A Rare Melrose Hill Triplex With Vacancy, Upside, and ADU Potential
First time on the market in 37 years, A Rare Melrose Hill Triplex With Vacancy, Upside, and ADU Potential presents a standout opportunity for buyers seeking a Melrose Hill triplex for sale with immediate flexibility and long-term growth. This Hollywood triplex investment opportunity features two of the property’s most desirable units delivered vacant, allowing for market-rate leasing, light repositioning, or owner-occupancy from day one. For investors focused on a triplex with ADU potential, the property offers clear expansion optionality while continuing to function as a strong Central LA income property in a supply-constrained submarket.
The property is configured as three units with a highly efficient 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 located above the garage. This configuration supports operational efficiency and consistent upgrades, allowing a buyer to execute improvements strategically while minimizing vacancy loss. The upper 2-bedroom unit and the garage unit will be delivered vacant, creating immediate upside while maintaining income from the occupied unit.
A Hollywood Triplex Investment Opportunity With Multiple Paths Forward
At the rear of the property sits a four-car garage with strong ADU and expansion potential, presenting a clear path to transforming the asset into a four-unit income property (buyer to verify). The existing garage footprint lends itself naturally to future development, while the large private yard—lush with mature landscaping—adds a rare sense of space and privacy. Outdoor areas of this scale significantly enhance tenant appeal, long-term retention, and rental performance in urban Central Los Angeles.
The building has been thoughtfully maintained over time, allowing the next owner to focus on unlocking value rather than addressing deferred maintenance. Improvements include newer copper plumbing, a newer sewer line, and a recently constructed redwood-and-deckwood staircase. These upgrades reduce near-term capital needs and provide a strong foundation for future repositioning or expansion.
From an investment standpoint, this property offers flexibility across multiple strategies. Buyers may pursue market-rate leasing, execute light cosmetic renovations, or explore additional unit creation through ADU development. Owner-users may also find value in occupying one unit while building long-term equity and rental income. Assets offering vacancy, outdoor space, and development potential in this location are becoming increasingly scarce.
Located in the heart of Melrose Hill, tenants enjoy walkable access to some of the neighborhood’s most exciting restaurants, cafés, and local retail. Perfectly positioned between Silver Lake and Larchmont Village, with Los Feliz and Koreatown just minutes away, the property sits at the intersection of some of Los Angeles’ most dynamic neighborhoods. Proximity to major employment hubs, creative industries, and cultural amenities continues to support strong tenant demand and long-term appreciation.
A well-kept asset with immediate vacancy, development potential, and an exceptional central location, this offering represents a rare opportunity to acquire a flexible, high-upside multifamily property in one of Central Los Angeles’ most compelling submarkets.
With immediate vacancy, clear value-add upside, and future ADU potential, this Melrose Hill triplex stands out as a rare opportunity in today’s Central Los Angeles market. Thoughtfully maintained and ideally positioned near some of LA’s most dynamic neighborhoods, the property offers flexibility for investors and owner-users alike. Buyers are encouraged to experience the space, layout, and potential firsthand—join us for an open house this weekend from 1:00 to 4:00 PM and see what makes this offering truly special.
David Clark Real Estate Advisor with The Shelhamer Group DRE #02134556
Glenn Shelhamer Entrepreneur and Broker of Record DRE#01950995
Property Details:
966 N Serrano Ave Los Angeles, CA. 90029
- 966 Unit: 1 Bed + 1 Bath
- 968 Unit: 2 Bed + 1.5 Bath
- 968 1/2 Unit: 2 bed + 1.5 Baths
SqFt: 3,178
Lot: 6,007
Offered at: $1,295,000
Mls Disclaimer:
Based on information from the / Association of REALTORS® (alternatively, from the /MLS) as of [date the AOR/MLS data was obtained]. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
