12324 Montana Avenue, Brentwood
Court date is set for March 1, 2023 @9:30AM. Opening Bid will be $5.4MM (4.14% CAP /15.38 GRM Current). Bidding increments to be $100,000.
12324 Montana Avenue features 10 large and unique apartment homes housed in a beautiful Mid-Century-Modern style building located in prime Brentwood. Adjacent to the Brentwood Country Club and surrounded by luxury condos and multi-million-dollar homes, the 1958 two-story building showcasing its distinctive Butterfly-Roof was originally designed by Alfred T. Wilkes, whose homes can be found in Bel-Air, Holmby Hills & Hancock Park. The building's dramatic V-shaped silhouette makes it a standout and provides a striking alternative to the surrounding traditional roof designs. The building features an ideal unit mix of (6) 2br+2ba units, (2) 2br+den+2ba units and (2) 1br+1ba units averaging 1,200 square feet each. Unit interiors include towering cathedral-like ceilings with floor to ceiling glass, cantilever wrap-around balconies, large stone fireplaces, black slate/tile floors, spacious balconies and patios and hardwood floors. As the post renovated market-rents offer significant rental upside over average in-place rents, with interior finishes well-maintained in their original conditions, 12324 Montana Avenue is a fantastic value-add opportunity. A unique and custom-designed asset in the most ideal of locations, 12324 Montana offers what every investor is looking for - a Stylish Building in an Unbeatable Location with Huge Upside Potential. Property being sold by court-appointed referee and subject to court confirmation and overbid hearing.
Contact Brokers for update OM + Rules for Confirmation and Overbid Hearing ("Rules") + Instructions on how to obtain due diligence material + final tour date prior to court date. Soft story not completed. (Court ordered sale, NOT Probate).
ON WEDNESDAY, MARCH 1, 2023, AT 9:30 AM AT THE LOS ANGELES SUPERIOR COURT, STANLEY MOSK COURTHOUSE, DEPT. 47, 111 N. HILL STREET, LOS ANGELES, CA 90012, THE PROPERTY LOCATED AT 12324 MONTANA AVENUE, LOS ANGELES, CA 90049 WITH THE FOLLOWING LEGAL DESCRIPTION:
The land situated in the City of Los Angeles, the County of Los Angeles, State of California, described as follows:
Lot 59 and all of Lot 58 of Tract No. 1420, in the City of Los Angeles, County of Los Angeles, State of California, as per Map Recorded in Book 20, Page 26 of Maps, in the Office of the County Recorder of said County; Except that portion of said Lot 58 described as follows:
Beginning at the Southwesterly corner of said Lot 58; thence North 45º 57’ East 25 feet to a point in the Northwesterly line of said lot; thence South 44º 03’ East 158.32 feet to a point; thence South 45º 57’ West 5.65 feet; thence South 44º 03’ East 29.18 feet to the Easterly line of said Lot; thence South 45º 57’ West 19.35 feet to the Southeasterly corner of said Lot; thence North 44º 03’ West 187.50 feet to the point of beginning.
Also except the Southeast .50 of a foot of the Northeast 20.65 feet to the Northwest 21.68 feet of the Southeast 29.18 feet of said Lot 58 as conveyed to Robert B. Jones and Marian L. Jones by Deed Recorded on December 12, 1957 as Instrument No. 2334 in Book 56237, Page 372, O.R. in said Office of the County Recorder.
Assessor's Parcel No. 4264-015-012
WILL BE SOLD BY WAY OF A COURT CONFIRMATION AND OVERBID HEARING. THE OPENING BID WILL BE $5,400,000.00 AND BIDDERS: (1) MUST BE PREQUALIFIED AND ATTEND THE HEARING; (2) SIGN THE RULES FOR CONFIRMATION AND OVERBID HEARING; (3) PROVIDE PROOF OF FUNDS AS TO THE BIDDER’S HIGHEST BID AMOUNT; (4) PROVIDE A CASHIER’S CHECK IN THE AMOUNT OF $159,000 AS A DEPOSIT TO BID. ALL BIDDERS THAT ARE NOT THE WINNING BIDDER WILL RECEIVE THEIR $159,000 DEPOSIT BACK AT THE END OF THE HEARING. PREQUALIFIED BIDDERS MUST APPEAR REMOTELY VIA LACOURTCONNECT PREARRANGED THROUGH THE PARTITION REFEREE.
First Overbid Amount: $5,400,000