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    Penthouse Medical Office Suite Title is generated by Realmo AI

    P-3-421 N Rodeo Dr, Beverly Hills, CA 90212

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    For Lease
    $34,250 SF/Yr $8,148,645/Mo (calc)

    Penthouse grey-shell suite with courtyard and city views, currently zoned for medical use.

    Property size:
    2,855 SF
    Added:
    Sep 11, 2024
    Days on Market:
    634
    Last Refresh:
    Jun 6 at 3:16 am

    Property Features for P-3-421 N Rodeo Dr

    General Information

    Standard status
    Active
    Size
    2,855 SF

    We can help!

    Listing Contact
    Teena Anderson

    Listing agent Teena Anderson License #01912552

    Listing office Beverly Hills Brokers & Associates

    Listing date Sep 11, 2024

    Source Exprealty

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Beverly Hills Brokers & Associates

    HighLights

    • Penthouse grey‑shell suite with courtyard and city views (Penthouse level).
    • Currently zoned medical use; suitable for retail, office, or medical businesses.
    • 2855 SF suite listed at $34,250 per month ($12/SF).
    • Can be combined with P‑1 for 7,355 total SF: P‑1 4,500 SF at $54,000 per month for $88,260 total.
    • Valet parking plus assigned and unassigned options available.
    • Ready ASAP; showings by appointment only; long‑term tenant sought.

    Overview

    P-3 is a grey-shell penthouse suite that has been demoed and is ready for a tenant build-out. The space is positioned as a flexible layout for retail, office, or medical concepts, subject to the existing zoning that currently supports medical use.

    Located within The Rodeo Collection on the penthouse level, the suite offers city, courtyard, and Rodeo Drive views. Showings are by appointment only, and the space is noted as ready for immediate occupancy. Parking options include valet parking, along with both assigned and unassigned parking through Hodes.

    This suite suits tenants seeking a premium upper-level location with an open, demountable baseline and the ability to tailor improvements to their specific operation. It also presents an option to expand by combining with P-1 for additional space if a larger footprint is needed, subject to coordination and separate terms.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Daycare Center Building Supply Gym & Fitness Center Auto Repair Shop Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

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    • Beverly Hills Small Animal Hospital - John Winters DVM — 353 Foothill Rd, Beverly Hills, CA 90210
    • Beverly Hills Sm Animal Hospital — beverly hills, ca 90210
    • Happy Paws Veterinary Care — 280 S Beverly Dr, Beverly Hills, CA 90211

    Location Insight

    • Map
    • Local Demand
    City
    Beverly Hills
    County
    Los Angeles
    State
    California
    Longitude
    -118.40094
    Latitude
    34.065478

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    FAQs

    What type of property is this?
    Medical Office Space - Penthouse grey-shell suite with courtyard and city views, currently zoned for medical use.
    Where is this medical office space located?
    The property is located at P-3-421 N Rodeo Dr Beverly Hills, CA.
    What is the lease rate?
    The lease rate is $34,250.
    What are key features of this property?
    This property features: Penthouse grey‑shell suite with courtyard and city views (Penthouse level).; Currently zoned medical use; suitable for retail, office, or medical businesses.; 2855 SF suite listed at $34,250 per month ($12/SF).
    (310) 499-3785
    We can help!
    Listing Contact
    Teena Anderson
    Real Estate License ID: 01912552
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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