$ 7,995,000
5630 Fair AVE North Hollywood, CA 91601
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$ 7,995,000
Est. payment /mo
Pending
5630 Fair AVE North Hollywood, CA 91601
45 Beds
30 Baths
28,381 SqFt
UPDATED:
09/30/2024 06:04 PM
Key Details
Property Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 28,381 sqft
Price per Sqft $281
MLS Listing ID 24374371
Bedrooms 45
HOA Y/N No
Year Built 2018
Lot Size 0.386 Acres
Property 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.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.
Location
State CA
County Los Angeles
Area Nho - North Hollywood
Zoning LARD1.5
Interior
Heating Central
Cooling Central Air
Fireplace No
Appliance Dryer, Washer
Exterior
Garage Garage, Private
Parking Type Garage, Private
Total Parking Spaces 30
Building
Story 4
Entry Level Three Or More
Level or Stories Three Or More
New Construction No
Others
Senior Community No
Tax ID 2337031038
Special Listing Condition Standard
Listed by Filip Niculete • Marcus & Millichap