Michael Monempour of Lyon Stahl just completed the sale of 8706 West Third & 309 S. Hamel Road in Prime Beverly Grove for $11,950,000 at $1,165/SF which is a 2023 record high for the 90048 Zip code. The offering consisted of the restaurant AOC which is well maintained high retail property and a turnkey 8-unit apartment building that sits on 13,000 SF of land eligible for a mix used development site on a prestigious corner lot. Monempour says there was a very competitive bidding war between two natural buyers which resulted in the properties being sold over list price. “Both Buyers were very motivated, it was a once in a lifetime opportunity for the neighboring owner to assemble the parcels and for the tenant to become an owner user. The Seller wanted both Buyers to have a fair opportunity. AOC was the highly coveted piece, but the difference maker was the 8 unit Apartment building.” Monempour recently made the switch to Lyon Stahl as 1st Vice President of the West LA Office.”
INVESTMENT HIGHLIGHTS
Rare Covered Land Play Opportunity with an in-Place Cap of 5% and Potential to Build Mix Used Site consisting of 50 Rental Units & High Street Retail with 130 SF of frontage on West Third Street
AAA+ Prime Beverly Grove Location Adjacent to Beverly Hills & West Hollywood Norma Triangle — One of the Trendiest Neighborhoods in Los Angeles 92 Walk Score “Walkers Paradise” — in Close Proximity to an array of Fine Dining, Shopping, Entertainment & Night Life Options
Property sold over List Price for a 2023 Record High for 90048 Zipcode $1,165 Per SF
• 4 Years Left on AOC Lease with No Options — Currently Paying $7.43/SF
• Prestigious Double Lot consisting of 13,000 SF
• Zoned LA-C2 & LAR3 Eligible for Tier 2 of TOC
• All Units in Hamel Rd are remodeled with Hardwood Floors, Stainless Steel Appliances, Granite Counter tops & in Unit Washer Dryer — Rents only 15% Below Market
MICHAEL MONEMPOUR
310.883.7073
[email protected]
LYONSTAHL.COM
