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Property description
The Brody Group of Marcus and Millichap is very pleased to exclusively offer for purchase The Melrose Villas, a beautifully renovated multi-family asset located in the heart of one of the trendiest, most up and coming neighborhoods in Los Angeles known as Virgil Village. Built in 1981 and then 100% expertly gutted and renovated both inside and out in 2024, 4071 Melrose is a beautifully curated 6-unit multi-family offering that also includes fully approved and paid permits for RTI plans for two additional ADU units, which would bring the total number of units to 8 at completion, as Buyer will be able to start construction on the additional 2 ADU units Day 1 following the close. The six existing fully renovated units feature stainless steel high-end GE appliances, beautiful marble inspired quartz countertops, custom kitchen and bathroom cabinets complete with under cabinet lighting in kitchen, custom herringbone ceramic tile backsplashes, high end white oak-style flooring, recessed lighting throughout, in-unit stackable washer/dryers, new windows, new doors, HVAC, and so much more. Unit mix for the existing six units is one 2+1 and five 1+1 units, of which currently 3 are newly rented ( the 2+1 at $3, 000, front one 1+1 at $2, 850 and one 1+1 at $2, 750) and 3 are vacant, ready to be leased. Approved RTI ADU plans for the two side-by side units to include a large 3+2 unit totaling over 1, 100 feet, estimated to rent for $4, 000 once completed and a 2+2 totaling just under 800 sf projected to rent for $3, 500 per month. With a total projected annual gross income for the eventual 8 units at $292, 200, The Melrose Villas represents a truly excellent income producing multi-family investment opportunity in a super desirable rental pocket. Located in the heart of Virgil Village and boasting a 91 walk score, this perfectly located property is walking distance to so many hot restaurants and nightlife, including Courage Bagels, Sqirl, Voodoo Vin, Melody, Alma's Cider and Beer as well as all the local hotspots in nearby Los Feliz and Silverlake. Built in 1981, The Melrose Villas is only subject to AB 1482, which allows for 8.9% annual rent increases, and once the 2 ADUs are built will offer a very solid 6.4% cap rate and a 10.9 GRM.4071 Melrose, which sits on a very large 7, 108 square foot lot zoned R3, is an amazing multi-family income investment opportunity as it offers a fully gutted and renovated six unit property ready to achieve top market rents, plus RTI and paid for plans and permits for two additional units that will together generate over $292, 000 in gross rents annually in one of the hottest rental pockets in all of Los Angeles!
For more details:
Listed by: Dana Brody
For more details:
Listed by: Dana Brody