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Diego Magdaleno

diego@1visionproperties.com +1(714) 376-8652

$2,750,000

Est. payment - /mo

7,108 Sqft Lot

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UPDATED:

01/17/2025 08:17 PM

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

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 not subject to LA RSO, only statewide rent control AB 1482, which allows for annual rent increases of 5% + CPI (approx. 8.9%). The 4,024 sqft building features (5) 1-bed/1-bath units and (1) 2-bed/1-bath and is complemented by a large 7,110 sqft lot that offers space for up to 4 ADUs in the rear parking lot that fits up to 10 cars. Recent 2024 upgrades to the units comprise of 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) that charges tenants back for their share of utilities, and new exterior stucco, painting, and fencing. Beneficial to the buyer, there are RTI permits for 2 ADUs, (1) 1,141 sqft 3-bed/2-bath & (1) 716 sqft 2-bed/2-bath unit. After building the ADUs and factoring in construction costs, the property will operate at a 6.42% CAP as an 8-unit and 7.48% CAP as a 10-unit. With its prime location, this non-rent controlled property offers an excellent opportunity for a local investor seeking a low-maintenance, like-new building with value-add potential through RTI plans and the possibility of adding up to 4 ADUs via SB 1211. Buyer to investigate & verify all information, including, but not limited to, bed/bath count, square footages, permits, rent control, ADUs, and potential uses.

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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Listed by Robert Sillman • Lyon Stahl Investment Real Estate, Inc. • bobby@lyonstahl.com

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4071 Melrose AVE #1 Los Angeles, CA 90029