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The Melrose Villas 4071 Melrose Ave

6 Unit Apartment Building $3,898,042 CAD ($649,674 CAD/Unit) 5% Cap Rate Los Angeles, CA 90029

Investment Highlights

  • Completely Gutted & Remodeled Six Unit Apartment Offering in Prime Virgil Village + RTI Plans for 2 ADUs - One 3+2 and one 2+2
  • 100% Remodeled Units - GE Stainless Steel Appliances, Quartz Countertops, Recessed Lights, In-Unit Washer/Dryers
  • RTI ADU Plans Delivered with Permits Paid For - Buyer Can Start Construction Day 1 After Close -Future Annual Gross Over $292,000
  • 91 Walk Score - Walk to Courage Bagels, Erewhon, Voodoo Vin, Sqirl, Alma's, Melody and Many More
  • 5% Cap Rate & 14 GRM on 6 Unit on In-Place Income - Prime Rental Pocket of Virgil Village
  • Amazing Opportunity to Acquire Six Redone Units + RTI Plans for 2 More Units - Excellent Income Stream Now and In the Future

Executive Summary

Six Units Built in 1981 & Totally Renovated in 2024! Offered 100% Turnkey - Rented w/ New Leases & RUBS Program in Place | Not subject to LA County RSO

We are excited to present The Melrose Villas, a fully turnkey 6-unit multi-family property located in the heart of Virgil Village, one of Los Angeles’ most vibrant and sought-after neighborhoods. With a Walk Score of 91, this prime location is just steps away from popular local hotspots such as Courage Bagels, Sqirl, Voodoo Vin, Melody, Alma's Cider and Beer, and many more. Nearby neighborhoods like Los Feliz, Echo Park, and Silverlake also offer an array of dining destinations including Pine and Crane, 33 Taps, Night + Market Song, All Day Baby, Intelligentsia, and Daybird. The Melrose Villas offers a unique opportunity for savvy investors to acquire a fully stabilized, income-generating multi-family property in an exceptionally desirable rental market, with significant rental growth projected over the next decade.

The six fully renovated units are move-in ready and feature top-tier finishes, including stainless steel GE appliances, marble-inspired quartz countertops in kitchens and bathrooms, custom cabinetry with under-cabinet lighting, herringbone ceramic tile backsplashes, white oak-style flooring, recessed lighting, in-unit stackable washer/dryers, new windows and doors, HVAC systems, and much more. In addition, the sale includes approved plans and permits for two side-by-side ADU units to be built at the rear of the property with the option to build only one or both ADU’s. One ADU will be a 3-bedroom, 2-bath unit spanning over 1,100 square feet, projected to rent for $3,800 per month. The second will be a 2-bedroom, 2-bath unit just under 800 square feet, estimated to rent for $3,200 per month.

Built in 1981, The Melrose Villas is only subject to AB 1482, allowing for annual rent increases of up to 8.9%. The existing six units are poised to deliver a solid return on investment through robust rent growth over time, with even more income potential if the new owner chooses to build the approved ADUs. Located at 4071 Melrose, on a generous 7,108 square foot RD 1.5-zoned lot, this property offers an excellent opportunity to acquire a completely renovated and leased 6-unit property with strong in-place income, plus RTI plans for two additional units in one of Los Angeles’ most desirable rental markets.

Property Facts

Price $3,898,042 CAD
Price Per Unit $649,674 CAD
Sale Type Investment
Cap Rate 5%
Sale Conditions 1031 Exchange
Gross Rent Multiplier 14
No. Units 6
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.16 AC
Building Size 4,024 SF
No. Stories 2
Year Built 1981
Parking Ratio 1.74/1,000 SF
Opportunity Zone Yes

Unit Amenities

  • Air Conditioning
  • Dishwasher
  • Washer/Dryer
  • Ceiling Fans
  • Eat-in Kitchen
  • Kitchen
  • Stainless Steel Appliances

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 5 $3,788 CAD 650
2+1 1 $4,252 CAD 774
Walk Score ®
Walker's Paradise (91)
Bike Score ®
Very Bikeable (72)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
5539-020-032
Land Assessment
$1,413,432 CAD
Improvements Assessment
$534,432 CAD
Total Assessment
$1,947,864 CAD

zoning

Zoning Code LARD1.5
LARD1.5
  • Listing ID: 32893932

  • Date on Market: 2024-08-20

  • Last Updated:

  • Address: 4071 Melrose Ave, Los Angeles, CA 90029

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