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Listed by Robert Sillman • Lyon Stahl Investment Real Estate, Inc.
$ 2,425,000
Est. payment | /mo
7,110 Sqft Lot
$ 2,425,000
Est. payment | /mo
7,110 Sqft Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB25000692
Year Built 1981
Lot Size 7,110 Sqft
Source California Regional MLS
Property Description
MOTIVATED SELLERS - $325,000 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 7.27% cap rate as an 8-unit and 8.34% cap rate as a 10-unit. With i
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Interior
Heating Electric
Cooling Window / Wall Unit
Laundry Gas Hookup, 30
Exterior
Garage Spaces 10.0
Pool None
Building
Water District - Public
Others
Tax ID 5539020032
Special Listing Condition Not Applicable
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