4071 Melrose Avenue

Los Angeles, CA 90029

$2,750,000
Price
8
Beds
6
Baths
4,024 Sq. Ft.
$683 / Sq. Ft.
4,024
Sq. Ft.
$683
per Sq. Ft.

Description

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...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.
  1. Listed by Dana Brody • DRE #01429001 • Brokerage DRE #01429001 • Dana Brody

Property Details for 4071 Melrose Avenue

Water Front
None
Zoning
LARD1.5
Parcel Number
5539020032
Total Units
6.0
Living Area
4024
Source Living Area
Plans
Area
Silver Lake (671)
Vacancy Rate
Leasing
LISTING UPDATED: 10/23/2024 08:24 AM

Property Details for 4071 Melrose Avenue

StatusActive
MLS #24-428271
Days on Market95
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1981
Lot Size0.16 AC / 7,110 SF
CountyLos Angeles County

Building Information for 4071 Melrose Avenue

Stories2Residences-Year Built1981Building Size-Lot Size0.16 AC / 7,110 SF

Property Information for 4071 Melrose Avenue

Community / Development
Community / Development
  • Tax Mello Roos: No
  • Number Of Units: 6
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Multi-Family
  • View: Yes
  • View Description: City, City Lights
  • View: City Lights
  • Security Features: Gated
  • Direction Faces: South
  • Property Condition: Updated/Remodeled
  • Water Heaters: Yes
Contract Info
Contract Info
  • Probate: No
  • Financing: Cash, Cash To New Loan
  • Disclosures: As Is
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $190,314
  • Net Operating Income: $136,544.00
  • Gross Income: $196,200
  • Cap Rate: 5.00%
  • Gross Rent Multiplier: $14.00
  • Actual Annual Gross Rent: $196,200.00
  • Actual Gross Annual Income: $196,200
  • Actual Rent Total: $196,200.00
  • Vacancy Allow Dollar: $5,886.00
  • Vacancy Allow Percent: 3.00%
  • Owner Pays: Gardener, Water
  • Total Annual Expense: 53770
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1632
  • Lot Size Square Feet: 7110
  • Lot Size Dimensions: 50x142
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Gated, Controlled Entrance
  • Total Parking: 10
  • Parking Features: Gated, Controlled Entrance
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Air Conditioning
  • Heating: Combination
  • Heating Type: Combination
  • Flooring: Engineered Hardwood
  • Equipment: Dishwasher, Microwave, Stackable W/D Hookup, Ceiling Fan, Garbage Disposal, Refrigerator
  • Interior Features: Recessed Lighting, Laundry - Closet Stacked
  • Room Kitchen Features: Remodeled Kitchen
  • Kitchen Features: Quartz Counters, Remodeled
  • Laundry: In Unit, Inside
Exterior Features
Exterior Features
  • Pool: No
  • Private Pool: No
  • Pool Description: None
  • Pool Features: None
  • Spa: No
  • Spa: None
  • New Construction: No
  • Construction MVO: Frame and Stucco
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 08-19-2024
  • Listing Terms: Cash, Cash To New Loan
  • Tenant Pays: Electricity, Gas, Hot Water
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $3,000.00
  • Unit Actual Rent: $3,000.00
  • Unit Projected Rent: $3,000.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,620.00
  • Unit Actual Rent: $13,100.00
  • Unit Projected Rent: $13,100.00
  • Like Units: 5
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $389,183.00
  • Assessed Improvement Percent: 65.02
  • Assessed Land Value: $209,409.00
  • Assessed Land Percent: 34.98
  • Assessed Total Value: $598,592.00

Property History for 4071 Melrose Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 4071 Melrose Avenue

Taxable ValueLand$1,005,000Additions$380,000Total$1,385,000
Tax Record2024$17,729 ($1,477 / month)
Home Facts
Total Finished SqFt4,024 SqFtAbove Grade Finished SqFt4,024 SqFtLot Size7,108 SqFtStyleMulti-Family Res (5+ Units)Year Built1981ZoningLARD1.5CountyLOS ANGELESAPN5539-020-032

Schools near 4071 Melrose Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - 9 to 12
Rating
School
Distance
Dayton Heights Elementary School
PublicK to 5

Thomas Starr King Middle School
Public6 to 8

John Marshall Senior High School
Public9 to 12

Camino Nuevo Dalzell Lance
Charter9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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4071 Melrose Avenue is a multi-family home for sale in Los Angeles, CA 90029. This property was listed for sale on August 19, 2024 by Dana Brody, it's currently listed at $2,750,000. It has been on the market for a total of 95 days and was last sold on October 4, 2023. This listing's school district is Los Angeles Unified School District. Nearby schools include Dayton Heights Elementary School, Thomas Starr King Middle School and John Marshall Senior High School. 4071 Melrose Avenue is a 8-bed, 6-bath, 4,024 sqft multi-family home built in 1981.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Dana Brody, Dana Brody, DRE #01429001

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.