1232 Smithwood Dr Los Angeles, CA 90035
Non-Rent Controlled Duplex Located In the Heart of Beverlywood (1 Unit Vacant)
LIST PRICE:$1,849,000 CAP RATE: 2.85% GRM: 19.7 PRICE PER SQUARE FOOT: $567
1232 Smithwood Drive is a duplex offered at $1,849,000 ($924,500/unit, $564/SF) in the heart of Beverlywood — one of the most desirable and tightly-held neighborhoods on LA's Westside, directly adjacent to Beverly Hills. The tree-lined streets of Beverlywood offer a rare combination of walkability, top-rated schools, and a quiet residential character — all within minutes of the boutique shops along Robertson Blvd, the dining scene on Pico, and easy access to Century City, Culver City, and the greater Westside. Multifamily properties in this pocket rarely trade, and when they do, they command premium pricing due to virtually zero new supply and persistent rental demand.
The defining feature of this offering is vacancy. Unit 2 is vacant and delivered vacant at close, leaving a buyer free to occupy it immediately or lease it at the $4,500/mo market rent — no buyout, no relocation cost, no waiting for turnover. Unit 1 remains leased at $3,538/mo, 21.4% below market, and the property's LA luxury rent exemption permits annual increases of 5% + CPI, well above the standard RSO cap. Marked to market at $9,000/mo, gross income reaches $108,000/yr, pro forma NOI is $63,608 and the cap rate improves to 3.44%. Vacant Unit 2 is underwritten at the $4,500/mo market rent.
Combined with an oversized 6,603 SF lot offering ADU potential in the rear, this is a generational asset in one of Southern California's most supply-constrained and appreciating submarkets.
Investment Highlights
Beverly Hills Adjacent — Prime Beverlywood Location Located in Beverlywood, one of LA’ s most desirable neighborhoods bordering Beverly Hills, with strong walkability, top schools, and close access to Robertson and Pico dining and retail.
Luxury Exemption — Strong Rent Growth Potential Qualifies for LA luxury rent exemption, allowing annual rent increases of 5% + CPI, well above standard RSO limits and creating faster rent growth potential.
9% Rent Upside — Below Market Rents Current rents average $4,019/month vs. $4,500 market rents, creating strong upside.
ADU Potential — Add a Third Unit The 6,603 SF lot offers room for a rear ADU, creating an additional income-producing unit and improving overall returns under California ADU-friendly laws.
Excellent Owner-User Opportunity - Perfect for an owner-user to live in one unit while collecting income from the second unit, offering a Beverly Hills adjacent lifestyle with mortgage offset.
Strong Rental Market — Limited Supply Beverlywood has very limited multifamily inventory and little new construction, creating strong rental demand and consistently low vacancy rates.
Exclusively Listed By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com