$7,995,000 Price Analysis   ♡   North Hollywood, CA 91601 45 bed 30 bath 28,381 SqFt ($281/SqFt) 0.39 acre lot. Built 2018 Listed 2024-03-29, Taxes $66,439 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
We are proud to present The Fair
A 15-unit condominium property located at 5630 Fair Ave in North Hollywood, CA. Built in 2018 to condo specifications, this property is 100% free of all rent control. The 28, 381 sqft building sits on a 0.39 acre lot and it boasts an excellent unit mix of all 3 bed / 2 bath condos. The 15 condos are split into 5 different floor plans ranging from 1, 460 sqft to 1, 574 sqft, with the average of 1, 502 sqft. Of the 15 units, 13 are market-rate and 2 are low-income restricted.The property has gated parking on the ground floor with three levels of residential above. Each of the three residential floors have 5 condos with a stacked design. These well designed condos feature new stainless steel appliances, an in-unit washer/dryer, an open-plan kitchen and dining area, a large living room with wood-inspired vinyl floors and a balcony. Central air conditioning, modern finishes and a host of amenities including an elevator, covered parking, video surveillance and more, ensure a safe and comfortable living environment for the tenants.
The property has 8 KWP solar panels and EV Chargers, both of which provide additional income. Currently, these condos are being operated as apartment rents and bringing in a combined $48, 000 in mo nthly rent. If the investor was able to maximize rents on all 15 condos, we estimate upwards of $60, 000 gross potential income or about 27% upside in rents. These condos offer an excellent exit strategy to sell them off individually. A survey of recently sold condos in the South Valley shows that newer construction 2 and 3 bedroom condos are selling for an average of $655 per sqft. With the building currently priced at $308 per sqft (below today's replacement cost), there is immense profit potential for an investor who's willing to put in the time to sell these off individually. Importantly, selling thse individually would allow the buyer to avoid expensive ULA transfer taxes on the exit. The Fair is located within a short distance to GroundWorks Coffee, North Hollywood Park, numerous grocery stores, bars and a wide selection of restaurants. Its proximity to Burbank, Studio City and Hollywood positions it as an ideal home for those seeking access to the best the area has to offer.
Presented by Filip Niculete at
Marcus & Millichap.
Property MLS #24-374371 from TheMLSCLAW
Full Bathrooms: 30
Laundry Features: In Unit
Heating Features: Central
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 16806
Parking Total: 30
Calculated Total Monthly Association Fees: 0
Number of Units: 15
Unit Features: 1 BedsTotal: 3, 1 BathsTotal: 2, 1 SquareFeet: 60930
County: Los Angeles
Cap Rate: 4.93
Directions: Burbank & Vineland
Source Property Type: Residential Income
Area: North Hollywood
Source Neighborhood: North Hollywood
Parcel Number: 2337-031-038
Postal Code Plus 4: 6005
Zoning: LARD1.5
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $4,425,418 + $987,176 $5,412,594 | $66,439 |
| 2021 | $4,338,646 + $967,820 $5,306,466 | $65,488 |
| 2020 | $4,294,159 + $957,897 $5,252,056 | $66,123 |
| 2019 | $4,209,960 + $939,115 $5,149,075 | $62,869 |
| 2018 | $652,000 + $920,701 $1,572,701 | $18,845 |
$7,995,000
TheMLSCLAW
Listed 2024-03-29
$8,750,000
TheMLSCLAW
Sold 2016-03-11
$885,000
Public Record
Sold 1972-12-19
$27,000
Public Record
Year Built: 2018
Levels: Three Or More Levels
Living Area Source: Vendor Enhanced
Property Age: 6
Levels or Stories: 4
Building Total Stories: 4
Year Built Source: Vendor Enhanced
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.