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Listed by Robert Sillman • Lyon Stahl Investment Real Estate, Inc.
$ 2,750,000
Est. payment /mo
Active
4071 Melrose Avenue Los Angeles, CA 90029
4,024 SqFt
UPDATED:
01/18/2025 04:02 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 4,024 sqft
Price per Sqft $683
MLS Listing ID CRSB25000692
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1981
Lot Size 7,110 Sqft
Property Sub-Type Other
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
Location
State CA
County Los Angeles
Interior
Heating Electric
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Other
Building
Water Public
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