A Rare Corner Lot Beverly Hills R4 Development Opportunity PRESENTED BY

Home , Beverly Center, La Cienega Boulevard, Westfield Century City

RODEO DRIVE

BEVERLY DRIVE OLYMPIC BOULEVARD

WHITWORTH DRIVE

PALM DRIVE

PALM DRIVE 462 BEVERLY HILLS a rare corner lot Beverly Hills R4 Development Opportunity PRESENTED BY

LONNIE MCDERMOTT 1 First Vice President Investments OFFERING Senior Director, National Land Group SUMMARY Encino Office Tel: (818) 212-2745 Mobile: (818) 577-8904 [email protected] License: CA 01874375 BRANDON MICHAELS 2 Senior Managing Director Investments Senior Director, National Retail Group AREA OVERVIEW Encino Office Tel: (818) 212-2794 Fax: (818) 212-2710 [email protected] License: CA 01434685

ANDREW LEFF 3 First Vice President Investments FINANCIAL Director, National Retail Group Encino Office OVERVIEW Tel: (818) 212-2815 Fax: (818) 212-2710 [email protected] License: CA 01865688 4 MARKET This information has been secured from sources we believe to be reliable, but we make no repre- sentations or warranties, expressed or implied, as to the accuracy of the information. References to COMPARABLES square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example pur- poses only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap 2 3 3 5 462 PALM DRIVE

8,230 CENTURY CITY Square Feet RODEO DRIVE

BEVERLY DRIVE OLYMPIC BOULEVARD 9-15 PALM DRIVE Buildable Units 462 BEVERLY HILLS

WHITWORTH DRIVE

PALM DRIVE 462 BEVERLY HILLS

PICO BOULEVARD

PALM DRIVE 90 Walkscore

5 THE OFFERING 462 S Palm Drive is a trophy residential development opportunity in Beverly Hills, CA. This unique condo/apartment project is ideally situated on a 8,230 square feet corner lot zoned BHR4 with rear alley access. Located just east of Beverly Drive, between Olympic and Pico, 462 S Palm Drive is within 1.5 miles of world-renowned shopping on Rodeo Drive , high profile employment in Century City, and luxury dining on Restaurant Row.

Marcus and Millichap is pleased to present 462 South Palm One of Metro’s priority projects, the Purple Line Extension Drive, a rare corner lot residential development site in world- (0.7 miles from subject property) is a critically important rail renowned Beverly Hills, CA. The property is currently a 4,585 project that will provide a high-capacity, high-speed and, square feet duplex on 8,230 square feet of land zoned BHR4. dependable alternative for commuters to travel between Current zoning allows for up to 50 units per acre “By Right” downtown Los Angeles, the Miracle Mile, Beverly Hills and (9 units) and the potential to apply for a 50% State Density Westwood. From the current terminus at Wilshire/Western, Bonus for a total of up to 15 units. 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. 462 S Palm Drive is ideally located just south of Olympic Travel time between downtown Los Angeles and Westwood Boulevard and west of Robertson Boulevard. The property is expected to be about 25 minutes. The U.S. Department of is also located within just two miles of Century City, Rodeo Transportation will issue a $1.3 billion grant to Metro for the Drive, The Beverly Center, The Grove, Cedars-Sinai, Beverly final phase of the Purple Line subway extension - the last Hills High School and Restaurant Row. major piece of funding required to complete construction. The funding agreement, announced on February 11, 2020 by This is a very unique opportunity to purchase an ideal luxury Senator Dianne Feinstein, will cover more than one third the apartment or condo development site in one of the world’s $3.6-billion price tag for the third section of the Purple Line highest barrier to entry locations. The property is surrounded extension, which will span roughly 2.5 miles between Century by highly sought after dining, entertainment, shopping and City and the Veterans Administration Campus in Westwood. cultural experiences. Iconic attractions including Rodeo The remaining funds will come from local sales tax revenue, Drive, Westfield Century City, The Grove, The Original as approved by Los Angeles County voters. 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. 6 462 SOUTH PALM DRIVE | PROPERTY SUMMARY 7 7 INVESTMENT HIGHLIGHTS

Trophy Beverly Hills Apartment or Condo Development Opportunity 462 S Palm Drive is a 8,230 square foot corner lot development site. 15 ‘ ALLEY ACCESS Opportunity to build 9 - 15 units The property is zoned BHR-4, allowing for 9 units “By Right” or up to 15 units with a density bonus.

Efficient Footprint Corner lot with rear alley access allows for increased construction feasibility and excellent frontage.

