5630 Fair Avenue
5630 Fair Avenue
$8,750,000
45
30
28,381
28,381
$308
Description
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....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 monthly 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 just $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 these 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.
- Listed by Filip Niculete • DRE #01905352 • Brokerage DRE #01240999 • Marcus & Millichap
- Listed by Glen Scher • DRE #01962976 • Brokerage DRE #01240999 • Marcus & Millichap
Property Details for 5630 Fair Avenue
Zoning
LARD1.5
Parcel Number2337031038
Total Units15.0
Living Area28381
Source Living AreaVendor Enhanced
AreaNorth Hollywood (NHO)
Vacancy Rate3%
Lot Size Area16806
Location
LISTING UPDATED: 04/08/2024 12:58 PM
Property Details for 5630 Fair Avenue
Status | Active |
---|---|
MLS # | 24-374371 |
Days on Market | 50 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 2018 |
Lot Size | 0.39 AC / 16,806 SF |
County | Los Angeles County |
Location
Building Information for 5630 Fair Avenue
Stories4Residences-Year Built2018Building Size-Lot Size0.39 AC / 16,806 SF
Payment Calculator
$53,555 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 5630 Fair Avenue
Property History for 5630 Fair Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 5630 Fair Avenue
Taxable ValueLand$1,006,919Additions$4,513,926Total$5,520,845
Tax Record2023$69,631 ($5,803 / month)
Home Facts
Total Finished SqFt28,381 SqFtAbove Grade Finished SqFt28,381 SqFtLot Size16,800 SqFtStyleMulti-Family Res (5+ Units)Year Built2018ZoningLARD1.5CountyLOS ANGELESAPN2337-031-038
Schools near 5630 Fair Avenue
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Public - | 6 to 11 |
Rating | School | Distance |
---|---|---|
Lankershim Elementary School PublicK to 5 | ||
Walter Reed Middle School Public6 to 8 | ||
East Valley Senior High School Public9 to 12 | ||
Science Academy STEM Magnet Public6 to 11 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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