Active
4071 Melrose Ave
Los Angeles CA, 90029
$2,750,000
$683.40 per sqft
Active
8 Beds
6 Baths
4,024 sqft
Multi-family
Built in 1981
Six Units Built in 1981 & Totally Renovated in 2024! Offered 100% Turnkey, Rented w/ All New Leases & RUBS Program in Place | Not subject to LA County RSO We are excited to present The Melrose Villas, a fully turnkey 6-unit multi-family property located in the heart of Virgil Village, one of Los Angeles' most vibrant and sought-after neighborhoods. With a Walk Score of 91, this prime location is just steps away from popular local hotspots such as Courage Bagels, Sqirl, Voodoo Vin, Melody, Alma's Cider and Beer, and many more. Nearby neighborhoods like Los Feliz, Echo Park, and Silverlake also offer an array of dining destinations including Pine and Crane, 33 Taps, Night + Market Song, All Day Baby, Intelligentsia, and Daybird. The Melrose Villas offers a unique opportunity for savvy investors to acquire a fully stabilized, income-generating multi-family property in an exceptionally desirable rental market, with significant rental growth projected over the next decade. The six fully renovated units are move-in ready and feature top-tier finishes, including stainless steel GE appliances, marble-inspired quartz countertops in kitchens and bathrooms, custom cabinetry with under-cabinet lighting, herringbone ceramic tile backsplashes, white oak-style flooring, recessed lighting, in-unit stackable washer/dryers, new windows and doors, HVAC systems, and much more. In addition, the sale includes approved plans and permits for two side-by-side ADU units to be built at the rear of the property with the option to build only one or both ADU's. One ADU will be a 3-bedroom, 2-bath unit spanning over 1,100 square feet, projected to rent for $3,800 per month. The second will be a 2-bedroom, 2-bath unit just under 800 square feet, estimated to rent for $3,200 per month. Built in 1981, The Melrose Villas is only subject to AB 1482, allowing for annual rent increases of up to 8.9%. The existing six units are poised to deliver a solid return on investment through robust rent growth over time, with even more income potential if the new owner chooses to build the approved ADUs. Located at 4071 Melrose, on a generous 7,108 square foot RD 1.5-zoned lot, this property offers an excellent opportunity to acquire a completely renovated and leased 6-unit property with strong in-place income, plus RTI plans for two additional units in one of Los Angeles' most desirable rental markets.
24-428271
MLSⓇ ID
August 19, 2024
Listed
November 22, 2024
Updated
Map
4071 Melrose Ave
Los Angeles CA, 90029
Interior Features
Total Stories
2
Bedrooms
8
Total Bathrooms
6
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
65
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 |
---|---|---|
10/23/2024 | Price change | $2,750,000 -7% |
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 11/22/2024