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Melrose Avenue Hotel Development Opportunity Awaits You

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A familiar sight on Melrose Avenue, the Melrose Hollywood Apartments has been listed for $14.9 million. Listed on the National Register of Historic Places, the 1927 building, which had most recently been used as single apartments by the building's owner (who also ran Edmon’s Furniture & Stone Gallery store in the retail space) stretches from Wilton to Gramercy on Melrose Ave. According to listing agent John Kralik, the property can currently be used for either apartments or a hotel. A bawdy, depression-era hotel would be rather fitting, no? It's also in the enterprise zone, meaning businesses can get a tax break. According to Kralik, the owner of the now-closed Edmons store, a fourth generation family owned business, according to their web site decided to sell because he was retiring. The property also comes with a house in the back.
· Melrose Hollywood Apts [Loopnet]