 8
- Number Of Units Leased: 8
- Rent Controlled: Yes
- Number Of Buildings: 1
- Number Of Separate Electric Meters: 9
- Number Of Separate Gas Meters: 9
- Number Of Separate Water Meters: 1
Public Records for 232 South Tower Drive
Schools near 232 South Tower Drive
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 | |||
| Private - | PK to 1 |
Rating | School | Distance |
|---|---|---|
Horace Mann Elementary School PublicK to 5 | ||
Beverly Hills High School Public9 to 12 | ||
Moreno High (Continuation) School Public9 to 12 | ||
Montessori Children's World PrivatePK to 1 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Re/Max Commercial & Investment, Stephen Lampe, DRE #01164364; Re/Max Commercial & Investment, Brian Estes, DRE #01394559
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.