412 N Oakhurst Dr Immeuble residentiel 52 lots 11 648 745 € (224 014 €/Lot) Beverly Hills, CA 90210

52-Unit Development Opportunity in Beverly Hills
• Prime 0.3-acre site located on one of the most desirable residential blocks in Beverly Hills, north of Burton Way and walking distance to the Golden Triangle, Rodeo Drive, and Melrose Avenue
• Fully entitled through a dual municipality of Beverly Hills and Los Angeles for a eight-story, 52-unit luxury multifamily development, with the potential to add 4 Accessory Dwelling Units (ADUs)
• Proposed unit mix includes luxury studio, one-bedroom, two-bedroom, and three-bedroom residences, offering a prime opportunity for a condominium execution with a projected return on cost exceeding 20%, supported by strong demand for luxury housing in the pocket
• Potential to achieve a competitive 6.5%+/- untrended yield to cost on a high-end apartment building with approved development plans
• Local condominium sales average $1,495 per square foot, highlighting a significant value gap between total development cost and the price buyers are willing to pay
• With the proven success of the Four Seasons Private Residences two blocks away, and other high-end condo developments in the area, a developer can capitalize on strong market demand and return potential
• The currently existing 15-unit multifamily building is a highly desirable covered land play with 24,294 square feet and $412,098 in net operating income
Strong Multifamily Fundamentals
• Submarket asking rents expected to rise 16.71% over the next five years
• The property is served by three outstanding public schools, each rated 7/10 or higher by GreatSchools
• The average household income within a one-mile radius is $168,184
• Within a five-mile radius of the property, the population is 726,947
• Median home value of $1,775,680 within a one-mile radius of the property
Prime Location in Beverly Hills and Steps to West Hollywood
• Ideally located just 1.2 miles from Rodeo Drive, one of the most exclusive retail destinations in the world, known for iconic restaurants, nightlife, and entertainment
• Situated within walking distance of West Hollywood's Melrose Avenue and Melrose Place, which is filled with trendy boutiques, restaurants, and coffee shops, including Olivetta, Great White, Craig's, Cecconis, Gracias Madre, The Butcher's Daughter, Verve Coffee Roasters, Toteme, Byredo, and James Perse
• Outstanding connectivity to major business and entertainment hubs, with easy access to Beverly Hills, Century City, Hollywood, the Sunset
Strip, and Wilshire Boulevard—areas home to major employers including Creative Artists Agency, Houlihan Lokey, Paramount Pictures, Live Nation Entertainment, and the Los Angeles Times