Investment Overview

The LAAA Team of Marcus & Millichap is pleased to present 3662 N Fredonia Drive, a legal four-unit multifamily property with a newly completed Accessory Dwelling Unit (ADU) located in the coveted hills of Studio City. Positioned within the Mulholland Scenic Parkway (Outer Corridor) and TOC Tier 3 transit zone, the asset combines modernized improvements, strong in-place income, and minimal deferred maintenance—ideal for investors seeking a turnkey, stabilized property in a high-demand rental pocket. Originally constructed in 1941 and 1962, the property features two spacious two-bedroom units, a studio, and a new 2025 ADU completed with a Certificate of Occupancy issued July 27, 2025. 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 ADU’s recent completion adds a fourth revenue stream, legally permitted under state housing law, and enhances overall cash flow without introducing compliance risk. Three legacy units are subject to the Los Angeles Rent Stabilization Ordinance (RSO), while the 2025 ADU is exempt, providing a balanced rent structure with protected tenancy and measured upside through natural turnover. Current collections total $9,315 per month ($111,780 annually), supported by updated interiors and a strong tenant base. The building’s systems have been progressively upgraded over the past decade, including plumbing, electrical, and interior renovations, leaving limited near-term capital exposure. Fredonia Drive lies just north of the Cahuenga Pass, moments from Universal Studios, Hollywood Bowl, and Ventura Boulevard, offering tenants convenient access to major employment centers and entertainment districts while maintaining a tranquil residential setting. The hillside locale provides privacy and appeal to long-term renters, complemented by proximity to the Metro B Line, 101 Freeway, and high-quality neighborhood amenities. With its prime Studio City address, legal 2025 ADU, compliant four-unit configuration, and stable cash flow, 3662 N Fredonia Drive offers investors a rare combination of income security, regulatory clarity, and long-term appreciation potential in one of Los Angeles’ most sought-after multifamily submarkets.