1042 Wilcox Ave, Los Angeles, CA 90038

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!