Hollywood’s El Nido Hotel is admittedly looking a little run-down, but since Hollywood is becoming less and less affordable to renters, I’m sure its 38 rent-stabilized units were appreciated by its former tenants.
Emphasis on former. It was recently listed for sale (although it appears to have been taken off the market) as 100 percent vacant.
The building last sold about a year ago, and at that point it was 58 percent vacant. How long will it sit empty?
A couple of miles away in Los Feliz, 5418 Franklin Avenue is listed for sale. Three of the six units are vacant, which seems like an unusually high vacancy rate in what the listing calls a “Prime Los Feliz Location”. This is a classic example of “packing the lot” - the front two units are a classic duplex dating to 1923, with a rear fourplex added in 1957. (I suspect the front duplex has both of the coveted three-bedroom units.)
5418 Franklin looks pretty well-maintained, so I’m hopeful that the next owner will take that 50 percent vacant rate down to zero.