Property profile & analytics
4071 Melrose Ave Los Angeles, CA 90029
- Apartment buildings
- 4,024 SF
- 0.16 lot acres
Value Estimations
Cap Rate Potential
Location Intelligence
Property ID
US09-7283217
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Current Use by Public Records
- Apartment buildings
Property Details for 4071 Melrose Ave
- Year built
- 1981
- Construction
- WOOD
- Lot size
- 0.16 lot acres
- Property size
- 4,024 SF
- Zone code
- LARD1.5
- Property type
- Apartment buildings
- APN
- 5539-020-032
- APU
- 5539020032
Description
The Melrose Villas, a meticulously renovated six-unit apartment building in Los Angeles' desirable Virgil Village, presents a compelling investment opportunity. This turnkey property boasts a 5% cap rate on existing income, with potential for a 7% cap rate upon completion of two approved Accessory Dwelling Units (ADUs). Built in 1981 and completely remodeled in 2024, the property features six modern, move-in ready units, each equipped with stainless steel GE appliances, quartz countertops, custom cabinetry, and in-unit laundry. The units range from one to two bedrooms and generate a substantial monthly income of $16,100. Approved plans and permits for two additional ADUs (a 3-bedroom, 2-bathroom unit and a 2-bedroom, 2-bathroom unit) are included in the sale, offering significant future income potential. Situated on a large 7,108 square foot lot zoned R3, the property benefits from a 91 Walk Score, placing it within walking distance of numerous local amenities. The property is subject only to AB 1482, allowing for annual rent increases up to 8.9%. This exceptional offering combines immediate income generation with substantial upside potential in a prime Los Angeles location. The asking price is $2,750,000, representing a price per unit of $458,333.33 and a price per square foot of $683.40. The property's current Net Operating Income (NOI) is $136,544, with a pro-forma NOI of $150,290 after ADU completion. This is a stabilized investment with a strong track record and significant growth potential. The sale is structured to accommodate a 1031 exchange.
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,295,000
- ML approach
- $1,295,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,319,000
Market price range: $459k - $1.32M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $910,000 Current use
- AUTO REPAIR, GARAGE
- $2,185,000 Change: +140% Conversion: Difficult
- OFFICE BUILDING
- $2,020,000 Change: +122% Conversion: Moderate
- MEDICAL BUILDING
- $1,835,000 Change: +101% Conversion: Moderate
- NEIGHBORHOOD: SHOPPING CENTER
- $1,705,000 Change: +87% Conversion: Difficult
- RETAIL STORES
- $1,650,000 Change: +82% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $1,205,000 Change: +32% Conversion: Moderate
- WAREHOUSE, STORAGE
- $1,125,000 Change: +24% Conversion: Difficult
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Los Angeles
- County
- Los Angeles
- State
- California
- Longitude
- -118.289
- Latitude
- 34.0839
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$17,729
$1,005,000
$380,000
$1,385,000
-
$0.00
$0.00
$0.00
