4071 Melrose Avenue, Los Angeles, CA 90029 - MLS#SB25000692

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Anthony Napoli

realestate@anthonynapoli.com +1(619) 750-3558

$2,750,000

Est. payment - /mo

3 Beds

2 Baths

7,110 Sqft Lot

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UPDATED:

01/06/2025 08:17 PM

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB25000692

Bedrooms 3

HOA Y/N No

Lot Size 7,110 Sqft

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, onlystatewide 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, stainlesssteel 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, andfencing.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
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, onlystatewide 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, stainlesssteel 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, andfencing.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.

Location

State CA

County Los Angeles

Area Los Angeles (90029)

Zoning Assessor

Interior

Heating Electric

Cooling 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 $2,597

Listing Terms Cash, Exchange

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

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Anthony Napoli

+1(619) 750-3558

Agent | License ID: 01311452

Agent License ID: 01311452

4071 Melrose Avenue Los Angeles, CA 90029

Anthony Napoli

Key Details

Location

Interior

Building

Others

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