RISK MANAGEMENT MANUAL ROTARY INTERNATIONAL DISTRICT 9940 INC
9940 Robbins Drive Revised · This Marketing Brochure has been preparedto provide summary,...
Transcript of 9940 Robbins Drive Revised · This Marketing Brochure has been preparedto provide summary,...
9940 ROBBINS DRBeverly Hills, CA 90212
Offering Memorandum
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N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and DisclaimerThe 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. © 2018 Marcus & Millichap. All rights reserved.
SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary,
especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on
behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus &
Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other
professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma
financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections,
analyses, and decision-making.
Non-Endorsement NoticeMarcus & 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.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
9940 ROBBINS DR
Beverly Hills, CA
ACT ID ZAB0120832
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TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02
Rent Roll Summary
Rent Roll Detail
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET COMPARABLES 03
Sales Comparables
Rent Comparables
9940 ROBBINS DR
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9940 ROBBINS DR
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INVESTMENT
OVERVIEW
9940 ROBBINS DR
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EXECUTIVE SUMMARY
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
CBS Enterprises 20,000
Green Equity Investors IV LP 15,000
Ucla Health System Auxiliary 11,154
Yf Art Holdings Gp LLC 10,600
Live Nation Worldwide Inc 8,930
Cedars-Sinai Medical Center 5,334
Earth Technology Corp USA 4,655
Magic Workforce Solutions LLC 4,539
Ticketmaster Entertainment LLC 4,390
West Los Angeles V A Med Ctr 4,374
Greater Los Angeles Health 4,050
University Cal Los Angeles 4,006
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2019 Estimate Pop 24,681 284,894 699,895
2010 Census Pop 23,203 267,733 660,751
2019 Estimate HH 12,504 132,624 322,638
2010 Census HH 11,607 122,986 299,934
Median HH Income $111,914 $83,393 $76,848
Per Capita Income $93,554 $63,978 $59,163
Average HH Income $184,446 $135,422 $127,290
UNIT MIX
NUMBEROF UNITS
UNIT TYPEAPPROX.SQUARE FEET
5 1 Bed/1 Bath
3 1 Bed/1 Bath Vacant
8 Total 5,969
VITAL DATA
Price $4,400,000 CURRENT YEAR 1
Loan Type Proposed New CAP Rate 2.78% 4.8%
Interest Rate / Amortization 0% / 0 Years GRM 19.96 13.93
Price/Unit $550,000Net Operating Income
$122,485 $211,348
Price/SF $737.14Net Cash Flow After Debt Service
2.78% / $122,485 4.80% / $211,348
Number of Units 8 Total Return 2.78% / $122,485 4.80% / $211,348
Rentable Square Feet 5,969
Year Built 1936
Lot Size 0.16 acre(s)
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9940 ROBBINS DR
OFFERING SUMMARY
Private and Shared Patio
Laundry Room
Four Bike Racks
One Large and Two Smaller Storage Spaces in Building
Five Parking Spaces with Private Storage Above Each
Three Vacant Units
INVESTMENT HIGHLIGHTS
Marcus & Millichap is pleased to present the exclusively listed 8-unit apartment building in prime Beverly Hills. Perfectly located at 9940 Robbins Dr, the 1930s Spanish
Colonial is as distinct as it is rich with Mediterranean flair. Nestled on one of the most sought-after blocks in Beverly Hills , the Southern California classic is characterized
by a beautiful ornate iron entry door leading through hand-crafted rounded arches in the doorways, bright stucco walls, and retro multi-pane windows, cove ceilings and
dual patios. With the decorative details throughout, the top-tier residents have been drawn to the property for years. The red tile-lined roof, the iron and wood railings,
stucco vents and elaborate chimney tops are just a few of the many details that complement the property throughout.
Built in 1936 and consisting of almost 6,000 sf Robbins Dr has a desired unit mix consisting of eight one bedroom / one-bathroom units (two of which have been converted
into one large 2+2 to be delivered vacant). Additionally, another one bedroom is to be delivered vacant increasing the opportunity to command top dollar rent. The
property is just steps to the Peninsula Beverly Hills, Beverly Hilton, Waldorf Astoria and only minutes to Rodeo Drive and its first-class dining and shopping. The walking
distance amenities for the residents are beyond superb. Two units are being delivered vacant therefore giving the new buyer opportunity to have increased cash flow upon
obtaining possession of this very well-located property.
INVESTMENT OVERVIEW
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REGIONAL MAP
9940 ROBBINS DR
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LOCAL MAP
9940 ROBBINS DR
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AERIAL PHOTO
9940 ROBBINS DR
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Marcus & Millichap closes
more transactions than any
other brokerage firm.
