966 N Serrano Avenue, Los Angeles, California 90029

$1,095,000

Bedrooms

5

Bathrooms

4

Square Feet

3,178 sqft

City

Los Angeles

Status

Active

First time on the market in 37 years. 6% CAP or 12.17% GRM! This prime Hollywood triplex presents a rare value-add opportunity with two of the property's best units delivered vacant, offering immediate flexibility for market-rate leasing, light repositioning, or owner-occupancy from day one. The property is configured as three units with a highly desirable layout: two spacious 2-bedroom, 1.5-bath residences with identical floor plans (one upstairs and one downstairs), plus a separate 1-bedroom, 1-bath unit above the garage. The upper 2-bedroom unit and the garage unit will be delivered vacant, allowing a buyer to capture upside immediately while maintaining income from the occupied unit. At the rear of the property sits a four-car garage with strong ADU and expansion potential, offering a clear path to transforming the asset into a four-unit income property (buyer to verify). The garage footprint lends itself naturally to future development, while the large private yard, lush with mature landscaping, adds a rare sense of space and calm, enhancing tenant appeal and long-term rental value. The building has been thoughtfully maintained, with key system upgrades already in place, including newer copper plumbing, a newer sewer line, and a recently built redwood-and-deckwood staircase. This allows the next owner to focus on unlocking upside rather than addressing deferred maintenance. Located in the heart of Melrose Hill, tenants enjoy walkable access to some of the neighborhood's most exciting restaurants, cafes, and boutiques. Perfectly positioned between Silver Lake and Larchmont Village, with Los Feliz and Koreatown just minutes away, the property sits at the crossroads of some of Los Angeles' most vibrant and in-demand neighborhoods. A well-kept asset with immediate vacancy, development potential, and an exceptional central location. Opportunities like this don't come around often.