4660 Melrose Ave Los Angeles, CA 90029-3929
- High-rise multifamily apartments
- 55,664 SF
- 0.37 lot acres
Jun 04, 2024
Current Use by Public Records
- High-rise multifamily apartments
Property Details for 4660 Melrose Ave
- Year built
- 2022
- Construction
- WOOD
- Lot size
- 0.37 lot acres
- Property size
- 55,664 SF
- Zone code
- LAC2
- Property type
- High-rise multifamily apartments
- APN
- 5521-007-037
- APU
- 5521007037
Description
This stunning, newly constructed (2023) 66-unit apartment building in the highly desirable Melrose Hill neighborhood of Los Angeles offers a compelling investment opportunity. The property, located at 4660 Melrose Avenue, boasts approximately 52,806 square feet on a 16,060 square foot lot. The building features a desirable unit mix including five studios, fifty-one one-bedroom/one-bathroom units, and ten two-bedroom/two-bathroom units. Each unit is meticulously designed with modern finishes, including open floor plans, quartz countertops, premium appliances, in-unit washer/dryers, central air conditioning, recessed LED lighting, and luxury hardwood flooring. Select units offer private balconies. Building amenities include a fully equipped gym, a rooftop deck with city views, secured access entry, and gated parking with 68 spaces, including EV charging stations. The property is zoned LAC2 and has an APN of 5521-007-037. The asking price is $30,950,000, representing a price per square foot of $586.11 and a price per unit of $468,939.39. The property's Net Operating Income (NOI) is $1,413,968, resulting in a 4.57% cap rate. Seller financing is available for 18 months at 4% interest only with 40% down. The building's prime location provides easy access to major employment centers, including Hollywood, Downtown Los Angeles, Wilshire Center, Beverly Hills, and West Hollywood, with convenient access to the 101 Freeway. The surrounding area offers a wealth of amenities, including renowned restaurants, shops, nightlife, and cultural attractions. This property presents a rare opportunity to acquire a high-quality, newly constructed multifamily asset in one of Los Angeles' most sought-after neighborhoods. The first year's rent is guaranteed, providing immediate cash flow stability.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,200,000
- ML approach
- $2,200,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $2,955,000
Market price range: $1.96M - $3.93M
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Location Insight
- Map
- Local Demand
- City
- Los Angeles
- County
- Los Angeles
- State
- California
- Longitude
- -118.302
- Latitude
- 34.0833
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
