Listing Detail

IAG

11611 Burbank Blvd., North Hollywood, CA 91601

11611 Burbank Blvd.JPG

Probate Sale. Subject to Court confirmation and overbidding in Court. Sale confirmation is scheduled for Mon., December 19, 2022 at 8:30am, in Dept. 2D at DTLA Court located at 111 N. Hill St., Los Angeles, CA 90012. Asking price is the 1st minimum overbid amount. All interested over-bidders must be present in the Court with a cashier's check for at least 10% of the minimum overbid amount, or $116,600.00, payable to "Ellie Page, as Administrator, with limited authority, of the Estate of Raffic George Mikaelian".

For sale AFTER 38 years! Excellent opportunity to own 3 units, with potential to legalize the 4th unit in the back. Owner started the work on converting the garage into a 4th unit, but did not do it with permits. Large two-story owner's unit (3 bedroom 2 bath) in the front, is currently occupied by the wife of the deceased owner, who has agreed to vacate the unit no later than 30-days after close of escrow. Subject agreement is in writing with a conditional stipulation for entry of Judgment (possession) in case the occupant fails to vacate as agreed. One of the existing legal 1 bedroom units is currently vacant, and will be delivered vacant at close of escrow. The other 1 bedroom unit is leased to a long-term Section 8 tenant at $983 per mo. Financials are Projected, assuming market rent for the Owner's unit (=$5,000/mo.), and the vacant unit (=$1,500/mo.). All units separately metered for gas and electricity. Low maintenance. Each unit has its own separate water heater and washer & dryer hook-up. Priced to sell. Desirable North Hollywood location, close to NoHo Arts district, and easy access to I-101, I-170, & I-134. Property is being sold AS IS and WHERE IS. Seller is a Court appointed fiduciary and cannot make any representations as to the condition, history of the subject property. Buyer to conduct their own investigations.

Property Highlights
Street 11611 Burbank Blvd
City North Hollywood
State CA
Zip 91601
Status Pending
Property Type Multi-family
Asking Price $1,166,000.00
Year Built 1949
Building Sq Ft 3,034
Number of units 3
CAP Rate 4.59%
GRM 14.48
Value per Square Feet $384
Broker Name Vinny Jain
Telephone (310) 207-2288
Email sales@iagpm.com
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