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9940 ROBBINS DR
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PROPERTY PHOTO
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12
9940 ROBBINS DR
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FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
9940 ROBBINS DR
RENT ROLL SUMMARY
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FINANCIAL ANALYSIS
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RENT ROLL DETAIL
FINANCIAL ANALYSIS
9940 ROBBINS DR
OPERATING STATEMENT
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FINANCIAL ANALYSIS
9940 ROBBINS DR
NOTES
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FINANCIAL ANALYSIS
9940 ROBBINS DR
PRICING DETAIL
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MARCUS & MILLICHAP ADVANTAGE
MARCUS & MILLICHAP CAPITAL
CORPORATION CAPABILITIES
MMCC—our fully integrated, dedicated financing arm—is committed to providing superior capital market expertise, precisely managed execution, and unparalleled access to capital sources providing the most competitive rates and terms.
We leverage our prominent capital market relationships with commercial banks, life insurance companies, CMBS, private and public debt/equity funds, Fannie Mae, Freddie Mac and HUD to provide our clients with the greatest range of financing options.
Our dedicated, knowledgeable experts understand the challenges of financingand work tirelessly to resolve all potential issues for the benefit of our clients.
Optimum financing solutions to
enhance value
Enhanced control through
investor qualification support
Enhanced control through
MMCC’s ability to qualify
investor finance contingencies
Enhanced control through
MMCC’s ability to monitor
investor/due diligence and
underwriting to ensure timely,
predictable closings
Enhanced control through
quickly identifying potential
debt/equity sources,
processing, and closing
buyer’s finance alternatives
WHY MMCC?
National platform
operating
within the firm’s
brokerage offices
$ 7.18 billion
total national
volume in 2019
Access to
more capital
sources than
any other firm
in the industry
Closed 1,994
debt and equity
financings
in 2019
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9940 ROBBINS DR
9940 ROBBINS DR
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MARKET
COMPARABLES
9940 ROBBINS DR
SALES COMPARABLES MAP
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9940 ROBBINS DR
(SUBJECT)
138 North Almont Drive
133-135 S Bedford Drive
153 South Bedford Drive
336 South Doheny Drive
337 North Oakhurst Drive
442 South Oakhurst
9595 West Olympic
Boulevard
9619 West Olympic
Boulevard
405-411 1/2 Shirley Place
SALES COMPARABLES
1
2
3
4
5
7
8
6
9
22
Avg. $607,197
$0
$80,000
$160,000
$240,000
$320,000
$400,000
$480,000
$560,000
$640,000
$720,000
$800,000
9940
Robbins Dr
138 North
Almont
Drive
133-135 S
Bedford
Drive
153 South
Bedford
Drive
336 South
Doheny
Drive
337 North
Oakhurst
Drive
442 South
Oakhurst
9595 West
Olympic
Boulevard
9619 West
Olympic
Boulevard
405-411 1/2
Shirley
Place
PROPERTY NAME9940 ROBBINS DR
SALES COMPARABLES
Average Price Per Unit
SALES COMPARABLES SALES COMPS AVG
PROPERTY NAME
MARKETING TEAM
9940 ROBBINS DR
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES
Units Unit Type
Offering Price: $4,400,000 5 1 Bed 1 Bath
Price/Unit: $550,000 3 1 Bed 1 Bath Vacant
Price/SF: $737.14
CAP Rate: 2.78%
GRM: 19.96
Total No. of Units: 8
Year Built: 1936
Underwriting Criteria
Income $216,039 Expenses $93,554
NOI $122,485 Vacancy ($6,615)
9940 ROBBINS DR9940 Robbins Dr, Beverly Hills, CA, 90212
1
Units Unit Type
Close Of Escrow: 8/1/2018 5 1 Bdr 1 Bath
Sales Price: $3,000,000
Price/Unit: $600,000
Price/SF: $597.61
CAP Rate: 3.00%
Total No. of Units: 5
Year Built: 1948
138 NORTH ALMONT DRIVE138 North Almont Drive, Beverly Hills, CA, 90211
Units Unit Type
Close Of Escrow: 1/11/2019 5 2 Bdr 1 Bath
Sales Price: $3,650,000
Price/Unit: $730,000
Price/SF: $566.07
CAP Rate: 2.09%
Total No. of Units: 5
Year Built: 1936
2
133-135 S BEDFORD DRIVE133-135 S Bedford Drive, Beverly Hills, CA, 90212
PROPERTY NAME
MARKETING TEAM
9940 ROBBINS DR
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
