Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 449 S Beverly Drive, a 21,403 square foot value-add office building situated on 0.38 acres of land (16,497 SF), less than 0.1 miles south of the SW signalized intersection of Beverly Drive and Olympic Boulevard, in Beverly Hills, CA. 449 S Beverly Drive is the ideal purchase opportunity for an owner-user Buyer looking for a prime office building in the heart of Beverly Hills, CA. The subject property is currently 69.9% occupied by a variety of office tenants all on short term or flexible leases, creating an ideal scenario in which a potential Buyer can dictate their spce needs, and the rent roll can be revised accordingly. The ground floor, while currently leased to Concord Real Estate Services, of which 2,750 SF is subleased to Sands Investment Group, could be delivered fully vacant. This permits an Owner-User or Value-Add investor the opportunity to occupy the newly remodeled, highly upgraded space or re-tenant the space with market rent tenants. The three-story office property is broken up into a variety of unit sizes, appealing to a wide range of potential tenants, both general office and medical. Because of the property’s proximity to transit, use of AB 2097 does allow for a change of use to medical without the requirement of increased parking, per the City of Beverly Hills Planning Department. Excluding the ground floor, units average 1,215 SF with the smallest unit being 341 SF and the largest being 2,650 SF. The third floor is made up of two individual units totaling 5,207 SF, half of which has been recently renovated. With an approximately 8,300 SF floorplate, this leaves an approximately 3,093 SF of rare third floor balcony/rooftop space. The third floow has access to a beautiful open patio space, and an expansive rooftop, which can be built out to a rooftop deck or additional amenities. On average, the current tenancy is paying a below market rent of $3.76/SF per month (or $56,518.33 monthly) on modified gross leases with minimal CAM collection. In 2023, the property received an additional $38,576.25 of annual parking income. The subject property benefits from exception visibility with approximately 150 feet of frontage along Beverly Drive, Beverly Hill’s commercial thoroughfare leading directly into the Golden Triangle. Less than 0.1 miles south from the intersection of Olympic Boulevard & Beverly Drive, the site is positioned along the well trafficked corridor with more than 21,000 VPD and exceptional walkability (a walk score of 92, a “Walker’s Paradise”). This area of Beverly Drive is becoming increasingly sought after by high-end medical users, lawyers, and emerging and established brands as headquarters or regional offices. The property benefits from rear alley access to the building’s thirty-six (36) parking spaces, a parking ratio of 1.68 spaces per 1,000 SF.