Description

The LAAA Team of Marcus & Millichap is pleased to present 3662 N Fredonia Drive, a legal four-unit multifamily property featuring a newly completed Accessory Dwelling Unit (ADU) in the coveted hills of Studio City. Nestled within the Mulholland Scenic Parkway (Outer Corridor) and a TOC Tier 3 transit zone, the asset combines modernized improvements, strong in-place income, and minimal deferred maintenance, offering investors a turnkey, stabilized property in one of Los Angeles' most desirable rental submarkets. Originally constructed in 1941 and 1962, the property comprises two spacious two-bedroom units, one studio, and a brand-new 2025 ADU, completed with a Certificate of Occupancy issued July 27, 2025. The ADU is currently vacant and can be delivered either vacant or leased at closing, providing investors immediate flexibility to optimize income or occupancy. Together, the units total approximately 2,530 square feet across a 3,933-square-foot RD1.5-1 lot, fully within the City of Los Angeles. The newly completed ADU adds a fourth revenue streamlegally permitted under state housing lawenhancing income stability and cash flow without regulatory risk. Three legacy units are governed by the Los Angeles Rent Stabilization Ordinance (RSO), while the 2025 ADU is exempt, delivering a balanced rent mix with both stability and measured upside through natural tenant turnover. Current collections total approximately $9,615 per month ($115,380 annually), supported by upgraded interiors, reliable tenancy, and strong market fundamentals. Recent capital improvementsincluding plumbing, electrical, and interior renovationsminimize near-term expenses and ensure a low-maintenance investment profile. Located just north of the Cahuenga Pass, the property offers exceptional proximity to Universal Studios Hollywood, the Hollywood Bowl, and Ventura Boulevard, placing tenants within minutes of major employment centers, retail corridors, and entertainment venues. The hillside setting provides privacy, long-term renter appeal, and scenic surroundings, complemented by convenient access to the Metro B Line, 101 Freeway, and numerous neighborhood amenities. With its prime Studio City location, newly completed ADU, and strong in-place income, 3662 N Fredonia Drive offers investors a rare combination of income security, regulatory clarity, and appreciation potential in one of Los Angeles' most sought-after multifamily submarkets.