$10,000 Closing Credit¹
#PW24067859, Elizabeth Ramirez, Listing Office: Bricxone Realty, Inc.
$2,650,000 List price
4071 Melrose Ave Unit 1 Los Angeles, CA 90029
0.2 acres
Condo
Property details
About 4071 Melrose Ave Unit 1
$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.
Highlights
Home typeCondominium
HeatingElectric
StatusActive
CoolingWall/Window Unit(s)
Lot size0.1632 Acres
Year built1981
MLS #SB25000692
Summary
- MLS Number: SB25000692
- MLS Name: CRMLS
- Office Name: Lyon Stahl Investment Real Estate, Inc.
- Office Email: bobby@lyonstahl.com
- Listing Agent: Robert Sillman
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 4/15/2025, 2:21:01 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$2,650,000
4071 Melrose Ave Unit 1
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Price information
Property sales
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Tax history
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Nearby schools
7
Dayton Heights Elementary School
Public District KG-5
0.1 mi
•607 N Westmoreland Ave
4
Lockwood Avenue Elementary
Public District KG-6
0.4 mi
•4345 Lockwood Ave
6
Dr. Sammy Lee Medical and Health Science Magnet
Public Magnet KG-5
0.7 mi
•3600 Council St
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $30,857. The most common annual income of people living in Los Angeles, CA is less than $<35k. The majority of families are single, no kids. Most residents in this area have high school diploma education.
How much money do the neighbors make?
56%
<35k
34%
35k-100k
9%
100k-200k
1%
200k+
What level of education do the neighbors have?
High School Diploma
Post Secondary Degree
Masters Degree
What types of families live nearby?
48%
Single, No Kids
19%
Single, with Kids
12%
Married, No Kids
21%
Married, with Kids
Are the neighbors home owners or renters?
Home Owners
Renters
How old are people in this area?
16%
<11 yrs old
9%
12-17 yrs old
33%
18-34 yrs old
37%
35-64 yrs old
5%
65+ yrs old
What do the neighbors do for fun?
Pro Boxing
Major League Soccer (MLS)
Mexican League Soccer
Where do the neighbors shop?
H&M
Burlington
Foot Locker
Where do the neighbors go to eat?
Boston Market
White Castle
Popeyes
What do the neighbors drive?
Honda
Kia
Nissan
What do the neighbors listen to?
Rhythmic Contemporary Hits
Urban Adult Contemporary
All data provided by Home Junction and Claritas
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Frequently asked questions
About 4071 Melrose Ave Unit 1
This home is located at 4071 Melrose Ave Unit 1 in Los Angeles, CA and zip code 90029 in the Central LA neighborhood. Features: 0 bathroom. It has been listed on Rocket Homes since January 6, 2025 and is currently priced at $2,650,000.
In March 2025, from all listings sold in Los Angeles, CA there were more than 302 sold above asking price, over 322 sold below and more than 116 were sold right at the asked price. The number of listings in Los Angeles, CA increased by 13.7% between February and March 2025. In March 2025, listings were on the market for 39 days. During the same period, the median list price in this real estate market was $940,937.
From Rocket Homes Real Estate and based on county public records data.