$100,000 PRICE REDUCTION! Welcome to 4071 Melrose Avenue, a fully leased and fully renovated 6-unit apartment building located in East Hollywood/Virgil Village, adjacent to Silver Lake. Built in 1981, the property is exempt from LA RSO, subject only to statewide rent control under AB 1482, which allows annual rent increases… Read More of 5% + CPI (approximately 8.9%). The 4,024 sqft building includes (5) 1-bed/1-bath units and (1) 2-bed/1-bath unit. Situated on a 7,110 sqft lot, there is ample space for up to 4 ADUs in the rear parking area, which accommodates up to 10 cars. Recent 2024 upgrades to the units feature in-unit stacked washer/dryers, mini-split HVAC systems, recessed lighting, stainless steel GE appliances, white oak flooring, custom cabinetry, and designer tile and countertops in the kitchens and bathrooms. Additional improvements include a Ratio Utility Billing System (RUBS) for tenant utility charges, as well as new exterior stucco, paint, and fencing. The property also includes RTI permits for two ADUs: (1) 1,141 sqft 3-bed/2-bath unit and (1) 716 sqft 2-bed/2-bath unit. After constructing the ADUs and factoring in construction costs, the property is projected to operate at a 6.62% cap rate as an 8-unit and 7.69% cap rate as a 10-unit. With its prime location and non-rent controlled status, this property presents an excellent opportunity for local investors seeking a low-maintenance, like-new building with significant value-add potential through RTI plans and the possibility of adding up to 4 ADUs. Read Less
Property listed by Lyon Stahl Investment Real Estate, Inc., Robert Sillman [email protected]
Listing Snapshot
Days Online
104
Last Updated
Property Type
Apartment
Lot Size
0.16 Acres
Year Built
1981
MLS Number
SB25000692
30 Days Snapshot Of 90029
$1,132k
-26%
(avg) sold price
5
+400%
homes sold
105
+262%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1981, Building area total: 4,024, Levels: Two, 2 stories, 1 building, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Biking, Curbs
Cooling
WallWindowUnits
Expenses
Operating expense: $60,071
Fireplaces
None
Heating
Electric
Income
Gross income: $193,680, Net operating income: $127,798
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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