Retail
FOR SALE
4318-4330 Melrose Avenue
658 Heliotrope Drive
Los Angeles, CA 90029
Asking Price
$8,900,000
Building Size.
13,540 SF
Lot Size
27,526 SF
Zoning
LAC2 and LAR3
PROPERTY OVERVIEW
Maher Commercial Realty is pleased to present an exceptional investment and land banking opportunity at 4318 Melrose Avenue and 658 Heliotrope Drive. This offering includes two parcels with a total price of $8,900,000, broken down as $7,400,000 for the Melrose store-front retail center and $1,500,000 for the Heliotrope parcel.
Situated on a combined 27,526-square-foot lot, the Melrose parcel includes a 13,540-square-foot multi-tenant retail and office building on a 17,926-square-foot parcel, which supports the development of up to 77 residential units using TOC incentives. The building consists of seven total spaces, two of which are currently vacant. The Heliotrope parcel, which currently serves as dedicated parking for the existing tenants, supports the development of an additional 55 units. Together, both parcels provide a unique land bank opportunity for a future development of up to 132 residential units.
Current leases on the Melrose parcel have all leases expiring within the next year, creating an opportunity to blend and extend for the highest possible income. The property provides a total of 38 parking spaces, including an additional lot across the alley, enhancing accessibility and usability for tenants and future development. The building consists of five leased spaces on short-term gross or modified gross leases, offering an investor flexibility to reposition or redevelop the site over time.
Strategically positioned at the prominent corner of Melrose Avenue and Heliotrope Drive, this property benefits from high visibility and strong traffic counts, just two blocks from the 101 Freeway. The surrounding area continues to see steady growth, with neighboring attractions including a comedy theater, art galleries, and the trendy Virgil Village dining scene featuring Sqirl, Courage Bagels, Budonoki, Melody, and Voodoo Vin. The Erewhon Silver Lake market is just a 5-minute drive away, further cementing the area's appeal.
Additionally, the property offers excellent transit access, located between two Metro Red Line stations, providing seamless connectivity to Downtown Los Angeles, North Hollywood, and Koreatown. Major landmarks such as Dodger Stadium, Hollywood Bowl, and Griffith Park are within a 10-minute drive, making this a highly desirable location for future residential or mixed-use development.
With its prime location, substantial development potential, and strong existing tenant base, 4318 Melrose Avenue and 658 Heliotrope Drive present a rare opportunity for investors looking to land bank a corner site in one of Los Angeles' most vibrant and evolving neighborhoods.
ABOUT THE PROPERTY
ASKING PRICE:
BUILDING:
LOT SIZE:
PARKING:
ZONING:
PRICE PER SQ.FT. (BUILDING):
PRICE PER SQ.FT. (LAND):
APN:
$8,900,000
13,540 Sq.Ft.
27,526 Sq.Ft.
38 Spaces
LAC2 and LAR3
$657.31
$323.33
5538-030-013
5538-030-019
KEY HIGHLIGHTS
Total Purchase Price Breakdown – $8,900,000 total price, with $7,400,000 allocated to the Melrose store-front retail center and $1,500,000 allocated to the Heliotrope parcel.
Prime Land Banking Opportunity – Two combined parcels totaling 27,526 SF with LAC2 and LAR3 zoning, allowing for future development of up to 132 residential units.
Multi-Tenant Retail Property – 13,540 SF of existing retail improvements with seven units, currently two vacancies, providing strong income potential and flexibility for repositioning.
Ample Parking – A total of 38 parking spaces, including a dedicated lot and an additional lot across the alley, ensuring excellent accessibility for tenants and customers.
High-Visibility Corner Location – Situated at the intersection of Melrose Avenue and Heliotrope Drive, benefiting from strong foot traffic, vehicle exposure, and proximity to major transit corridors.
Excellent Connectivity – Just two blocks from the 101 Freeway and located between two Metro Red Line stations, offering seamless access to Downtown LA, North Hollywood, and Koreatown.
Surrounded by Popular Amenities – Steps from trendy Virgil Village and dining hotspots like Sqirl, Courage Bagels, Budonoki, Melody, and Voodoo Vin. Erewhon Silver Lake is just a 5-minute drive away.
Vibrant Cultural Hub – Across from a theater and art gallery that attract consistent foot traffic, enhancing the area’s appeal for retail and mixed-use development.
Short-Term Leases in Place – Majority of the existing tenants are on short-term gross or modified gross leases, providing an investor with flexibility for repositioning, redevelopment, or lease-up.
Vibrant Cultural Scene: Situated in East Hollywood, the property benefits from a rich cultural tapestry, including nearby neighborhoods like Virgil Village and Melrose Hill, each offering unique historical and cultural significance.
Proximity to Melrose Avenue Attractions: Located directly on Melrose Avenue, the property is part of a renowned shopping, dining, and entertainment district that stretches from West Hollywood to Silver Lake, attracting both locals and tourists.
Access to Public Transportation: The area is well-served by public transportation, with several Metro bus lines operating on Melrose Avenue, providing convenient access to various parts of Los Angeles.
Educational Institutions Nearby: The property is in close proximity to educational institutions such as Los Angeles City College, offering potential opportunities for student housing or services catering to the academic community.
Proven Track Record of Success
Maher Commercial Realty has a proven track record of selling retail buildings throughout Los Angeles. Recent transactions include the sale of 3755 Beverly Blvd, 5214 W. Sunset Blvd, 5609 W. Sunset Blvd, 1110 N. Virgil Avenue, 3303 Sunset Blvd, 4850 Hollywood Blvd. and we are currently in Escrow on 2829-2843 Hyperion Avenue. Each of these properties presented unique challenges which our team skillfully navigated to deliver top-notch results for our clients.
5214 W. Sunset Blvd.
Los Angeles, CA 90027
5609 W. Sunset Blvd.
Los Angeles, CA 90027
1110 N. Virgil Avenue
Los Angeles, CA 90029
3303 Sunset Blvd.
Los Angeles, CA 90026
4850 Hollywood Blvd.
Los Angeles, CA 90027
3755 Beverly Blvd.
Los Angeles, CA 90004
In Escrow:
2829-2843 Hyperion Avenue
Los Angeles, CA 90027
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