5630 Fair Avenue
North Hollywood, CA, 91601 $ 8,750,000
Bedrooms45 Baths30.0 Sq 28,381 Monthly Estimate*
$ 61,121
Listed by Marcus & Millichap
for $8,750,000 with 45 bedrooms and 30 full baths. This 28,381 square foot home was built in 2018 on a lot size of 0.3858.
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.
See more
FeaturesGeneralHeating Central
Cooling CentralAir
Appliances Dryer Washer
Zoning LARD1.5
Year Built 2018
Levels ThreeOrMore
Gross Income 576967.0
County Los Angeles
Net Operating Income 387720.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N Y
Special Listing Conditions Standard
Status Active
Directions Burbank & Vineland
City North Hollywood
View Y/N N
Senior Community Y/N N
Total Units 15
MLS Area NHO - North Hollywood
Lot Size Square Feet 16806.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Street Name Fair
Property Attached Y/N N
Land Lease Y/N N
Home Warranty Y/N N
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 10
Standard Status Active
Cap Rate 4.43
See more
ExteriorParking Features Garage Private
Total Parking 30.0
Lot Size Area 16806.0
Number of Buildings 1
Spa N
Building Area Total 28381.0
Lot Size Acres 0.3858
Lot Size Units SquareFeet
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
See more
InteriorTotal Stories 4
Basement (Y/N) N
Air Conditioning Y/N Y
Heating Y/N Y
Fireplace Y/N N
Full Baths 0
Half Baths 0
1/4 Baths 0
3/4 Baths 0
Street Suffix Avenue
Total Bedrooms 45
Electric On Property Y/N N
Total Baths 30
See more
* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $61,121
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in North Hollywood, CA
Average List Price $2,902,403
Percent of Sale Price 67%
About North Hollywood, CA 158,455 Population
0% Since 2002
$ 0 Median Income
0 Median Age
35% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
3/29/2024 | $8,750,000 | | Listed Price |