4071 Melrose Avenue
$2,750,000
8
6
4,024
4,024
$683
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.
- Listed by Dana Brody • DRE #01429001 • Brokerage DRE #01429001 • Dana Brody
Property Details for 4071 Melrose Avenue
Water Front
None
ZoningLARD1.5
Parcel Number5539020032
Total Units6.0
Living Area4024
Source Living AreaPlans
AreaSilver Lake (671)
Vacancy RateLeasing
LISTING UPDATED: 10/23/2024 08:24 AM
Property Details for 4071 Melrose Avenue
Status | Active |
---|---|
MLS # | 24-428271 |
Days on Market | 95 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1981 |
Lot Size | 0.16 AC / 7,110 SF |
County | Los 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
Property History for 4071 Melrose Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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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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