6900 melrose avenue
LOS ANGELES, CA 90038
PRICE
$7,500,000
BUILDING SIZE
6,160 SF
CAP RATE
0.04%
PRICE/SF
(BLDG)
$1,218
LOT SIZE
9,747 SF
PRICE/SF
(LAND)
$769
The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for sale 6900 Melrose Avenue, a 6,160 square foot recording studio situated on 0.22 acres of land (9,747 SF) ideally located on the SW corner of Melrose Avenue and Orange Drive, well positioned along the Melrose Avenue commercial corridor, with daily traffic counts in excess of 49,000 vehicles per day.
6900 Melrose Avenue is an ideal opportunity for an owner-user buyer or value-add investor looking to acquire exceptional Melrose Avenue recording, production, or creative office space. The property is made up of four (4) insulated, sound-proofed studios, private offices, open creative space, kitchen, lobby, and rear patio, and enjoys both a street front and rear facing entrance. A Buyer will benefit from an additional income stream from the perimeter signage that currently pays $10,609 per month, with annual 3% rent increases, expiring 11/1/2026.
The 9,747 SF underlying parcel of land is zoned C2-1XL with a Transit Oriented Communities (TOC) Tier 3 designation. By right, the property can be redeveloped into 27 units, or 46 units using a 70% density bonus from the Tier 3 TOC. Because of the property’s proximity to transit, a new Buyer can invoke AB 2097 to eliminate the additional parking requirements of a new mixed-use/residential development or medical/retail/restaurant change of use.
The subject property benefits from excellent visibility on the corner of Melrose Avenue and Orange Drive, with approximately 88 feet and 111 feet of frontage, respectively. Melrose Avenue is a well-established east-west commercial corridor filled with trendy and desirable retailers and well-regarded restaurants. The well trafficked thoroughfare is exceptionally walkable, with a walk score of 92 (a “Walker’s Paradise”) and has traffic counts of more than 49,000 vehicles per day. The property benefits from rear alley access to the building’s nine (9) parking spaces in its dedicated parking lot, a parking ratio of 1.46 spaces per 1,000 SF.
OFFERING MEMORANDUM
BRANDON MICHAELS
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685