LOS ANGELES – MELROSE AVE. | Melrose Development | C4,
C4-1XL ZONED | PROJECTED ROI UP TO 31%
CURRENTLY OFF-MARKET | $3,400,000
Every Developers Dream Project, Income Producing Development
If you are looking for your next project look no more, this potential development has it all! Located on prime Melrose Ave. in the sought after Melrose District between La Brea and Highland Ave., this development is zoned C4-1XL. It has a 3,000 sq ft vacant building on a 7,091 sqft lot in a Tier 1 Transit Oriented Community. The opportunity is to build 4 separate live-work lofts with 3 bed and 3 bath, approximately 3,000 gross sq ft each.
The property is currently vacant but is still producing outstanding monthly income with a wrap around billboard at $7,500 plus a roof-top billboard at $2,000 and parking $750 all on month to month leases. This property has the potential to pay for itself during construction. Recent sold comps for 2005 build on melrose at $740 per sq ft, rental comp $4.50 per sqft.