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4061 Melrose Avenue
Los Angeles, CA 90029
Sold
4061 Melrose Avenue
Los Angeles, CA 90029
Sold
Situated near the end of a major city thoroughfare, the property allows tenants walkable access to many of the hip boutiques and restaurants in the improving neighborhood, including Sqirl, Jewel, Voodoo Vin, Melody, and Courage Bagels. Rents have steadily risen in this area, and demand for more private, bungalow-style units like the ones offered at 4061 Melrose Avenue remains high. Thus, a new owner may be able to recapture approximately 66% in rent upside, as the property's rents currently average only $1.73 per square foot while area rents typically eclipse $3.00, and occasionally $4.00, per square foot. Many of the bungalows and the large duplex in the rear of the property feature in-unit washer/dryers and individual water heaters, with some units upgraded to tankless water heaters. Custom built-in shelving is included in several apartments, while all units also boast dual entry. Almost all of the plumbing has already been replaced with copper pipes, and the electrical system has been upgraded as well. Building foundations were bolted in recent years, and the property is not included on the LADBS seismic retrofit list (Buyer to verify). There are 10 open parking spaces for residents, with a newly paved private driveway on each side of the property. The owner recently replaced both the main sewer line and the water main, replaced three roofs, added new ceiling insulation, and added six new patios and security lights. In addition to the numerous destinations within walking distance in Virgil Village, the property sits adjacent to some of the most popular neighborhoods in the city, including Silver Lake, Echo Park, Hollywood, Larchmont Village, and Hancock Park. Los Angeles City College is just two blocks west of the property, while tenants can also access the 101 Freeway a few blocks further. An Erewhon grocery store and a Target are both less than one mile away, allowing tenants convenient shopping options.
PROPERTY INFORMATION
| MLS # | 23258955 | Lot Size | 15,524 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 2,115,000
Price Per SqFt: $ 313 |
DOM | 785 Days |
| Address | 4061 Melrose Avenue | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 6,768 Sq. Ft. |
| Postal Code | 90029 | Garage | N/A |
| County | Los Angeles | Year Built | 1923 |
| Bed / Bath | 10 / 0 | Parking | 10 |
| Built In | 1923 | Status | Closed |
| Sold Date | 2023-06-23 |
INTERIOR FEATURES
EXTERIOR FEATURES
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $2,256
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 05/17/2023 | Active Under Contract | $2,115,000 |
| 04/10/2023 | Listed | $2,200,000 |
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Listing provided courtesy of Roderick 'Rick' Raymundo, Marcus & Millichap. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