Current Improvements The property consists of a 4,584 sf duplex built in 1935. PALM DRIVE 67.87‘

121.4 ‘ Iconic Beverly Hills Location Beverly Hills is one of the most exclusive locations in the world. The property lies in the southern section of Beverly Hills, sourrounded by some of the world’s most sought after shopping and entertainment destinations, including The Grove, The Beverly Center, Rodeo Drive, West Hollywood and Century City

Proximity to Major Employment Centers WHITWORTH DRIVE The property sits just south of Wilshire Boulevard and just west of San Vicente, providing easy walkability to major high profile employment districts and the planned Purple Line, which will connect residents to Downtown Los Angeles and West Los Angeles

8 462 SOUTH PALM DRIVE | PROPERTY SUMMARY 9 9 ONE BEVERLY HILLS DEVELOPMENT GUIDELINES 462 S Palm Drive is zoned BHR4, allowing for 50 units per acre and a 45 feet height limit (4 stories).

DEVELOPMENT SUMMARY

Lot Size 8,230 SF

Rear Alley SF (1/2) 509 SF

Density Calculation 50 units per acre

“By Right” Units 9

Stories 4

Height 45'

462PALM DRIVE

BEVERLY HILLS ZONING CODE

HTTPS://CODELIBRARY.AMLEGAL.COM/CODES/BEVERLYHILLSCA/LATEST/ BEVERLYHILLS_CA/0-0-0-14377

10 462 SOUTH PALM DRIVE | PROPERTY SUMMARY LOCATION OVERVIEW

12 13 13 METRO PURPLE LINE EXTENSION Beverly Hills The Metro’s Purple Line is under construction at the corner of Wilshire Beverly Hills is a premier global destination for unrivaled shopping, extraordinary restaurants, Blvd. and La Cienega Blvd. Given its amazing art and cultural attractions. location on a highly utilized north/south thoroughfare, the station will create The City of Beverly Hills is 5.7-square miles in the western region of Los Angeles County and is seamless links to travel destinations surrounded by the cities of Los Angeles, Santa Monica, West Hollywood, and Culver City. Part of along and near La Cienega Blvd., such The Golden Triangle it is adjacent to neighborhoods Bel Air and Holmby Hills, which are regarded as some of the most affluent neighborhoods in all of Los Angeles. as Restaurant Row, Beverly Center and Cedars Sinai Medical Center. The little city is a world class destination which attracts tourists from around the world annually. The tourists visit the high-end stores, boutiques, and restaurants rubbing shoulders with some of Hollywood’s elite. Living up to its reputation, Beverly Hills has a fine selection of 5-star hotels. Among the most famous are: The Beverly Hills Hotel & Bungalows, The Beverly Hilton, Beverly BEVERLY HILLS RESTAURANT ROW Wilshire, L’Ermitage, The Peninsula, Sunset Marquis Hotels and Villas, the Montage Beverly Hills and the new Waldorf Astoria Beverly Hills. The original Restaurant Row in Beverly Hills is located on La Cienega Boulevard, between Wilshire Boulevard and San Vicente Boulevard. This small section on the eastern edge of Beverly Hills still hosts some of the area’s finest restaurants including Spice Affair, Lawry’s The Prime Rib, Shan Social House, Fogo de Chao, SLS Hotel’s The Bazaar, The Stinking Rose, Matsuhisa, Genwa Beverly Hills, Morton’s Steakhouse, and others. Nearby tourist attractions are Beverly Center shopping mall, The Grove, Original Farmers Market, Miracle Mile museums and Beverly Hills hot-spots.

+11,000 businesses operate inBeverly Hills: $1.7 billion There are 35,000 There are annual retail & food residents and a over 6 million sales and $2 million Beverly Hills has 17 workday population visitors to of clothing sold hotels, 2,200 rooms, of more than Beverly Hills every day including 5 five-star 40% of families 200,000 each year hotels have an income greater than $150,000

14 15 15 Town & Country - 6300 w 3rd St 3-MILES 331-333 S San Vicente Blvd 333 La Cienega Blvd

9200 Wilshire Blvd

One Beverly Hills 650-676 S San Vicente Blvd 2-MILES LACMA - 5905 Wilshire Blvd

CENTURY PLAZA DEVELOPMENT PIPELINE Amoroso La Cienega - 1056 S La Cienega Blvd Beverly Hills has seen steady development consistently throughout the last 50 years. It was one of the few markets in the world that continues to see major capital infusion throughout every real estate cycle. The past ten years and the coming years is no different. Beverly Hills has an influx of 462PALM DRIVE investors and developers who continue to seek out the generational trophy real estate, with the area’s critical demand for luxury housing, creative 5935 W Pico Blvd office, and high profile retail. 126 4,926 2.5M 2.8%

PROJECTS UNDER APARTMENT UNITS IN RENTABLE SQUARE FEET OF VACANCY RATE CONSTRUCTION AND DEVELOPMENT WITHIN A COMMERCIAL SPACE PROPOSED WITHIN A 2-MILE 2-MILE RADIUS RADIUS

16 17 17 $123,966 295,186 32,900 Average HH Income Population Total Businesses within a 3-mile radius within a 3-mile radius within a 3-mile radius

