9075 Cedros Avenue, Panorama City

BY APPOINTMENT ONLY! BUYERS INTERESTED IN OVERBID, TOUR DATE IS MONDAY, JAN 6, 2020.

PUBLIC NOTICE OF SALE

ON THURSDAY, JANUARY 9, 2020 AT 8:30 AM AT THE VAN NUYS SUPERIOR COURTHOUSE EAST, DEPARTMENT U, 6230 SYLMAR AVENUE, VAN NUYS CA, 91401, THE PROPERTY LOCATED AT 9075 CEDROS AVENUE, PANORAMA CITY, CA 90291 WITH THE FOLLOWING LEGAL DESCRIPTION:

The land referred to in this report is situated City of Los Angeles area of Panorama City, the County of Los Angeles, State of California, and is described as follows: Lots 52 and 54, and those portions of Lots 51 and 53 of Tract 3136, in the City of Los Angeles, County of Los Angeles, State of California, as per map recorded in Book 32 Pages 83 and 84 of Maps, in the office of the County Recorder of said County, all described as follows:

Beginning at the Northeast corner of said Lot 52, thence West Along the North lines of said Lots 52 and 51, a distance of 252.00 feet, thence South in a direct line 220.10 feet, more or less, to a point in the South line of said Lot 53, distant West along said South line and the South line of Lot 54, 252.12 feet from the Southeast corner of said Lot 54, thence East along the South lines of said Lots 54 and 53, a distance of 252.12 feet to said Southeast corner of said Lot 54, thence North along the East lines of said Lots 54 and 52, a distance of 220 feet to the point of beginning. Assessor's Parcel Numbers(s): 2651-012-214

WILL BE SOLD BY WAY OF A COURT CONFIRMATION AND OVERBID HEARING. THE OPENING BID WILL BE $8,201,000 AND BIDDERS: (1) MUST BE PREQUALIFIED AND PRESENT AT THE HEARING; (2) PROVIDE A SIGNED VERSION OF 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 $1,000,000 AS A DEPOSIT TO BID. All BIDDERS THAT ARE NOT THE WINNING BIDDER WILL RECEIVE THEIR $1,000,000 DEPOSIT BACK AT THE END OF THE HEARING.

CALL RICK MARQUIS AT (310) 552-9064 FOR DETAILS.

Built in 1995, this 33 unit building with significant rental upside, represents a great investment opportunity. Located on a 50,094 square foot corner lot in Panorama City this charming, garden-style 2-story walk-up building has a great unit mix and historically low vacancy. Amenities include a large, charming garden courtyard, gated and secure pedestrian and parking entries, easy surface parking with approximately 48 spaces and two laundry rooms. The building is separately metered for gas and electric.

The property is in close proximity to many restaurants, shops, bus lines and major thoroughfares. It’s close proximity to the 405 freeway makes easy access to the Westside as well.

Panorama City is a district in the San Fernando Valley region of Los Angeles and bordered by North Hills, Van Nuys, Sun Valley and Mission Hills. Major thoroughfares include Roscoe Boulevard, Van Nuys Boulevard and Sepulveda Boulevard. The city is also served by the San Diego and Hollywood Freeways.

PROPERTY BEING SOLD BY COURT-APPOINTED RECEIVER AND MAY BE SUBJECT TO COURT CONFIRMATION AND OVERBID HEARING

Offered at $6,250,000
Call for Offers is Thursday, November 14th, 10AM