5630 Fair Avenue

5630 Fair Avenue

North Hollywood, CA 91601

$8,750,000
Price
45
Beds
30
Baths
28,381 Sq. Ft.
$308 / Sq. Ft.
28,381
Sq. Ft.
$308
per Sq. Ft.
an aerial view of city
a front view of a building with a street
a view of a patio with table and chairs
an aerial view of a building
a view of storage and utility room
a large kitchen with stainless steel appliances granite countertop a large counter top and a stove top oven
a living room with furniture a flat screen tv and a large window
an empty room with wooden floor & closet area
a large bed sitting in a bedroom next to a window
a view of a room with wooden ceiling

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....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.
  1. Listed by Filip Niculete • DRE #01905352 • Brokerage DRE #01240999 • Marcus & Millichap
  2. Listed by Glen Scher • DRE #01962976 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 5630 Fair Avenue

Zoning
LARD1.5
Parcel Number
2337031038
Total Units
15.0
Living Area
28381
Source Living Area
Vendor Enhanced
Area
North Hollywood (NHO)
Vacancy Rate
3%
Lot Size Area
16806

Location

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976
Add your commute
LISTING UPDATED: 04/08/2024 12:58 PM

Property Details for 5630 Fair Avenue

StatusActive
MLS #24-374371
Days on Market33
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built2018
Lot Size0.39 AC / 16,806 SF
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976
Add your commute

Building Information for 5630 Fair Avenue

Stories4Residences-Year Built2018Building Size-Lot Size0.39 AC / 16,806 SF

Payment Calculator

$53,555 per month

30 year fixed, 7.25% Interest

Principal and Interest

$47,752

Property Taxes

$5,803

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 5630 Fair Avenue

Community / Development
Community / Development
  • Number Of Units: 15
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 4
  • Number Of Buildings: 1
  • Type Of Units: Market
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $559,658
  • Net Operating Income: $387,720.00
  • Gross Income: $576,967
  • Cap Rate: 4.43%
  • Gross Rent Multiplier: $15.17
  • Total Annual Expense: 175540
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.3858
  • Lot Size Square Feet: 16806
Parking Details
Parking Details
  • Parking Garage: Gated Underground, Electric Vehicle Charging Station(s), Private Garage, Garage
  • Total Parking: 30
  • Parking Features: Private, Garage
Interior Features
Interior Features
  • Levels: Three Or More
  • Cooling: Central Air
  • Cooling Type: Central
  • Heating: Central
  • Heating Type: Central
  • Equipment: Washer, Dryer, Other
  • Laundry: In Unit
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 03-29-2024
  • Rent Control: No
Unit Details
Unit 1 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,205.00
  • Unit Actual Rent: $48,081.00
  • Unit Projected Rent: $60,930.00
  • Like Units: 15
Unit Details
  • Unit Type Type: 2106
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $4,513,926.00
  • Assessed Improvement Percent: 81.76
  • Assessed Land Value: $1,006,919.00
  • Assessed Land Percent: 18.24
  • Assessed Total Value: $5,520,845.00

Property History for 5630 Fair Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 5630 Fair Avenue

Taxable ValueLand$1,006,919Additions$4,513,926Total$5,520,845
Tax Record2023$69,631 ($5,803 / month)
Home Facts
Total Finished SqFt28,381 SqFtAbove Grade Finished SqFt28,381 SqFtLot Size16,800 SqFtStyleMulti-Family Res (5+ Units)Year Built2018ZoningLARD1.5CountyLOS ANGELESAPN2337-031-038

Schools near 5630 Fair Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Lankershim Elementary School
Public - K to 5
Walter Reed Middle School
Public - 6 to 8
East Valley Senior High School
Public - 9 to 12
Science Academy STEM Magnet
Public - 6 to 11
Rating
School
Distance
Lankershim Elementary School
PublicK to 5

Walter Reed Middle School
Public6 to 8

East Valley Senior High School
Public9 to 12

Science Academy STEM Magnet
Public6 to 11

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

Homes for Sale near North Hollywood

Neighborhoods

Cities

ZIPs

More information about 5630 Fair Avenue, North Hollywood, CA 91601

5630 Fair Avenue is a multi-family home for sale in North Hollywood, CA 91601. This property was listed for sale on March 29, 2024 by Marcus & Millichap, it's currently listed at $8,750,000. It has been on the market for a total of 33 days and was last sold on March 11, 2016. This listing's school district is Los Angeles Unified School District. Nearby schools include Lankershim Elementary School, Walter Reed Middle School and East Valley Senior High School. 5630 Fair Avenue is a 45-bed, 30-bath, 28,381 sqft multi-family home built in 2018.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.