Active
4071 Melrose Ave
Los Angeles CA, 90029
$2,950,000
$501.62 per sqft
Active
12 Beds
10 Baths
5,881 sqft
Multi-family
Built in 1981
Price Improved! Now a 7.1% Cap upon completion & rental of the 2 RTI ADUs! We are very pleased to exclusively offer for purchase The Melrose Villas, a beautifully renovated multi-family asset located in the heart of one of the trendiest, most up and coming neighborhoods in Los Angeles known as Virgil Village. Built in 1981 and then 100% expertly gutted and renovated both inside and out in 2024, 4071 Melrose is a beautifully curated 6-unit multi-family offering that also includes fully approved and paid permits for RTI plans for two additional ADU units, which would bring the total number of units to 8 at completion, as Buyer will be able to start construction on the additional 2 ADU units Day 1 following the close. The six existing fully renovated units feature stainless steel high-end GE appliances, beautiful marble inspired quartz countertops, custom kitchen and bathroom cabinets complete with under cabinet lighting in kitchen, custom herringbone ceramic tile backsplashes, high end white oak-style flooring, recessed lighting throughout, in-unit stackable washer/dryers, new windows, new doors, HVAC, and so much more. Unit mix for the existing six units is one 2+1 and five 1+1 units, of which currently 3 are newly rented ( the 2+1 at $3,000, front one 1+1 at $2,850 and one 1+1 at $2,750) and 3 are vacant, ready to be leased. Approved RTI ADU plans for the two side-by side units to include a large 3+2 unit totaling over 1,100 feet, estimated to rent for $4,000 once completed and a 2+2 totaling just under 800 sf projected to rent for $3,500 per month. With a total projected annual gross income for the eventual 8 units at $292,200, The Melrose Villas represents a truly excellent income producing multi-family investment opportunity in a super desirable rental pocket. Located in the heart of Virgil Village and boasting a 91 walk score, this perfectly located property is walking distance to so many hot restaurants and nightlife, including Courage Bagels, Sqirl, Voodoo Vin, Melody, Alma's Cider and Beer as well as all the local hotspots in nearby Los Feliz and Silverlake. Built in 1981, The Melrose Villas is only subject to AB 1482, which allows for 8.9% annual rent increases, and once the 2 ADUs are built will offer a very solid 7.1% cap rate and a 10.1 GRM. 4071 Melrose, which sits on a very large 7,108 square foot lot zoned RD 1.5, is an amazing multi-family income investment opportunity as it offers a fully gutted and renovated six unit property ready to achieve top market rents, plus RTI and paid for plans and permits for two additional units that will together generate over $292,000 in gross rents annually in one of the hottest rental pockets in all of Los Angeles!
24-428271
MLSⓇ ID
August 19, 2024
Listed
September 18, 2024
Updated
Map
4071 Melrose Ave
Los Angeles CA, 90029
Interior Features
Total Stories
2
Bedrooms
12
Total Bathrooms
10
Interior Features
Recessed Lighting, Laundry - Closet Stacked
Appliances
Dishwasher, Microwave, Stackable W/D Hookup, Ceiling Fan, Garbage Disposal, Refrigerator
Laundry Description
In Unit, Inside
Floor Description
Engineered Hardwood
Fireplace
No
Cooling
Yes
Cooling Description
Air Conditioning
Heating
Yes
Heating Description
Combination
Exterior/Building Features
Lot Size
0.16 Acres
Other Property Details
Area Name
Silver Lake - Echo Park
Days on Market
30
Garage
No
Parking
Gated, Controlled Entrance
Parking Total
10
View
Yes
View Description
City, City Lights
County
Los Angeles
Pool
No
Pool Features
None
Zoning
LARD1.5
Listing History
Date | Event | Price |
---|---|---|
9/18/2024 | Price change | $2,950,000 -8% |
Listed by Dana Brody with Dana Brody
Listing Contact: 310-849-8151
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Beachrock Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 9/18/2024