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571 Fairview Avenue, Los Angeles, CA 90033
$4,995,000
571 Fairview Avenue, Los Angeles, CA 90033View this property at 571 Fairview Avenue, Los Angeles, CA 90033
571 Fairview AvenueLos AngelesCA90033
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Property Description
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.
Full Property Details
Full Property Details for 571 Fairview Ave
General
- Sold For: $4,995,000
- Status: Closed
- Type: Multi-Family
- MLS ID: SR23202483
- Added to Site: 199 day(s) ago
Rooms
Other Rooms
- Laundry: Common Area
Additional Information
- Pool Description: Community
Parking
- Parking Features: None
- Parking: None
Location
- Area: BOYH - Boyle Heights
- County: Los Angeles
- Development Name: BOYH - Boyle Heights
- Driving Directions: 571 Fairview Ave. Los Angeles, CA 90033
Utilities
- Sewer: Public Sewer
- Water: Public
Structural Information
- Entry Location: 1
- Square Feet: 12,006
- Year Built: 1964
Unit Information
Unit 1
- Number of Units: 37
- Total Bathrooms: 1
Unit 2
- Number of Units: 1
- Total Bathrooms: 1
- Bedrooms: 1
Lot Features
- Lot Size (Acres): 0.3875
- Lot Size Source: Assessor
- Zoning: LAR3
- Lot Description: Corner Lot, Cul-de-Sac, Lot 10000-19999 Sqft
Financial Considerations
- Price Per Sq. Ft.: $416.04
- Price Per Unit: 157895
Disclosures and Reports
- Buyer’s Brokerage Compensation: 2%
Listed and Sold by Keller Williams Realty Calabasas, Raymond Rodriguez
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Schools
Schools serving 571 Fairview Ave
School District:Los Angeles Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
605 N Boyle Ave, Los Angeles, CA 90033 | K-5 | 0.3 mi | |
2510 E 6th St, Los Angeles, CA 90023 | 6-8 | 1.3 mi | |
1200 Plaza Del Sol St, Los Angeles, CA 90033 | 9-12 | 0.5 mi | |
456 S Mathews St, Los Angeles, CA 90033 | 9-12 | 1.2 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 571 Fairview Ave
Date
Details
Price
Change
Source
3/13/2024
Sold
$4,995,000
-16.75%
MLS
10/31/2023
Listed
$6,000,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
571 Fairview Avenue, Los Angeles, CA 90033 (MLS# SR23202483) is a Multi-Family property that was sold at $4,995,000 on March 13, 2024. Want to learn more about 571 Fairview Avenue? Do you have questions about finding other Multi-Family real estate for sale in Los Angeles? You can browse all Los Angeles real estate or contact a Coldwell Banker agent to request more information.