Defaulted Freestanding Commercial Creative Office Loft Space in Desirable North Hollywood Arts District
Minutes to the NOHO Metro-line & Burbank Airport
Cross Streets Burbank Bl and Cahuenga
Easy Access to the 5, 101, and 170 Freeways
Walk Score of 79

This current property built in 1960 consists of a 4491 SF commercial retail/office space with good frontage on busy 6250 SF corner lot in very prime North Hollywood area with convenient access to customers with 2 secured parking spaces. Surrounded by multiple entertainment companies. Property had 4 offices all metered with separate addresses and a large auditorium space

DEVELOPMENT OPPORTUNITIES
With its C2 zoning property qualifies for a multitude of uses from retail, restaurant, hotel and more and is located directly across the street from the NOHO Arts District Opportunity Zone.
Excellent Owner-User/Investment Opportunity
Good Potential for Retail or Office Income

Original Loan Amount $1,435,000 from 2021
Original Interest Rate 5%
Current Interest Rate 10.25%
Maturity Date April 2046
NOD Filed May 2024
Payments behind over 300 days
Forced place lender insurance
Back taxes owed over $57K
Appraised Value $2,000,000+
(Per Diem of $389.84)