Demographics 39.6% 43.9 49,650 Bachelor's degree or higher Median Age Households within a 3-mile radius

Population 1-mile 3-mile 5-mile

Population (2020 Estimate) 40,649 295,186 807,745

Population (2025 Forecast) 40,719 296,404 813,558

Household 1-mile 3-mile 5-mile

Households (2020 Estimate) 40,649 295,186 807,745

Med. Household Income 40,719 296,404 813,558

Avg. Household Income 40,649 295,186 807,745

Business 1-mile 3-mile 5-mile

Total Businesses 11,922 32,900 62,400

Total Employees 98,314 276,355 635,609

Total Consumer Spending 577,628 4,115,607 9,578,880

18 19 19 FINANCIAL SUMMARY

20 21 21 OFFERING SUMMARY

462 S Palm Drive Address Beverly Hills, CA 90212

Price $3,500,000

Lot Size 8,230 SF

Price / Land SF $425.27 PALM DRIVE Bldg SF 4,585 SF 462 BEVERLY HILLS Price / Bldg SF $763.36

Current Units 2

Year Built 1935

Current Improvements Vacant

Zoning BHR4

9 (By Right) Buildable Units 15 (Density Bonus)

Price / Buildable Unit $233,333 25 211-217 HAMILTON

MARKET COMPARABLES

24 27 Land 211-217 HAMILTON SALES COMPARABLES

# ADDRESS SALE PRICE LAND SF ZONING BUILDABLE UNITS $/UNIT $/SF COE DATE

129 S Linden Dr, 1 $16,000,000 21,780 R4 27 $592,593 $734.62 10/28/2019 Beverly Hills, CA 90212

329-335 S Robertson Blvd 2 $10,100,000 13,743 C3 17 $594,118 $734.87 11/15/2019 Beverly Hills, CA 90212

1123-1127 S Shenandoah St 3 $5,250,000 12,724 LAR3 15 $350,000 $412.61 8/30/2019 Los Angeles, CA 90035

8457 Blackburn Ave 4 4 $6,550,000 13,961 LAR3 17 $385,294 $469.16 12/23/19 Los Angeles, CA 90048

Average $480,501 $587.82 1 462PALM DRIVE 2

26 29 Condo 211-217 HAMILTON SALES COMPARABLES

# ADDRESS SALE PRICE YEAR BUILT TYPE SF $/SF

143 N Arnaz Dr #305 1 $1,688,000 2004 3 Bed / 3 Bath 1,763 $957.46 Beverly Hills, CA 90211

225 S Hamilton Dr #108 2 $1,895,000 2011 3 Bed / 3 Bath 2,150 $881.40 Beverly Hills, CA 90211

108 S Croft Ave #102 3 3 $1,148,000 2011 3 Bed / 3 Bath 1,510 $760.26 Los Angeles, CA 90048 5

4 462 S Maple Dr #3 $2,995,000 2015 4 Bed / 5 Bath 3,202 $935.35 1 Beverly Hills, CA 90212

PALM DRIVE 125 S Sweetzer Ave #PH1 462 5 $999,000 2010 3 Bed / 2 Bath 1,210 $825.62 Los Angeles, CA 90048 2

Average $872.02 4

28 31 Apartment 211-217 HAMILTON RENT COMPARABLES

# ADDRESS YEAR BUILT/RENOVATED TYPE RENT SF $/SF

153 S Palm Dr 1 1961 / 2020 1 Bed / 1 Bath $3,995 967 $4.13 Beverly Hills, CA 90212

Blu Beverly Hills 2 8601 Wilshire Blvd 2015 1 Bed / 1 Bath $4,895 921 $5.31 Beverly Hills, CA 90211

Reeves Place LA 3 1415 S Reeves St 2020 2 Bed / 2 Bath $5,145 1,293 $3.98 Los Angeles, CA 90035

4 819 S Holt Ave 2012 2 Bed / 2 Bath $4,795 1,400 $3.43 Los Angeles, CA 90035 2 1 5 Vision on Wilshire 5 6245 Wilshire Blvd 2018 2 Bed / 2 Bath $6,478 1,288 $5.24 462PALM DRIVE 4 Los Angeles, CA 90048

30 PALM DRIVE 462 BEVERLY HILLS

LONNIE MCDERMOTT BRANDON MICHAELS ANDREW LEFF First Vice President Investments Senior Managing Director Investments First Vice President Investments Senior Director, National Land Group Senior Director, National Retail Group Director, National Retail Group Encino Office Encino Office Encino Office Tel: (818) 212-2745 Tel: (818) 212-2794 Tel: (818) 212-2815 Mobile: (818) 577-8904 Fax: (818) 212-2710 Fax: (818) 212-2710 [email protected] [email protected] [email protected] License: CA 01874375 License: CA 01434685 License: CA 01865688