Under Contract

1042 Wilcox Ave

Los Angeles CA, 90038

$4,100,000


$414.98 per sqft

Under Contract

38 Beds

38 Baths

9,880 sqft

Multi-family

Built in 1928

Price Reduced for quick sale, ONLY $108,000/door!! 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. Monthly rent is estimated to be in excess of $42,000/month once vacancies are filled, yielding an incredible cap rate of 8.4%!! (monthly proforma of over $51,000/month in income once all units are turned over!) 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 (Tesla's new supercharging station with restaurant and movie screens opening less than a mile away!). 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 more details or to schedule a showing!

24-375697

MLS ID

April 9, 2024

Listed

July 24, 2024

Updated

Map

1042 Wilcox Ave
Los Angeles CA, 90038

Interior Features

Total Stories

2


Bedrooms

38


Total Bathrooms

38


Appliances

Other


Fireplace

No


Cooling

No


Cooling Description

None


Heating

Yes


Heating Description

Other

Exterior/Building Features

Lot Size

0.14 Acres

Other Property Details

Area Name

Hollywood


Days on Market

105


Garage

No


Parking

None


Parking Total

0


View

No


County

Los Angeles


Pool

No


Zoning

LAR3

Listing History

Date

Event

Price

7/24/2024

Under Contract

6/4/2024

Price Change

$4,100,000

-13%

5/14/2024

Price Change

$4,700,000

-12%

Listed by Daniel Shamooelian with Keller Williams Beverly Hills
Listing Contact: 310-651-1800 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Louise Leach | CA DRE# 01774966 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 7/24/2024

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