4318 Melrose Avenue
Los Angeles, CA 90029
Listing provided courtesy of: Maher Commercial Realty
Property Description
We are pleased to present an exceptional investment and land banking opportunity at 4318 Melrose Avenue and 658 Heliotrope Drive, offered at $8,900,000, $7,400,000 for the Melrose store-front retail center and $1,500,000 for the Heliotrope parcel. Situated on a combined 27,526 SF lot with LAC2 and LAR3 zoning, the property allows for a future development of up to 241 residential units (the Melrose parcel can accommodate building 150 units using CHIP TOIA T2 and the Heliotrope parcel can accommodate the development of 91 units using ED-1 and 55 units using AB 2335), that's less that $37,000 per buildable door for prime East Hollywood. The existing improvements include a 13,540 SF multi-tenant retail and office building with seven units, two currently vacant, offering strong income potential and immediately expiring leases that allow for favorable renegotiation. The Heliotrope parcel serves as dedicated tenant parking with 38 total spaces. Strategically positioned at a high-visibility corner, the property is just two blocks from the 101 Freeway and between two Metro Red Line stations, ensuring excellent accessibility. Surrounded by the vibrant Virgil Village dining scene, Erewhon Silver Lake, and cultural hotspots, this offering presents an unparalleled opportunity for investors seeking strong cash flow, value-add potential, and long-term redevelopment in one of Los Angeles' most dynamic neighborhoods.
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Features:
Corners Marked
| Price: | $8,900,000 |
| Interior (SQFT): | 27,526 |
| Lot Size (SQFT): | 27,526 |
| Property Type: | Land |
Listing provided courtesy of: Maher Commercial Realty. 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. Based on information from California Regional MLS. 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. © 2025 by California Regional MLS. All rights reserved. Listing last updated on 04/29/2025 17:12:11
