1042 Wilcox Avenue

Los Angeles, CA 90038

$5,300,000
Price
38
Beds
38
Baths
9,880 Sq. Ft.
$536 / Sq. Ft.
9,880
Sq. Ft.
$536
per Sq. Ft.

Description

Wow! We are pleased to present for sale a true value-add investment opportunity located in the heart of Hollywood. With ~58% 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. 22 of the 38 units are currently vacant giving an investor the ability to renovate...Wow! We are pleased to present for sale a true value-add investment opportunity located in the heart of Hollywood. With ~58% 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. 22 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 6.5%! (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 with high rental demand. Bankruptcy court sale, subject to overbid. Contact listing agent for more details or to schedule a showing!
  1. Listed by Daniel Shamooelian • DRE #01984269 • Brokerage DRE #01425795 • Keller Williams Beverly Hills

Property Details for 1042 Wilcox Avenue

Zoning
LAR3
Parcel Number
5533014019
Total Units
38.0
Living Area
9880
Source Living Area
Vendor Enhanced
Area
Hollywood (C20)
Vacancy Rate
58%
Lot Size Area
6133

Location

Listing Courtesy of Keller Williams Beverly Hills, Daniel Shamooelian, DRE #01984269
Add your commute
LISTING UPDATED: 04/17/2024 12:01 AM

Property Details for 1042 Wilcox Avenue

StatusActive
MLS #24-375697
Days on Market25
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1928
Lot Size0.14 AC / 6,133 SF
CountyLos Angeles County

Location

Listing Courtesy of Keller Williams Beverly Hills, Daniel Shamooelian, DRE #01984269
Add your commute

Building Information for 1042 Wilcox Avenue

Stories2Residences-Year Built1928Building Size-Lot Size0.14 AC / 6,133 SF

Payment Calculator

$29,834 per month

30 year fixed, 7.25% Interest

Principal and Interest

$28,924

Property Taxes

$910

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1042 Wilcox Avenue

Community / Development
Community / Development
  • Number Of Units: 38
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Standard
Contract Info
Contract Info
  • Disclosures: As Is, Rent Control
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $510,187
  • Net Operating Income: $343,644.80
  • Gross Income: $510,187
  • Cap Rate: 6.50%
  • Gross Rent Multiplier: $10.30
  • Total Annual Expense: 166543
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1408
  • Lot Size Square Feet: 6133
Parking Details
Parking Details
  • Parking Garage: None
  • Total Parking: 0
  • Parking Features: None
Interior Features
Interior Features
  • Levels: Two
  • Cooling: None
  • Cooling Type: None
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 04-09-2024
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $42,516.00
  • Unit Actual Rent: $42,516.00
  • Unit Projected Rent: $51,300.00
  • Like Units: 38
Unit Details
  • Unit Type Type: 2106
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $408,411.00
  • Assessed Improvement Percent: 50.0
  • Assessed Land Value: $408,411.00
  • Assessed Land Percent: 50
  • Assessed Total Value: $816,822.00

Property History for 1042 Wilcox Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1042 Wilcox Avenue

Taxable ValueLand$408,411Additions$408,411Total$816,822
Tax Record2023$10,919 ($910 / month)
Home Facts
Total Finished SqFt9,880 SqFtAbove Grade Finished SqFt9,880 SqFtStories2Lot Size6,131 SqFtStyleHotel / MotelYear Built1928ZoningLAR3CountyLOS ANGELESAPN5533-014-019

Schools near 1042 Wilcox Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 6 to 8
Public - 9 to 12
Public - K to 5
Rating
School
Distance
Vine Street Elementary School
PublicK to 6

Hubert Howe Bancroft Middle School
Public6 to 8

Fairfax Senior High School
Public9 to 12

Selma Avenue Elementary School
PublicK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

1042 Wilcox Avenue is a multi-family home for sale in Los Angeles, CA 90038. This property was listed for sale on April 9, 2024 by Keller Williams Beverly Hills, it's currently listed at $5,300,000. This listing's school district is Los Angeles Unified School District. Nearby schools include Vine Street Elementary School, Hubert Howe Bancroft Middle School and Fairfax Senior High School. 1042 Wilcox Avenue is a 38-bed, 38-bath, 9,880 sqft multi-family home built in 1928.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams Beverly Hills, Daniel Shamooelian, DRE #01984269

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.