4071 Melrose Avenue, #1, Los Angeles, CA 90029
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Listed Price :
$2,750,000
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Beds :
N/A
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Baths :
N/A
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Property Size :
N/A sqft
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Year Built :
1981
Property Description
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 not subject to LA RSO, only statewide rent control AB 1482, which allows for annual rent increases of 5% + CPI (approx. 8.9%). The 4,024 sqft building features (5) 1-bed/1-bath units and (1) 2-bed/1-bath and is complemented by a large 7,110 sqft lot that offers space for up to 4 ADUs in the rear parking lot that fits up to 10 cars. Recent 2024 upgrades to the units comprise of 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) that charges tenants back for their share of utilities, and new exterior stucco, painting, and fencing. Beneficial to the buyer, there are RTI permits for 2 ADUs, (1) 1,141 sqft 3-bed/2-bath & (1) 716 sqft 2-bed/2-bath unit. After building the ADUs and factoring in construction costs, the property will operate at a 6.42% CAP as an 8-unit and 7.48% CAP as a 10-unit. With its prime location, this non-rent controlled property offers an excellent opportunity for a local investor seeking a low-maintenance, like-new building with value-add potential through RTI plans and the possibility of adding up to 4 ADUs via SB 1211. Buyer to investigate & verify all information, including, but not limited to, bed/bath count, square footages, permits, rent control, ADUs, and potential uses.
Interior Features
| Laundry Information |
| Location(s) |
Washer Hookup, Gas Dryer Hookup |
| Bedroom Information |
| Bedrooms |
N/A |
| Bathroom Information |
| Bathrooms |
N/A |
| Interior Information |
| Cooling Type |
Wall/Window Unit(s) |
Listing Information
| Address |
4071 Melrose Avenue, #1 |
| City |
Los Angeles |
| State |
CA |
| Zip |
90029 |
| County |
Los Angeles |
| Listing Agent |
Robert Sillman DRE #02145409 |
| Co-Listing Agent |
Cameron Samimi DRE #02035763 |
| Courtesy Of |
Lyon Stahl Investment Real Estate, Inc. |
| List Price |
$2,750,000 |
| Status |
Active |
| Type |
Residential Income |
| Subtype |
Apartment |
| Structure Size |
N/A |
| Lot Size |
7,110 |
| Year Built |
1981 |
Listing information courtesy of: Robert Sillman, Cameron Samimi, Lyon Stahl Investment Real Estate, Inc.. *Based on information from the Association of REALTORS/Multiple Listing as of Jan 6th, 2025 at 1:17 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
