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$3,030,000
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Property Description
Court Overbid procedure: Deposit: $111,000. Initial overbid price: $2.75 million. Subsequent overbid increments: $20,000. Notify trustee via email of intent to overbid no later than 1 day before the sale hearing (or September 9, 2024 at 5:00 pm Pacific). Deposit must be paid by cashier's check or wire transfer by September 9, 2024 at 5 pm prior to the sale hearing on September 10, 2024 at 2:00 pm. Property is to be sold in the bankruptcy court free and clear of all liens, claims encumbrances or other interests. Property is to be sold on an "as-is", "where-is" and "with-all-faults" basis without any warranties, expressed or implied, and without any contingencies pursuant to 11 U.S.C. 363(b)(1) and (f), free and clear of all liens, interests, claims and encumbrances with such liens, interests, claims and encumbrances to attach to the sale proceeds, net of expenses of sale. We are pleased to present for sale a true value-add investment opportunity located in the heart of Hollywood. With ~60% of the building vacant, a new buyer has a fantastic opportunity to transform this residential hotel/apartment building into a Cash Cow! Known as the El Nido Hotel, the subject property consists of 38 studios with individual baths in each unit and is currently being rented on a monthly/weekly basis. 23 of the 38 units are currently vacant giving an investor the ability to renovate these units and re-rent at market rate. The El Nido boasts a Walk Score of 95 and is in close proximity to shopping, dining, entertainment, studios, transit, and so much more! Lots of new development in the area. Do not miss this opportunity to purchase an asset with tons of upside, in a phenomenal location, and at a low price per door. Bankruptcy court sale, subject to overbid. Contact listing agent for overbid details or to schedule a showing!
Full Property Details
Full Property Details for 1042 Wilcox Ave
General
- Sold For: $3,030,000
- Status: Closed
- Type: Multi-Family
- Source: CLAW
- MLS ID: 24-375697
- Added to Site: 293 day(s) ago
Rooms
Bathrooms
- Total Bathrooms: 38
Bedrooms
- Total Bedrooms: 38
Additional Information
- Other Features: None
Parking
- Garage Description: None
Location
- Area: Hollywood
- County: Los Angeles
- Driving Directions: South of Santa Monica Blvd, North of Melrose Ave, East of Highland Ave, West of Vine St
Heating & Cooling
- Cooling Type: None
- Heating Type: Other
Structural Information
- # Buildings: 1
- Stories/Levels: 2
- Square Feet: 9,880
- Sq. Ft. Source: Vendor Enhanced
- Year Built: 1928
- Year Built Source: Vendor Enhanced
Unit Information
- Units in Complex: 38
- Unit Type: 2106
Unit 1
- Total Bathrooms: 1
Additional Structures
- Other Structures: None
Lot Features
- Lot Size (Acres): 0.1408
- Lot Size: 6133
- Lot Size Source: Vendor Enhanced
- Zoning: LAR3
Financial Considerations
- Price Per Sq. Ft.: $278.34
- Assessment Year: 1928
Disclosures and Reports
- Disclosures/Reports: As Is, Rent Control
- APN: 5533-014-019
Listed by Keller Williams Beverly Hills, Daniel Shamooelian
Sold by Non-Participant Office, Subscriber Non
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Schools
Schools serving 1042 Wilcox Ave
School District:Los Angeles Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
955 Vine St, Los Angeles, CA 90038 | K-6 | 0.3 mi | |
929 N Las Palmas Ave, Los Angeles, CA 90038 | 6-8 | 0.4 mi | |
7850 Melrose Ave, Los Angeles, CA 90046 | 9-12 | 1.8 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 1042 Wilcox Ave
Date
Details
Price
Change
Source
9/30/2024
Sold
$3,030,000
10.18%
MLS
8/07/2024
Price Reduced
$2,750,000
-32.93%
MLS
6/04/2024
Price Reduced
$4,100,000
-12.77%
MLS
5/14/2024
Price Reduced
$4,700,000
-11.32%
MLS
4/09/2024
Listed
$5,300,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
1042 Wilcox Ave, Los Angeles, CA 90038 (MLS# 24-375697) is a Multi-Family property that was sold at $3,030,000 on September 30, 2024. Want to learn more about 1042 Wilcox Ave? Do you have questions about finding other Multi-Family real estate for sale in Hollywood? You can browse all Hollywood real estate or contact a Coldwell Banker agent to request more information.