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SALES COMPARABLES
Units Unit Type
Close Of Escrow: 2/13/2019 5 1 Bdr 1 Bath
Sales Price: $5,400,000 2 2 Bdr 2 Bath
Price/Unit: $771,429
Price/SF: $652.49
CAP Rate: 3.07%
GRM: 22.00
Total No. of Units: 7
Year Built: 1938
3
153 SOUTH BEDFORD DRIVE153 South Bedford Drive, Beverly Hills, CA, 90212
4
Units Unit Type
Sales Price: $3,750,000 7 Studio 1 Bath
Price/Unit: $535,714
Price/SF: $591.20
Total No. of Units: 7
Year Built: 1954
336 SOUTH DOHENY DRIVE336 South Doheny Drive, Beverly Hills, CA, 90211
Units Unit Type
Close Of Escrow: 10/24/2018 4 1 Bdr 1 Bath
Sales Price: $4,550,000 4 2 Bdr 1 Bath
Price/Unit: $568,750
Price/SF: $554.27
CAP Rate: 1.50%
GRM: 23.71
Total No. of Units: 8
Year Built: 1956
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337 NORTH OAKHURST DRIVE337 North Oakhurst Drive, Beverly Hills, CA, 90210
PROPERTY NAME
MARKETING TEAM
9940 ROBBINS DR
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES
Units Unit Type
Close Of Escrow: 2/7/2020 1 Studio 1 Bath
Sales Price: $3,172,500 5 2 Bdr 1 Bath
Price/Unit: $528,750
Price/SF: $540.92
CAP Rate: 3.00%
Total No. of Units: 6
Year Built: 1954
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442 SOUTH OAKHURST 442 South Oakhurst , Beverly Hills, CA, 90212
7
Units Unit Type
Close Of Escrow: 11/21/2018 12 1 Bdr 1 Bath
Sales Price: $6,388,888
Price/Unit: $532,407
Price/SF: $704.24
CAP Rate: 3.01%
GRM: 22.50
Total No. of Units: 12
Year Built: 1949
9595 WEST OLYMPIC BOULEVARD9595 West Olympic Boulevard, Beverly Hills, CA, 90212
Units Unit Type
Close Of Escrow: 2/8/2019 6 Studio 1 Bath
Sales Price: $4,600,000 1 1 Bdr 1 Bath
Price/Unit: $575,000 1 2 Bdr 1 Bath
Price/SF: $637.65
Total No. of Units: 8
Year Built: 1940
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9619 WEST OLYMPIC BOULEVARD9619 West Olympic Boulevard, Beverly Hills, CA, 90212
PROPERTY NAME
MARKETING TEAM
9940 ROBBINS DR
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES
Units Unit Type
Close Of Escrow: 9/27/2018 11 Studio 1 Bath
Sales Price: $6,850,000
Price/Unit: $622,727
Price/SF: $522.02
CAP Rate: 2.46%
GRM: 24.80
Total No. of Units: 11
Year Built: 1948
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405-411 1/2 SHIRLEY PLACE405-411 1/2 Shirley Place, Beverly Hills, CA, 90212
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9940 ROBBINS DR
RENT COMPARABLES MAP
9940 ROBBINS DR
(SUBJECT)
9933 Robbins Drive
212 South Lasky
9637 Charleville Boulevard
133 South Reeves Drive
9945 Young Drive
4
7
8
9
11
20
12
14
15
16
17
13
18
10
4
1
2
3
5
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PROPERTY NAME9940 ROBBINS DR
RENT COMPARABLES
28
AVERAGE RENT - MULTIFAMILY
Avg. $3,559
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
9940
Robbins Dr
9933
Robbins
Drive
212 South
Lasky
9637
Charleville
Boulevard
133 South
Reeves
Drive
9945 Young
Drive
1 Bedroom
PROPERTY NAME
MARKETING TEAM
9940 ROBBINS DR
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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YEAR BUILT: 1936
rentpropertyname1
rentpropertyaddress1
Unit Type Units SF Rent Rent/SF
1 Bed 1 Bath 5 $1,998 $0.00
1 Bed 1 Bath Vacant
3 $2,795 $0.00
Total/Avg. 8 $2,297
9940 ROBBINS DR9940 Robbins Dr, Beverly Hills, CA, 90212
YEAR BUILT: 1948
1
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 1 $3,195
Total/Avg. 1 $3,195
9933 ROBBINS DRIVE9933 Robbins Drive, Beverly Hills, CA, 90212
2
YEAR BUILT: 1938
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 1 $3,200
Total/Avg. 1 $3,200
212 SOUTH LASKY212 South Lasky, Beverly Hills, CA, 90212
PROPERTY NAME
MARKETING TEAM
9940 ROBBINS DR
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
30
YEAR BUILT: 1900
3
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 1 $3,150
Total/Avg. 1 $3,150
9637 CHARLEVILLE BOULEVARD9637 Charleville Boulevard, Beverly Hills, CA, 90212
YEAR BUILT: 1937
4
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 1 $3,600
Total/Avg. 1 $3,600
133 SOUTH REEVES DRIVE133 South Reeves Drive, Beverly Hills, CA, 90212
5
YEAR BUILT: 1936
Unit Type Units SF Rent Rent/SF
1 Bdr 1.5 Bath 1 $4,650
Total/Avg. 1 $4,650
9945 YOUNG DRIVE9945 Young Drive, Beverly Hills, CA, 90212