4071 Melrose Avenue, Los Angeles, CA 90029

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Glen Henderson

[email protected] +1(619) 889-7646

$2,425,000

Est. payment - /mo

3 Beds

2 Baths

7,110 Sqft Lot

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Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB25122589

Bedrooms 3

HOA Y/N No

Lot Size 7,110 Sqft

Property Sub-Type Res Income 2-4 Units

Type of Financing Cash,Exchange

Property Description

5.39% CAP for Renovated, Non-RSO Product! Welcome to 4071 Melrose Avenue, a fully leased and fully renovated 6-unit apartment building located in East Hollywood/Virgil Village, adjacent to Silver Lake. Built in 1981, the property is exempt from LA RSO, subject only to statewide rent control under AB 1482, which allows annual rent increases of 5% + CPI (currently 8.9%). The 4,024 sqft building includes (5) 1-bed/1-bath units and (1) 2-bed/1-bath unit. Situated on a 7,110 sqft lot, there is ample space for up to 4 ADUs in the rear parking area, which accommodates up to 10 cars. Recent 2024 upgrades to the units feature in-unit stacked washer/dryers, mini-split HVAC systems, recessed lighting, stainless steel GE appliances, white oak flooring, custom cabinetry, and designer tile and countertops in the kitchens and bathrooms. Additional improvements include a Ratio Utility Billing System (RUBS) for tenant utility charges, as well as new exterior stucco, paint, and fencing. The property also includes RTI permits for two ADUs: (1) 1,141 sqft 3-bed/2-bath unit and (1) 716 sqft 2-bed/2-bath unit. After constructing the ADUs and factoring in construction costs, the property is projected to operate at a 7.27% cap rate as an 8-unit and 8.34% cap rate as a 10-unit. With its prime location and non-rent controlled status, this property presents an excellent opportunity for local investors seeking a low-maintenance, like-new building with significant value-add potential through RTI plans and the possibility of adding up to 4 ADUs.
5.39% CAP for Renovated, Non-RSO Product! Welcome to 4071 Melrose Avenue, a fully leased and fully renovated 6-unit apartment building located in East Hollywood/Virgil Village, adjacent to Silver Lake. Built in 1981, the property is exempt from LA RSO, subject only to statewide rent control under AB 1482, which allows annual rent increases of 5% + CPI (currently 8.9%). The 4,024 sqft building includes (5) 1-bed/1-bath units and (1) 2-bed/1-bath unit. Situated on a 7,110 sqft lot, there is ample space for up to 4 ADUs in the rear parking area, which accommodates up to 10 cars. Recent 2024 upgrades to the units feature in-unit stacked washer/dryers, mini-split HVAC systems, recessed lighting, stainless steel GE appliances, white oak flooring, custom cabinetry, and designer tile and countertops in the kitchens and bathrooms. Additional improvements include a Ratio Utility Billing System (RUBS) for tenant utility charges, as well as new exterior stucco, paint, and fencing. The property also includes RTI permits for two ADUs: (1) 1,141 sqft 3-bed/2-bath unit and (1) 716 sqft 2-bed/2-bath unit. After constructing the ADUs and factoring in construction costs, the property is projected to operate at a 7.27% cap rate as an 8-unit and 8.34% cap rate as a 10-unit. With its prime location and non-rent controlled status, this property presents an excellent opportunity for local investors seeking a low-maintenance, like-new building with significant value-add potential through RTI plans and the possibility of adding up to 4 ADUs.

Location

State CA

County Los Angeles

Area Los Angeles (90029)

Zoning Assessor

Interior

Heating Electric

Cooling Wall/Window

Air Conditioning Wall/Window

Building

Lot Description Curbs

Story 2

Lot Size Range 4000-7499 SF

Level or Stories 2 Story

Others

Acceptable Financing Cash, Exchange

Space Rent $2,568

Listing Terms Cash, Exchange

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Listed by Robert Sillman • Lyon Stahl Investment Real Estate, Inc.

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Glen Henderson

+1(619) 889-7646

Broker Associate | CA BRE #01384181

Broker Associate CA BRE #01384181

San Diego Communities

4071 Melrose Avenue Los Angeles, CA 90029

Glen Henderson

Key Details

Location

Interior

Building

Others

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