4071 Melrose AVE #1 Los Angeles, CA 90029
7,108 Sqft Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB25000692
HOA Y/N No
Year Built 1981
Lot Size 7,108 Sqft
Property Sub-Type Apartment
Property Description
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.
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Interior
Heating Electric
Cooling Wall/Window Unit(s)
Fireplaces Type None
Fireplace No
Laundry Washer Hookup, Gas Dryer Hookup
Exterior
Pool None
Community Features Biking, Curbs
Total Parking Spaces 10
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5539020032
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
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