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4071 Melrose Avenue
Los Angeles, CA 90029
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.
PROPERTY INFORMATION
| MLS # | 24428271 | Lot Size | 7,110 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 2,750,000
Price Per SqFt: $ 683 |
DOM | 258 Days |
| Address | 4071 Melrose Avenue | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 4,024 Sq. Ft. |
| Postal Code | 90029 | Garage | N/A |
| County | Los Angeles | Year Built | 1981 |
| Bed / Bath | 8 / 0 | Parking | 10 |
| Built In | 1981 | Status | Active |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | Stackable, Inside |
| Has Appliances | Yes |
| Kitchen Appliances | Dishwasher, Disposal, Microwave, Refrigerator |
| Kitchen Information | Remodeled Kitchen |
| Has Heating | Yes |
| Heating Information | Combination |
| InteriorFeatures Information | Ceiling Fan(s), Recessed Lighting |
| Has Spa | No |
| SpaDescription | None |
| SecuritySafety | Gated Community |
EXTERIOR FEATURES
| Has Pool | No |
| Pool | None |
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $2,933
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 08/19/2024 | Listed | $3,200,000 |
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Listing provided courtesy of Dana Brody, Dana Brody. 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.
