4071 Melrose AVE Active Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90029
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
Rooms
Ensuite Laundry Inside,Stacked
Interior
Interior Features Ceiling Fan(s),Recessed Lighting
Laundry Location Inside,Stacked
Heating Combination
Fireplace No
Appliance Dishwasher,Disposal,Microwave,Refrigerator
Laundry Inside,Stacked
Exterior
Garage Controlled Entrance,Gated
Pool None
Community Features Gated
View Y/N Yes
View City Lights
Parking Type Controlled Entrance,Gated
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