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4061 Melrose Ave, Los Angeles, CA 90029
$1,950,000
4061 Melrose Ave, Los Angeles, CA 90029View this property at 4061 Melrose Ave, Los Angeles, CA 90029
4061 Melrose AveLos AngelesCA90029
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Property Description
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.
Full Property Details
Full Property Details for 4061 Melrose Ave
General
- Sold For: $1,950,000
- Status: Closed
- Type: Multi-Family
- MLS ID: 23-258955
- Added to Site: 434 day(s) ago
Rooms
Bathrooms
- Total Bathrooms: 10
Bedrooms
- Total Bedrooms: 10
Additional Information
- Other Features: Other
Parking
- Garage Description: Assigned
Location
- Area: Silver Lake - Echo Park
- County: Los Angeles
- Driving Directions: We are pleased to announce the opportunity to purchase 4061 Melrose Avenue, a 10-unit multifamily property located in the trendy Virgil Village neighborhood of Los Angeles, CA.
Heating & Cooling
- Cooling Type: Other
- Heating Type: Other
Structural Information
- # Buildings: 9
- Stories/Levels: 2
- Square Feet: 6,768
- Sq. Ft. Source: Vendor Enhanced
- Year Built: 1923
- Year Built Source: Vendor Enhanced
Unit Information
- Units in Complex: 10
- Unit Type: 2106, 2107
Unit 1
- Total Bathrooms: 1
- Bedrooms: 1
Unit 2
- Total Bathrooms: 1
- Bedrooms: 1
Additional Structures
- Other Structures: Other
Lot Features
- Lot Size (Acres): 0.3564
- Lot Size: 15524
- Lot Size Source: Vendor Enhanced
- Zoning: LARD1.5
Financial Considerations
- Price Per Sq. Ft.: $312.5
- Assessment Year: 1923
Disclosures and Reports
- Disclosures/Reports: As Is
- APN: 5539-020-019
Listed and Sold by Marcus & Millichap, Roderick 'Rick' Raymundo
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Schools
Schools serving 4061 Melrose Ave
School District:Los Angeles Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
607 N Westmoreland Ave, Los Angeles, CA 90004 | K-5 | 0.1 mi | |
4201 Fountain Ave, Los Angeles, CA 90029 | 6-8 | 1 mi | |
3939 Tracy St, Los Angeles, CA 90027 | 9-12 | 1.8 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 4061 Melrose Ave
Date
Details
Price
Change
Source
6/23/2023
Sold
$1,950,000
-7.8%
MLS
5/04/2023
Price Reduced
$2,115,000
-3.86%
MLS
4/10/2023
Listed
$2,200,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
4061 Melrose Ave, Los Angeles, CA 90029 (MLS# 23-258955) is a Multi-Family property that was sold at $1,950,000 on June 23, 2023. Want to learn more about 4061 Melrose Ave? Do you have questions about finding other Multi-Family real estate for sale in Silver Lake? You can browse all Silver Lake real estate or contact a Coldwell Banker agent to request more information.