Maher Commercial Realty is excited to announce the successful sale of 3755 Beverly Blvd, Los Angeles a 14,000 sq.ft. medical office building, located on a 24,000 sq.ft. lot for $7,900,000. With favorable C2-1 (Q)CM-1 TOC Tier 4 zoning, this property is primed for future development and offers a host of exciting opportunities for investors and developers alike.
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A Smooth Transaction Represented by Oron Maher
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.
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.
Prime Location at the Heart of L.A.’s Trendiest Neighborhoods
Nestled at the crossroads of Koreatown, Virgil Village, Historic Filipinotown, East Hollywood, and Silverlake, this property is in the midst of some of the city’s most dynamic and rapidly developing neighborhoods. The location is also within walking distance of the Beverly/Vermont Metro, making it easily accessible by public transit. For those who enjoy a walkable lifestyle, it’s just a short trip to the hip and trendy Los Feliz area as well.
A Cultural Hotspot with Plenty to Offer
In addition to its strategic location, the property is surrounded by an abundance of food, culture, and entertainment options. Popular spots like Sqirl, Cafecito Organico, The Dog Café, and Gabba Gallery are just around the corner, making the area a highly desirable destination for locals and visitors alike. Whether you’re a foodie, an art enthusiast, or simply someone who loves to explore, this neighborhood has something for everyone.
Development Potential with Significant Tax Advantages
The property is not only a valuable asset as a medical office building, but it also offers significant potential for future development. Preliminary analysis indicates the possibility of building up to 110 residential units, along with ground-floor retail space, which would be perfect for enhancing the area’s vibrant community.
In addition, the property sits within a Qualified Opportunity Zone, providing potential tax incentives for development. This makes it an even more attractive opportunity for investors and developers looking to maximize their return on investment while contributing to the growth and revitalization of this exciting neighborhood.
If you’re interested in learning more about this property or are looking for similar opportunities in L.A.’s growing real estate market, don’t hesitate to reach out to Maher Commercial Realty. We specialize in identifying and closing deals on high-potential properties, and we’d love to help you navigate the dynamic Los Angeles market.
