Active

5630 Fair Avenue

North Hollywood CA, 91601

$8,750,000


$308.30 per sqft

Active

45 Beds

30 Baths

28,381 sqft

Residential

Built in 2018

Listed by Filip Niculete with Marcus & Millichap 818-212-2700

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.

24374371

MLS ID

March 29, 2024

Listed

June 4, 2024

Updated

Map

5630 Fair Avenue
North Hollywood CA, 91601

Interior Features

Total Stories

4


Bedrooms

45


Total Bathrooms

30


Appliances

Dryer, Washer


Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.39 Acres

Other Property Details

Area Name

NHO - North Hollywood


Days on Market

66


Garage

Yes


Parking

Garage, Private


Parking Total

30


View

No


County

Los Angeles


Pool

No


Zoning

LARD1.5


Buyer Agency Compensation

1.25%

Listing Contact: 818-212-2700 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 6/4/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 6/4/2024 at 7:20 PM UTC

 

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