Thank you
Daniel Shamooelian
Keller Williams Beverly Hills
310-432-6400
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. 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 7.33%!! (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!
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Total Bedrooms : 38
Total Baths: 38
Full Baths: 0
Half Baths: 0
None
Air Conditioning
Year Built: 1928
Building Area Total: 9,880
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1408
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 6133
Original List Price: 4,700,000
Listing Contract Date: 2024-04-09
Listing Agreement: Exclusive Right To Sell
Parcel Number: 5533014019
Garage Description: None
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: C20 - Hollywood
Postal Code Plus 4: 2607
Directions: South of Santa Monica Blvd, North of Melrose Ave, East of Highland Ave, West of Vine St
Zoning: LAR3
Source Property Type: Residential Income
Area: C20 - Hollywood
Property Age: 96
Year Built Source: Vendor Enhanced
Total Square Feet Living: 9880
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
6021 Romaine Street, Los Angeles, CA,90038 | $1,550,000 | 4 | 2 | 1,512 | 5858 Sqft |
5851 La Mirada Avenue, Los Angeles, CA,90038 | $1,350,000 | 6 | -- | 2,118 | 7200 Sqft |
5666 W Lexington Avenue.., Los Angeles, CA,90038 | $2,450,000 | 5 | 1 | 2,799 | 7501 Sqft |
5415 Monroe Street, Los Angeles, CA,90038 | $1,199,000 | 3 | -- | 1,855 | 6748 Sqft |
847 N Cherokee Avenue, Los Angeles, CA,90038 | $1,350,000 | 2 | -- | 1,412 | 6284 Sqft |
5342 Lemon Grove Avenue, Los Angeles, CA,90038 | $1,299,000 | 5 | 2 | 1,876 | 7001 Sqft |
1203 N Garbo Lane, Los Angeles, CA,90038 | $1,450,000 | 3 | 3 | 2,345 | 1438 Sqft |
5837 Willoughby Avenue, Los Angeles, CA,90038 | $1,395,000 | 4 | 2 | 1,681 | 6500 Sqft |
6219 Banner Avenue, Los Angeles, CA,90038 | $3,600,000 | -- | -- | -- | 13761 Sqft |
848 N Las Palmas Avenue, Los Angeles, CA,90038 | $3,150,000 | 6 | 4 | 3,474 | 6381 Sqft |
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ByOwner last updated this listing 05/16/2024 @ 23:44
MLS: 24375697
LISTED BY: Daniel Shamooelian, Keller Williams Beverly Hills
SOURCE: CRMLS
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.