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Listed by Robert Sillman • Lyon Stahl Investment Real Estate, Inc.
$ 2,350,000
Est. payment /mo
Price Dropped by $75K
4071 Melrose Avenue Los Angeles, CA 90029
4,024 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 4,024 sqft
Price per Sqft $583
MLS Listing ID SB-25122589
Year Built 1981
Lot Size 7,110 Sqft
Property Sub-Type Apartment
Property Description
5.72% 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 7.34% cap rate as an 8-unit and 8.65% 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 C21 - Silver Lake - Echo Park
Interior
Fireplaces Type None
Laundry Gas Dryer Hookup, Washer Hookup
Exterior
Parking Features Gated
Pool None
Community Features Biking, Curbs
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer
Nicole Van Parys & Gary Nesen
License Partners, Private Office Advisors | License ID: 01108944