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571 Fairview Avenue
Los Angeles, CA 90033
Sold
571 Fairview Avenue
Los Angeles, CA 90033
Sold
Presenting a rare investment opportunity to acquire Fairview Heights, a stunning 38-unit multifamily investment property offering incredible views of Los Angeles. Centrally located at 571 Fairview Ave. in the historic neighborhood of Boyle Heights, in East L.A., this special property has been under the same caring ownership for nearly a half century. Fairview Heights features beautiful mid-century modern architecture. Positioned on a corner lot cul-de-sac off Fairview Ave. and perched regally atop a bluff. The property offers 16 parking spaces, a laundry room, swimming pool, and a charming community garden area that also offers space to add a BBQ area with tables & chairs. The apartment building totals 38 cozy units comprised of 37 singles and 1 one-bedroom / one-bathroom plus office unit. Unit amenities include wall A/C units, plenty of closet space and kitchens outfitted with a stove and refrigerator. The construction is of a wood frame, flat roof, and painted stucco exterior. Built in 1964 totaling +/- 12,006 square feet on a +/- 16,874 square foot lot currently zoned R3 and located in an Opportunity Zone. The units are master-metered for gas and electricity. This unique value-added investment offers significant income upside potential of +/- 47% and represents an attractive price per unit and pro-forma Cap Rate of +/- 9.01%! All units are currently eligible for annual rental increases at a maximum of +/- 6% in February 2024, allowing for an investor to quickly realize a significant portion of the rental upside potential. In addition, an investor could benefit greatly from leasing parking spaces (currently on first come first serve and not included in lease agreements), implementing a ratio utility billing system (RUBS), and consider how the new valuable vouchers being offered by the Housing Authority of City of Los Angeles (HACLA) could further positively impact income potential. Boyle Heights is ideally located near major highways public transportation options that ensure smooth travel to neighboring cities and attractions. Overall, Fairview Heights offers an inviting and comfortable living environment in the Latin American-inspired area of Boyle Heights. With its peaceful setting, friendly neighborhood, and convenient location, this property provides the perfect place for tenants to call home and represents an ideal investment for multifamily investors.
PROPERTY INFORMATION
| MLS # | SR23202483 | Lot Size | 16,879 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | Apartment |
| Price | $ 6,000,000
Price Per SqFt: $ 500 |
DOM | 554 Days |
| Address | 571 Fairview Avenue | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 12,006 Sq. Ft. |
| Postal Code | 90033 | Garage | N/A |
| County | Los Angeles | Year Built | 1964 |
| Bed / Bath | 1 / 0 | Parking | 16 |
| Built In | 1964 | Status | Closed |
| Sold Date | 2024-03-13 |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | Common Area |
| EntryLocation | 1 |
| Entry Level | 1 |
EXTERIOR FEATURES
| Has Pool | No |
| Pool | Community |
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $6,400
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 03/13/2024 | Sold | $4,995,000 |
| 01/02/2024 | Active Under Contract | $6,000,000 |
| 10/31/2023 | Listed | $6,000,000 |
Topfind Realty
REALTOR®
(844)-333-8033
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Listing provided courtesy of Raymond Rodriguez, Keller Williams Realty Calabasas. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. 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, 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.
