Homes for sale - 4071 Melrose AVE, Los Angeles, CA 90029

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Rick Lee

rickjleehomes@gmail.com +1(714) 943-1598

$ 2,750,000

Est. payment -/mo

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4071 Melrose AVE Los Angeles, CA 90029

8 Beds

6 Baths

4,024 SqFt

UPDATED:

12/05/2024 03:44 AM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 4,024 sqft

Price per Sqft $683

MLS Listing ID 24428271

Bedrooms 8

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1981

Lot Size 7,108 Sqft

Property 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 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.

Location

State CA

County Los Angeles

Area C21 - Silver Lake - Echo Park

Zoning LARD1.5

Interior

Interior Features Ceiling Fan(s), Recessed Lighting

Heating Combination

Fireplace No

Appliance Dishwasher, Disposal, Microwave, Refrigerator

Laundry Inside, Stacked

Exterior

Parking Features Controlled Entrance, Gated

Pool None

Community Features Gated

View Y/N Yes

View City Lights

Total Parking Spaces 10

Private Pool No

Building

Faces South

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Construction Status Updated/Remodeled

Others

Senior Community No

Tax ID 5539020032

Security Features Gated Community

Acceptable Financing Cash

Listing Terms Cash

Financing Cash

Special Listing Condition Standard

Listed by Dana Brody • Dana Brody

Rick Lee

Team Leader | License ID: 02130981

+1(714) 943-1598

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Rick Lee

4071 Melrose AVE Los Angeles, CA 90029

Key Details

Location

Interior

Exterior

Building

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4071 Melrose AVE