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4015 Melrose Ave, Los Angeles, CA 90029
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4015 Melrose Ave Los Angeles, CA 90029

$7,450,000 Sold Price as of 12/23/2021
  • 12 Beds
  • 44 Baths
  • 27,796 Sq.Ft.
Sold
$7,450,000 Sold Price as of 12/23/2021 Refinance Your Mortgage
Map preview of 4015 Melrose Ave, Los Angeles, CA 90029

Property Overview: 4015 Melrose Ave Los Angeles, CA has 12 bedrooms, 44 bathrooms, 27,796 living square feet and 9,309 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: This is a great opportunity to purchase a value-add apartment building in the desirable Virgil Village neighborhood of East Hollywood. Adjacent to Silverlake, this striking 4-story structure features 44 units iwth a diverse unit mix, an elevator, laundry room, separately metered electric and a solar water heating system.

Listed by Bryan Glenn | BRE #01441095 | Kidder Mathews of California, Inc.
Last checked: 14 minutes ago | Last updated: March 30th, 2024 | Source CRMLS | DOM: 52

Home details

Lot Sq. Ft
9,309
HOA Dues
$0/mo
Year built
1928
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
21753634
City
Los Angeles
County
Los Angeles
Time on Site
1181 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 44
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 12
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,281
  • Total Rent: $15,372
  • Pro Forma/Market Rent: $15,372
Unit Breakdown 2
  • # of Units: 28
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,015
  • Total Rent: $28,420
  • Pro Forma/Market Rent: $28,420
Unit Breakdown 3
  • # of Units: 4
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $710
  • Total Rent: $2,840
  • Pro Forma/Market Rent: $2,840
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: 13.97
  • Gross Scheduled Income: --
  • Net Operating Income: $270,525
  • Gross Operating Income: $545,148
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 4015 Melrose Ave

Interior Features
Cooling Information
  • No Cooling
  • None
Lot Details / Garage and Parking
Parking/Garage Information
  • No
  • Parking Features: None
Property Information
  • Total # of Units: 44
  • Parcel Number: 5539020014
Location / Neighborhood
Location Information
  • Directions: On Melrose just west of Virgil Avenue.
View more facts & features

Local Los Angeles Agent

Sale History for 4015 Melrose Ave

Last sold for $7,450,000 on December 23rd, 2021

  • March, 2024

  • Mar 29, 2024

    Date

    Expired

    CRMLS: 23320015

    $8,295,000

    Price

  • Oct 10, 2023

    Date

    Active

    CRMLS: 23320015

    $8,295,000

    Price

  • Listing provided courtesy of CRMLS

    *Attractive Assumable Loan 3.1% Interest Rate* 4015 Melrose Ave is a unique 44-unit opportunity ideally positioned in the trendy and highly desirable Virgil Village neighborhood of East Hollywood. Originally constructed in 1928, this Property is a charming and well-maintained 4-story structure with a gross building area of approximately 27,796 square feet and a lot size of approximately 9,309 square feet. 4015 Melrose features a strong unit mix of 12 one-bedroom, one-bath units, 28 spacious studios, and 4 bachelors units. The property is also located in a qualified opportunity zone, offering potential tax benefits (buyer to confirm). 4015 Melrose Ave presents the opportunity for an investor to acquire a tremendous value-add opportunity in a high-demand rental market. A select number of units have been beautifully renovated, and there is still significant upside potential, allowing a new investor the opportunity to add value through additional renovations. Unit interiors included spacious, open floor plans, walk in closets, storage space, and tall windows. Upgraded units feature new flooring, beautifully upgraded kitchens and bathrooms, and new ceiling fans and light fixtures. Additionally, current ownership recently installed new flooring and lighting in all common areas. The property is separately metered for electricity, features a solar water heating system, and benefits from secured access and an on-site laundry room. While the property has undergone some upgrades, through a systemic interior renovation program, an investor will have the opportunity to capture market rents and capitalize on the remaining rental upside.4015 Melrose Ave is positioned in the heart of the highly sought after and trendy neighborhood of Virgil Village in East Hollywood, nearby Silver Lake, Hollywood, and Koreatown. The property is a Walker's Paradise, conveniently located amongst nearby amenities including critically acclaimed restaurants, trendy bars, shops, entertainment venues, and local transportation. Tenants are positioned on Melrose Avenue and are only steps away from Virgil Avenue which is known for Los Angeles' hottest eateries including Squirl, Courage Bagels, Melody, Bolita and more. Further, the Property is centrally located with easy access to the 101 Freeway and near major employment centers including Downtown LA, Hollywood, Mid-Wilshire, West Hollywood, Beverly Hills, and Century City. Located in a rapidly developing area with immense economic growth, 4015 provides investors with the opportunity to acquire an exceptionally located, well-maintained asset with significant upside potential.

  • September, 2021

  • Sep 1, 2021

    Date

    Active

    CRMLS: 21753634

    $7,850,000

    Price

  • Aug 28, 2021

    Date

    Withdrawn

    CRMLS: 21753634

    $7,850,000

    Price

  • Jul 13, 2021

    Date

    Pending

    CRMLS: 21753634

    $7,850,000

    Price

  • Jun 26, 2021

    Date

    Active

    CRMLS: 21753634

    $7,850,000

    Price

  • June, 2002

  • Jun 24, 2002

    Date

    Sold (Public Records)

    Public Records

    --

    Price

Show More

Tax History for 4015 Melrose Ave

Assessed Value (2020): $962,058
Year Land Value Improved Value Assessed Value
2020 $523,213 $438,845 $962,058

Home Value Compared to the Market

This property vs the competition

4015 Melrose Ave sold on December 23, 2021 for 600.89% higher than the current median sold price for the city of Los Angeles which is $1,120,000. The median sold price per/sqft for Los Angeles is $724 and this home is sold at $282.41 per/sqft which puts the price per square foot 60.99% lower than the current median sale per square foot for the city of Los Angeles.

About 4015 Melrose Ave

Detailed summary of property

4015 Melrose Ave is a multi family that recently sold in Los Angeles, CA 90029. This multi family property offered 12 bedrooms, 44 bathrooms, roughly 27,796 living square feet, and sits on an approximately 9,309 square foot lot. 4015 Melrose Ave was first listed on ArdentRealEstateGroup.com on June 26, 2021. The homeowner sold the property for $7,450,000. Home in Los Angeles are selling for a median price of $1,120,000 and a median price per square foot of $724. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 600.89% higher than the current median priced home. Local homes that are currently for sale include 1534 S Shenandoah St, 1904 S Robertson Blvd and 3018 W 67th St. While the average home in Los Angeles, CA is selling in 106 days, 4015 Melrose Ave has a days on market of 52 days. There are currently 4052 homes for sale in the Los Angeles real estate market and 2782 of them are single family homes while 1148 of them are condos and 116 are townhomes. For more information on this home for sale at 4015 Melrose Ave Los Angeles, CA 90029 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 4015 Melrose Ave

Public county record property details
Beds
--
Baths
--
Year built
1928
Sq. Ft.
27,796
Lot Size
9,309
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
436
APN
5539-020-014

The source for these homes facts are from public records.

90029 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,022,990
Median List Price/Sq.Ft.
$737
Median Sold Price
$672,500
Median Sold Price/Sq.Ft.
$724
Total Inventory
32
Median Sale to List Price %
105.24%
Avg Days on Market
16
Loan Type
Conventional (0%), FHA (0%), VA (0%), Cash (33.33%), Other (0%)

Thinking of Selling?

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(714) 706-1823

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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