4071 Melrose Avenue, Los Angeles, CA 90029 (MLS # 24428271)

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PRICE $2,750,000 dsIDX morgage calculator
BEDS 8
BATHS 6
HOME SIZE 4,024 sqft
LOT SIZE 7,109 sqft

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.

DAYS ON MARKET 73 LAST UPDATED 10/23/2024
YEAR BUILT 1981 COMMUNITY Silver Lake - Echo Park
COUNTY Los Angeles STATUS Active
PROPERTY TYPE(S) Residential Income

PRICE HISTORY
Prior to Sep 18, '24 $3,200,000
Sep 18, '24 - Oct 23, '24 $2,950,000
Oct 23, '24 - Today $2,750,000


ADDITIONAL DETAILS
APPLIANCES Dishwasher, Disposal, Microwave, Refrigerator
AREA Silver Lake - Echo Park
GARAGE Controlled Entrance, Gated
HEAT Combination
INTERIOR Ceiling Fan(s), Recessed Lighting
LOT 7110 sq ft
LOT DIMENSIONS 50x142
PARKING Controlled Entrance,Gated
POOL DESCRIPTION None
STORIES 2
VIEW Yes
VIEW DESCRIPTION City Lights
ZONING LARD1.5
MORTGAGE CALCULATOR
   

TOTAL MONTHLY PAYMENT

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CONTACT US ABOUT 4071 MELROSE AVENUE
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Listed with Dana Brody

The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. as of 10/31/24 12:12 AM PDT and /or other sources. 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

This IDX solution is (c) Diverse Solutions 2024.

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