Description
Property Overview
The subject property is an existing Office building on 24,000 SF of land. Preliminary analysis suggests up to 110 Apartment Units can be built with a ground floor retail component. 3755 Beverly is a rare site where a developer can build without having to relocate any existing residential tenants, which is a cost savings, and a new project would not be subject to SB 330 which would make the project subject to rent control if existing residential units were on site. The Buyer of 3755 Beverly may be able to utilize tax advantages due to the building’s location in a Qualified Opportunity Zone. 3755 Beverly is located near various employment centers and as its location is near the 110 Freeway gives easy access to Downtown LA, Hollywood, and the San Fernando Valley.
Property Features:
Price: Call for Offers November 2, 2021. Contact Brokers for more Information
APN: 5501-001-008, 5501-001-007, 5501-001-006
Land Size: Approx. 24,000 SF
Development Potential: +/-110 Units, +/- 7,000 SF Commercial
Current Use: 14,000 SF Medical/Office Building. Seller has approval from the city to convert +/- 7,000 SF of indoor parking into office. This would make RBA closer to 21,000 SF.
Zoning: C2-1 (3755 Beverly Blvd), (Q)CM-1 (311-315 N Juanita)
Specific Plan: Vermont/Western Station Neighborhood Specific Plan, SNAP C
Opportunity Zone: Yes
Density Bonus: TOC Tier 4
Existing Leases: Per the Seller, all leases have a demolition clause, or are short term
Current Income: +/-$37,000/month Gross per Seller
Other Info: The existing buildings are all commercial. No need to Ellis Act existing tenants or make ‘Cash for Keys’ payments to build. The project would be exempt from SB 330.
