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TRUST SALE – MELROSE AVENUE, LOS ANGELES

LOS ANGELES, CA 90038

Property Type: Commercial

Property Description

TRUST SALE

23,039± SQ. FT. COMMERCIAL/OFFICE BUILDING

16,814± SQ. FT. ADJACENT LOT

SOUTH EAST CORNER OF MELROSE & LA BREA

BROCHURE #121

NO COURT CONFIRMATION

 LOCATION:   7000 & 7024 MELROSE AVENUE, LOS ANGELES, CA 90038    APN 5525-017-011 & 5525-017-019

DIRECTIONS:    THOMAS GUIDE (L.A.COUNTY) P. 593, D-7. SOUTH EAST CORNER OF MELROSE AVENUE & LA BREA AVENUE.

DESCRIPTION:   RARE OPPORTUNITY TO PURCHASE THIS 23,039± SQ. FT. MIXED USE COMMERCIAL/OFFICE BUILDING ON A 16,814± SQ. FT. LOT, ALONG WITH THE ADJACENT16,814± SQ. FT. LOT WITH VACANT 4,102± STRUCTURE. OVER 300’ TOTAL FRONTAGE ON MELROSE AVENUE. CENTRALLY LOCATED ON 2 HIGH VISIBILITY STREETS NEAR HOLLYWOOD, WEST HOLLYWOOD AND DOWNTOWN LOS ANGELES. GREAT INCOME PROPERTY WITH DEVELOPMENT POTENTIAL. BUYERS SHOULD CHECK WITH THE CITY OF LOS ANGELES FOR CURRENT BUILDING REQUIREMENTS & ZONING GUIDELINES. REAR ALLEY.
7024 MELROSE AVENUE  –  23,039± SQ. FT., L SHAPED BUILDING. ELEVATOR. PARKING FOR APPROXIMATELY 12 CARS. 4 COMMERCIAL TENANTS ON GROUND FLOOR. 2ND FLOOR  –  APPROXIMATELY 11,140± SQ. FT. OF OFFICE SPACE CURRENTLY RENTED TO 7 TENANTS WITH 1 SPACE VACANT. 4 BATHROOMS. FIRE/SPRINKLER SYSTEM. CONTEMPORARY EXPOSED WOOD BEAM CEILING, CONCRETE FLOORS (SOME UNITS), AND EXPOSED VENTILATION DUCTING. COMMON LUNCH ROOM. ADDITIONAL PARKING FOR APPROXIMATELY 36 SPACES ON ADJACENT CONCRETE SLAB (7000 MELROSE AVENUE) USED DURING NORMAL BUSINESS HOURS FOR TENANTS (PARKING LOT LEASED MONTH TO MONTH FOR AFTER HOURS PARKING).
7000 MELROSE AVENUE  –  4,102± SQ. FT. BOARDED UP, VACANT BUILDING. CONCRETE PAD CURRENTLY USED FOR ADDITIONAL PARKING FOR 7024 MELROSE AVENUE DURING BUSINESS HOURS. ADDITIONAL INCOME FROM WALL ADVERTISING AND AFTER HOURS PARKING. POTENTIAL DEVELOPMENT SITE.
DO NOT DISTURB TENANTS. PERSONAL PROPERTY NOT INCLUDED IN SALE. SOLD SUBJECT TO EXISTING EXCLUSIVE LISTING AGREEMENT WITH CUSHMAN & WAKEFIELD (EXPIRES NOVEMBER 30, 2011). LEASES, RENT ROLL, INCOME & EXPENSE STATEMENT, PROFIT/LOSS STATEMENT, ASBESTOS ABATEMENT DOCUMENTS (7024 MELROSE AVENUE ONLY) & LEASING AGENT AGREEMENT AVAILABLE UPON REQUEST. NO COURT CONFIRMATION. SEE ADDITIONAL PHOTOS ON FLANS & WEINER WEBSITE WWW.FLANSWEINER.COM

LOT SIZE:  
APN 5525-017-011     16,814± SQ. FT.     7024 MELROSE AVENUE
APN 5525-017-019      16,814± SQ. FT.    7000 MELROSE AVENUE

GROSS ANNUAL INCOME:   $593,432.± PLUS CAM REIMBURSEMENT (DOES NOT REFLECT ONE VACANCY).
                 
CALL FOR CURRENT TENANT DELINQUENCY STATUS (818) 501-4888.

ZONED:   LA C2    SUBJECT TO GENERAL PLAN CONFIRMATION  –  BOTH PARCELS

TAXES:   PROPOSITION 13

RODRIGUEZ TRUST

TERMS:   CASH. BUYER TO OBTAIN OWN FINANCING. FINANCING IS NOT A CONTINGENCY TO THIS SALE. PROPERTY SOLD IN “AS IS” CONDITION WITH NO CONTINGENCIES WHATSOEVER. PROPERTY SOLD SUBJECT TO ACCEPTANCE OR REJECTION BY THE TRUSTEE. $200,000 TO BE RELEASED, NON REFUNDABLE, UPON ACCEPTANCE OF OFFER BY TRUSTEE. PROPERTY SOLD SUBJECT TO LEASING AGREEMENT FOR 7000 & 7024 MELROSE AVENUE, LOS ANGELES, CA. 90038 WITH CUSHMAN & WAKEFIELD. LISTING AGREEMENT EXPIRES 11/30/11.

ESCROW PERIOD:   45 DAYS OR SOONER

DEPOSIT:   $250,000 CASHIER’S CHECK REQUIRED TO BID AT AUCTION. BALANCE OF 5% DEPOSIT BY PERSONAL CHECK INCLUDING VERIFICATION OF FUNDS. PERSONAL CHECK TO BE REPLACED WITH CASHIER’S CHECK OR WIRE TRANSFER THE NEXT BUSINESS DAY FOLLOWING AUCTION. CASHIER’S CHECK SHOULD BE MADE PAYABLE TO FLANS & WEINER, INC.. IN THE EVENT YOUR BID IS REJECTED, DEPOSIT WILL BE REFUNDED WITHOUT INTEREST.

TITLE:    SELLER TO PROVIDE STANDARD TITLE POLICY.

PLEASE CALL FLANS & WEINER, INC. IF YOU HAVE ANY QUESTIONS REGARDING THIS PROPERTY OR THE AUCTION PROCESS @ (818) 501-4888.