The building will be delivered with five vacant units, one of which is substantially renovated, and one partially renovated. There is over 90% rental upside from the as-is rents to the market rents including the two ADUs. The property is comprised of nine units and will be delivered with RTI plans for two ADUs. These plans also encompass the seismic retrofit upgrades since they are in the same location as the ADUs. The concurrent construction will allow for cost savings for the retrofit. The current unit mix consists of (3) two-bedroom, two-bath units and (6) one-bedroom, one-bath units. The upstairs units have balconies, and the downstairs units have the potential to add private patios. The under-utilized front yard could become additional parking spaces or an amenity space. The property currently has 5 single and 3 tandem parking stalls for a total of 11 spaces. In addition to being surrounded by some of the most coveted retail in the city, one of main drivers of the strength of this special Melrose/Fairfax/West Hollywood/Grove intersection is the plethora of high paying jobs created by the entertainment, media and technology companies such as Netflix, CBS, Viacom, and HBO.
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