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Multi-Family

462 S Palm Dr

462 S Palm Dr, Beverly Hills, CA 90212

Listing Price: $3,400,000

Lot Size
0.19 acres
Price/Acre
$17,995,626
Land Type
Redevelopment

Investment Overview

Marcus and Millichap is pleased to present 462 South Palm Drive, a rare corner lot residential development site in world-renowned Beverly Hills, CA. The property is currently a 4,585 square feet duplex on 8,230 square feet of land zoned BHR4. Current zoning allows for up to 50 units per acre “By Right” (9 units) and the potential to apply for a 50% State Density Bonus for a total of up to 15 units. 462 S Palm Drive is ideally located just south of Olympic Boulevard and west of Robertson Boulevard. The property is also located within just two miles of Century City, Rodeo Drive, The Beverly Center, The Grove, Cedars-Sinai, Beverly Hills High School and Restaurant Row. This is a very unique opportunity to purchase an ideal luxury apartment or condo development site in one of the world’s highest barrier to entry locations. The property is surrounded by highly sought after dining, entertainment, shopping and cultural experiences. Iconic attractions including Rodeo Drive, Westfield Century City, The Grove, The Original Farmers Market, and the Beverly Center are all conveniently located within a short radius of the property, attracting only the upper echelon tenant base. With immediate access to Wilshire, Robertson, and La Cienega Boulevards and world-famous restaurants and walkable retail, this is a premier location for new luxury housing development. One of Metro’s priority projects, the Purple Line Extension (0.7 miles from subject property) is a critically important rail project that will provide a high-capacity, high-speed and, dependable alternative for commuters to travel between downtown Los Angeles, the Miracle Mile, Beverly Hills and Westwood. From the current terminus at Wilshire/Western, the Purple Line Extension will extend westward for about nine miles and add seven new stations providing easy access to the Westside, our region’s second-largest job center. Travel time between downtown Los Angeles and Westwood is expected to be about 25 minutes. The U.S. Department of Transportation will issue a $1.3 billion grant to Metro for the final phase of the Purple Line subway extension - the last major piece of funding required to complete construction. The funding agreement, announced on February 11, 2020 by Senator Dianne Feinstein, will cover more than one third the $3.6-billion price tag for the third section of the Purple Line extension, which will span roughly 2.5 miles between Century City and the Veterans Administration Campus in Westwood. The remaining funds will come from local sales tax revenue, as approved by Los Angeles County voters.

Investment Highlights

  • Trophy Beverly Hills Apartment or Condo Development Opportunity
  • Opportunity to build 9 - 15 units
  • Corner lot with rear alley access allows for increased construction feasibility and excellent frontage.

Exclusively Listed By

Listing Price: $3,400,000

Lot Size
0.19 acres
Price/Acre
$17,995,626
Land Type
Redevelopment

Investment Highlights

  • Trophy Beverly Hills Apartment or Condo Development Opportunity
  • Opportunity to build 9 - 15 units
  • Corner lot with rear alley access allows for increased construction feasibility and excellent frontage.

Investment Overview

Marcus and Millichap is pleased to present 462 South Palm Drive, a rare corner lot residential development site in world-renowned Beverly Hills, CA. The property is currently a 4,585 square feet duplex on 8,230 square feet of land zoned BHR4. Current zoning allows for up to 50 units per acre “By Right” (9 units) and the potential to apply for a 50% State Density Bonus for a total of up to 15 units. 462 S Palm Drive is ideally located just south of Olympic Boulevard and west of Robertson Boulevard. The property is also located within just two miles of Century City, Rodeo Drive, The Beverly Center, The Grove, Cedars-Sinai, Beverly Hills High School and Restaurant Row. This is a very unique opportunity to purchase an ideal luxury apartment or condo development site in one of the world’s highest barrier to entry locations. The property is surrounded by highly sought after dining, entertainment, shopping and cultural experiences. Iconic attractions including Rodeo Drive, Westfield Century City, The Grove, The Original Farmers Market, and the Beverly Center are all conveniently located within a short radius of the property, attracting only the upper echelon tenant base. With immediate access to Wilshire, Robertson, and La Cienega Boulevards and world-famous restaurants and walkable retail, this is a premier location for new luxury housing development. One of Metro’s priority projects, the Purple Line Extension (0.7 miles from subject property) is a critically important rail project that will provide a high-capacity, high-speed and, dependable alternative for commuters to travel between downtown Los Angeles, the Miracle Mile, Beverly Hills and Westwood. From the current terminus at Wilshire/Western, the Purple Line Extension will extend westward for about nine miles and add seven new stations providing easy access to the Westside, our region’s second-largest job center. Travel time between downtown Los Angeles and Westwood is expected to be about 25 minutes. The U.S. Department of Transportation will issue a $1.3 billion grant to Metro for the final phase of the Purple Line subway extension - the last major piece of funding required to complete construction. The funding agreement, announced on February 11, 2020 by Senator Dianne Feinstein, will cover more than one third the $3.6-billion price tag for the third section of the Purple Line extension, which will span roughly 2.5 miles between Century City and the Veterans Administration Campus in Westwood. The remaining funds will come from local sales tax revenue, as approved by Los Angeles County voters.

Exclusively Listed By

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