12 Units in Melrose Hill! Under 10 GRM
Multifamily | 12 Units | $166,667/unit
Marketing description
Fantastic 12 unit building that has been in the same family since it was built in 1958. The property features a desirable unit mix of 10 spacious (1Br+1Ba) units and 2 (2Br+2Ba) with an average unit size of 775 SF. Offered at under 9.82 GRM on current rents and under $214/SF, the property stands out as an excellent "value add" opportunity with appx. 69% upside in rents, NOT including ADU potential. The property has seismic retrofitting and tuck under and carport parking with ADU potential (Buyer to verify). A new roof was installed in 2025. Laundry and storage rooms in the rear. The property is located just south of Melrose Avenue in the heart of Melrose Hill. Excellent access to LA City College, as well as major employment and lifestyle hubs, including post-production studios, creative office corridors, and media companies, and is only minutes from Paramount Studios. Its central location provides convenient connectivity to Hollywood, Koreatown, Silver Lake and DTLA, making it highly attractive to professionals in the entertainment, tech, and creative sectors! With a Walk Score of 86 ("Very Walkable"), tenants enjoy easy access to nearby restaurants, cafes, and the Metro B Line. Call for a rent roll and marketing package.
Investment highlights
- Offered at under 9.82 GRM on current rents, the property stands out as an excellent “value add” opportunity with appx. 69% upside in rents, NOT including ADU potential.
- Buyer to investigate potential to add multiple ADU’s in parking area.
- 9 rents increased effective 2/1/2026.
- Property was originally built as all 1 Br apartments, and 2 units were legally converted to 2Br+2Ba’s in 1988.
- Near Melrose and Normandie, just blocks from LA City College, Melrose Hill, and Virgil Village. Easy access to the 101 freeway via Melrose.
- Rated ‘Very Walkable’ with a score of 86.
- 1 mile to Courage Bagels to the east and 1 mile to Paramount Studios to the west. Melrose & Western is home to new & trendy spots such as Ggiata Delicatessen, Cafe Telegrama, Cafe Organico, Chainsaw Cafe, Bar Etoile, and more.
- Spacious units averaging over 775 SF each.
- New roof installed in 2025 per Seller.
- Seismic retrofit and foundation bolting was completed in 2018
- 5 tuck under parking spaces, 6 garages, and 1 open space (currently used for trash).
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