4061 Melrose Avenue, Los Angeles, CA 90029
Property
Sold June 2023
Listing Agent: Roderick 'Rick' Raymundo (DRE #01357019) · Listing Office: Marcus & Millichap · Contact: 818-212-2700 · Bought with: Roderick 'Rick' Raymundo · Marcus & Millichap · MLS #23258955 · Source: CRMLS
About this property
Situated near the end of a major city thoroughfare, the property allows tenants walkable access to many of the hip boutiques and restaurants in the improving neighborhood, including Sqirl, Jewel, Voodoo Vin, Melody, and Courage Bagels. Rents have steadily risen in this area, and demand for more private, bungalow-style units like the ones offered at 4061 Melrose Avenue remains high. Thus, a new owner may be able to recapture approximately 66% in rent upside, as the property's rents currently average only $1.73 per square foot while area rents typically eclipse $3.00, and occasionally $4.00, per square foot. Many of the bungalows and the large duplex in the rear of the property feature in-unit washer/dryers and individual water heaters, with some units upgraded to tankless water heaters. Custom built-in shelving is included in several apartments, while all units also boast dual entry. Almost all of the plumbing has already been replaced with copper pipes, and the electrical system has been upgraded as well. Building foundations were bolted in recent years, and the property is not included on the LADBS seismic retrofit list (Buyer to verify). There are 10 open parking spaces for residents, with a newly paved private driveway on each side of the property. The owner recently replaced both the main sewer line and the water main, replaced three roofs, added new ceiling insulation, and added six new patios and security lights. In addition to the numerous destinations within walking distance in Virgil Village, the property sits adjacent to some of the most popular neighborhoods in the city, including Silver Lake, Echo Park, Hollywood, Larchmont Village, and Hancock Park. Los Angeles City College is just two blocks west of the property, while tenants can also access the 101 Freeway a few blocks further. An Erewhon grocery store and a Target are both less than one mile away, allowing tenants convenient shopping options.
Listing description from the June 2023 sale, as reported to CRMLS.
Sale history