4318 Melrose Avenue
Los Angeles, CA 90029
- – beds
- – baths
- – sqft
- ~3/4 acre lot
- – on site
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.
Last checked:
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Last updated Apr 16, 2025
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MLS# 25522489 —
This property is listed in more than one place. See it here.
The Building
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New Construction:No
Location
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Directions:West on Santa Monica Blvd, South on Heliotrope Drive
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Latitude:34.08319200
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Longitude:-118.29499200
The Property
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Property Type:Land
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Zoning:LAC2
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Lot Features:Corners Marked
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Lot Size Area:27526.0000
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Lot Size Dimensions:124x145
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Lot Size Acres:0.6319
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Lot Size SqFt:27526.00
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Lot Size Source:Other
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View:None
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Additional Parcels:Yes
Listing Agent
- Contact info:
- No listing contact info available
The Listing
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Special Listing Conditions:Standard
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Parcel Number:5538030019
The Community
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Association:No
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Senior Community:No
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Assessments:No
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
4/8/25
Apr 8, 2025
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Listed / Active | CRMLS_CA | $8,900,000 |
