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Listed By:
Lyon Stahl Investment Real Estate, Inc., bobby@lyonstahl.com, Robert Sillman
Local Realty Services Provided By:
Keller Williams Realty Los Feliz
Overview
What It'll Cost
Neighborhood
Similar Homes
4071 Melrose Avenue #1, Los Angeles, CA 90029
Price Drop:
$100,000
(1 day ago)
4071 Melrose Avenue #1, Los Angeles, CA 90029
Estimation provided by Keller Williams Realty Inc.
Active
For Sale
Property Description
$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 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.
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.
Property Details
Compare This Home
Overview
Property Type
Apartment
Property Size
Year Built
1981
Days on Site
79 Days
HVAC
Wall/Window Unit(s), Electric
Parking
10 Parking Spaces
Activity History
VIEWS
SAVES
SHARES
Data provided by Keller Williams Realty, Inc.
Upcoming Open Houses
(Local time)
No open houses are currently scheduled for this property. Don't worry - you can always schedule a tour, or get additional help from your agent.
Estimated Monthly Payment
Purchase Price:
$2,650,000
Principal + Interest
Property Tax
Home Insurance
HOA/Condo Fee
Mortgage Insurance
Monthly Payment
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Price & Tax History
Date
Event
Price
03/25/2025
Price Decrease
(-3.64% )
01/06/2025
Listed
(+98.56% )
07/18/2023
Sold
Year
Property Tax
Assessed Value
Assessed Value is a combination of the land and additions.
2023
(+4.38% )
Land 209,409 +
Additions 389,183
2022
(+1.39% )
Land 201,278 +
Additions 374,071
2021
(+2.77% )
Land 201,278 +
Additions 374,071
2019
(+5,864,976.92% )
Land 199,215 +
Additions 370,236
2017
Land 187,726 +
Additions 348,883
The Property History data displayed is obtained from public records and/or MLS feeds from the local jurisdiction in which the applicable property is located. As kw.com cannot guarantee that all public records and MLS data is accurate and error-free, it is important that you contact your agent directly in order to obtain the most up-to-date information available.
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Transit & Commute
Estimated commute times from Virgil Village
Car-Dependent
Walkable
Very Walkable
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