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

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