Sold
1042 Wilcox Ave
Los Angeles CA, 90038
$3,030,000
$306.68 per sqft
Sold
38 Beds
38 Baths
9,880 sqft
Multi-family
Built in 1928
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!
24-375697
MLSⓇ ID
April 9, 2024
Listed
October 2, 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
104
Garage
No
Parking
None
Parking Total
0
View
No
County
Los Angeles
Pool
No
Zoning
LAR3
Listing History
Date | Event | Price |
---|---|---|
10/1/2024 | Sold | $3,030,000 |
8/7/2024 | Price change | $2,750,000 -33% |
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 10/2/2024