4330 Melrose Ave
Los Angeles, CA 90029
Land For Sale · 0.63 AC

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. 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 150 residential units using CHIP TOIA T2. 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 91 units using ED-1 and 55 units using AB 2335. Together, both parcels provide a unique land bank opportunity for a future development of up to 241 residential units in prime East Hollywood. 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.