North Hollywood, CA 91601 5630 Fair Avenue
$7,995,000
Pending
5 more
Presented By: Filip Niculete with Marcus & Millichap;
Home Details
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.
Presented By: Filip Niculete with Marcus & Millichap;
Interior Features for 5630 Fair Avenue
Bedrooms
Total Bedrooms45
Bathrooms
1/4 Baths0
3/4 Baths0
Half Baths
Total Baths30
Other Interior Features
Air Conditioning Y/NYes
Basement (Y/N)No
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NYes
Total Stories4
General for 5630 Fair Avenue
Additional Parcels Y/NNo
AppliancesDryer, Washer
Attached Garage No
Cap Rate4.93
Carport Y/NNo
CityNorth Hollywood
CoolingCentralAir
CountyLos Angeles
Days on Market173
DirectionsBurbank & Vineland
Full Baths
Garage Y/NYes
Gross Income573972.0
HeatingCentral
Home Owner AssocNo
Home Warranty Y/NNo
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsThreeOrMore
Lot Size Square Feet16806.0
Lot Size UnitsSquareFeet
MLS AreaNHO - North Hollywood
MobileHomeRemainsYNNo
Net Operating Income393991.0
New ConstructionNo
NumberOfUnitsTotal15
Private PoolNo
Property TypeResidentialIncome
Rent Control Y/NNo
Senior Community Y/NNo
Special Listing ConditionsStandard
Standard StatusPending
StatusPending
View Y/NNo
Waterfront Y/NNo
Year Built2018
ZoningLARD1.5
Exterior for 5630 Fair Avenue
Building Area Total28381.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot Size Acres0.3858
Lot Size Area16806.0
Number of Buildings1
Open Parking Y/NNo
Parking FeaturesGarage, Private
SpaNo
Total Parking30.0
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480