58
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$2,750,000
Est. payment /mo
7,108 Sqft Lot
New
4071 Melrose AVE #1 Los Angeles, CA 90029
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UPDATED:
01/06/2025 01:17 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB25000692
HOA Y/N No
Year Built 1981
Lot Size 7,108 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, 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.
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Interior
Heating Electric
Cooling Wall/Window Unit(s)
Fireplaces Type None
Fireplace No
Laundry Washer Hookup, Gas Dryer Hookup
Exterior
Pool None
Community Features Biking, Curbs
Total Parking Spaces 10
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5539020032
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
Listed by Robert Sillman • Lyon Stahl Investment Real Estate, Inc. • bobby@lyonstahl.com
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