4319 Melbourne CALLING ALL DEVELOPERS, BUILDERS & SAVVY INVESTORS! RARE Franklin Hills property located in LOS FELIZ this DEVELOPMENT OPPORTUNITY - LARGE, FLAT R2 LOT WITH TWO EXISTING HOMES & IN-PLACE RENTAL INCOME. Unlock the potential of this exceptional Los Feliz property featuring two separate residences on one expansive, flat R2-zoned lot. With tenants currently in place and generating immediate monthly income, this property offers the rare combination of cash flow today and substantial development potential. Whether your vision is ground-up development, maximizing the existing lot, renovating and repositioning the current residences, or holding a valuable Los Angeles asset for long-term appreciation, this property presents an exciting opportunity in one of the city's most sought-after neighborhoods. LAND. LOCATION. INCOME. UPSIDE. Opportunities offering all four are increasingly difficult to find. Bring your architects, builders, and investment team and explore the possibilities. This is a true Los Feliz value-add and development play with multiple paths to maximize returns.