4319 Melbourne, Los Angeles, California 90027, Los Angeles, 90027 - 0 bed, 0 bath
Loading property details...
4319 Melbourne
Los Angeles, California 90027
ACTIVE
CONDITION: TEAR DOWN
0Beds
0Baths
1,750Sq Ft
6,750Lot Size
Property Price
LIST PRICE$1,429,000
SUMMARY
CALLING ALL DEVELOPERS, BUILDERS & SAVVY INVESTORS! RARE Franklin Hills property located in LOS FELIZ this DEVELOPMENT OPPORTUNITY — LARGE, FLAT R2 LOT WITH TWO EXISTING HOMES & IN-PLACE RENTAL INCOME. Unlock the potential of this exceptional Los Feliz property featuring two separate residences on one expansive, flat R2-zoned lot. With tenants currently in place and generating immediate monthly income, this property offers the rare combination of cash flow today and substantial development potential. Whether your vision is ground-up development, maximizing the existing lot, renovating and repositioning the current residences, or holding a valuable Los Angeles asset for long-term appreciation, this property presents an exciting opportunity in one of the city's most sought-after neighborhoods. LAND. LOCATION. INCOME. UPSIDE. Opportunities offering all four are increasingly difficult to find. Bring your architects, builders, and investment team and explore the possibilities. This is a true Los Feliz value-add and development play with multiple paths to maximize returns.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Tear down
TeardownExcellent
Property is land value only, full reconstruction required.
Built in 1908 and marketed explicitly as a 'development opportunity' for builders and developers, the property is positioned for its land value and R2 zoning. The structures are over 100 years old with no mention of system updates, and the exterior shows significant deferred maintenance and makeshift fencing.
PROSSTRENGTHS & OPPORTUNITIES
- Great Schools
Elementary School: Ivanhoe Elementary School (9/10).
- Exceptional Development Potential
The R2-zoned, expansive flat lot in the highly desirable Franklin Hills area offers a rare opportunity for ground-up development or maximizing the lot's density in a supply-constrained market.
- Immediate Rental Income
With two existing residences and tenants already in place, the property provides immediate cash flow to offset holding costs while a buyer secures permits or finalizes development plans.
CONSRISKS & DEFICIENCIES
- Aging Infrastructure
Originally built in 1908, the existing structures likely require significant capital expenditure for repairs or modernization if the buyer chooses to renovate rather than redevelop.
- Tenant-Related Constraints
The presence of existing tenants may complicate immediate redevelopment plans or owner-occupancy due to Los Angeles' complex rent stabilization and tenant protection ordinances.
About 4319 Melbourne
Property Details
Public Facts
- Property Type
- Duplex
- Year Built
- 1908
- Lot Size
- 6,750 Sq. Ft.
Interior
- Total Bedrooms
- 0
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Los Angeles Unified Schools
Franklin Avenue Elementary School
Grades K-6 • 0.1 mi
8/10
Los Feliz STEMM Magnet
Grades K-6 • 0.5 mi
7/10
Lexington Avenue Primary Center
Grades K-2 • 0.8 mi
0/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 4.5 |
| Baths | 0.0 | 2.9 |
| Square foot | 1,750 | 2,090.331 |
| Lot Size | 6,750 | 5,852.908 |
| Price | $1.43M | $830.9K |
| Price per sq ft | $817 | $394 |
| Built year | 1908 | 1928 |
| HOA | $0 | $0 |
| Days on market | 33 | 87 |
Pricing History
Listed for Sale
Oct 14, 2026
$1,429,000
$1,479,000
-3% Price Drop
Initial Listing
Price Change
Oct 7, 2026
$1,479,000
Initial Listing
Sold
Mar 20, 2025
$1,225,000
Public Record