Retail
JUST SOLD
3755 Beverly Blvd.
Los Angeles, CA 90004
Sold For
$7,900,000
Building Size.
21,000 SF
Lot Size
24,000 SF
Potential Development
+/-110 Units + 7,000 Sq.Ft. of Commercial Space
Behind The Sale
In 2018, Maher Commercial Realty assisted the Seller of this property in filling a small dental space vacancy in the building. At that time, the Seller had mentioned an interest to sell the building "off-market" and Maher Commercial brought the Seller multiple off-market offers, but none were accepted. Then over a year later, we were approached by a court appointed provisional director asking us to formerly list the property for sale and market the site, which we did. We then ran a competitive "call for offers" resulting in an accepted offer from a development group, which resulted in an over two-year escrow, per the Seller's decision. When that escrow was later cancelled, we then found an owner-user for the existing office building and entered escrow again, while representing both the buyer and seller.
ABOUT THE PROPERTY
SALE PRICE:
BUILDING:
LOT SIZE:
DEVELOPMENT POTENTIAL:
ZONING:
SPECIFIC PLAN:
OPPORTUNITY ZONE:
DENSITY BONUS:
PRICE PER SQ.FT. (BUILDING):
PRICE PER SQ.FT. (LAND):
$7,900,000
21,000 Sq.Ft.
24,000 Sq.Ft.
+/-110 Units and +/-7,000 Sq.Ft. of Commercial Space
C2-1 (3755 Beverly Blvd), (Q)CM-1 (311-315 N Juanita)
Vermont/Western Station Neighborhood Specific Plan, SNAP C
Yes
TOC Tier 4
$376
$329
KEY HIGHLIGHTS
Complex Escrow: Maher Commercial ran a competitive "call-for-offers" strategy on this site, garnering multiple offers and then a 2-year escrow that required solving complex transactional issues.
Multiple Offers: Our marketing was geared towards both developers looking to entitle it for 110+ units using TOC, or owner-users for the existing office building. Our original call-for-offers received multiple offers primarily from developers. However, ultimately, we sold the property to an owner-user looking to occupy the existing office building.
Sale Price: The final sales price represents $564 per square foot/building, $329 per square foot/land, and $71,818 per buildable door, using TOC Tier 4 designation.
ED1 Eligibility: The site also has eligibility 100% affordable housing development under ED1, which was not originally in-place when Maher Commercial took the listing.
Potential Project Summary: 110 units with the TOC density bonus plus 3,000 Sq.Ft. of ground floor retail and 140 parking spaces
Prime Location: Located at the intersection of Koreatown, Virgil Village, Historic Filipinotown, East Hollywood, and Silverlake.
Proven Track Record of Success
In addition to the successful sale of 3755 Beverly Blvd. Maher Commercial Realty has a proven track record of selling retail buildings throughout Los Angeles. Recent transactions include the sale of 5214 W. Sunset Blvd, 5609 W. Sunset Blvd, 1110 N. Virgil Avenue, 3303 Sunset Blvd, 4850 Hollywood Blvd. and we are currently in Escrow on 2829-2843 Hyperion Avenue. Each of these properties presented unique challenges which our team skillfully navigated to deliver top-notch results for our clients.
5214 W. Sunset Blvd.
Los Angeles, CA 90027
5609 W. Sunset Blvd.
Los Angeles, CA 90027
1110 N. Virgil Avenue
Los Angeles, CA 90029
3303 Sunset Blvd.
Los Angeles, CA 90026
4850 Hollywood Blvd.
Los Angeles, CA 90027
In Escrow:
2829-2843 Hyperion Avenue
Los Angeles, CA 90027
Want More Details?
I Consent to Receive SMS Notifications, Alerts & Occasional Marketing Communication from company. Message frequency varies. Message & data rates may apply. You can reply STOP to unsubscribe at any time.
FOR MORE INFORMATION PLEASE CONTACT
