571 Fairview Avenue

571 Fairview Avenue

Los Angeles, CA 90033

$4,995,000
Last Sold Price
1
Beds
38
Baths
12,006 Sq. Ft.
$416 / Sq. Ft.
12,006
Sq. Ft.
$416
per Sq. Ft.

Closed 3/13/24

Virtual Tour

Closed 3/13/24

Virtual Tour

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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...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.
  1. Listed by Raymond Rodriguez • DRE #01402283 • Brokerage DRE #01872625 • Keller Williams Realty Calabasas • 866-582-7865

Property Details for 571 Fairview Avenue

Parking Spaces Total
16
Private Pool
No
Total Units
38.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
12006
Assessor Parcel Number
5174-011-022
Property Attached YN
true

Location

Listing Courtesy of Keller Williams Realty Calabasas, Raymond Rodriguez, DRE #01402283

Sold By Keller Williams Realty Calabasas, Raymond Rodriguez, DRE #01402283; Keller Williams Realty Calabasas, Raymond Rodriguez, DRE #01402283

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LISTING UPDATED: 03/13/2024 05:20 AM

Property Details for 571 Fairview Avenue

StatusClosed
MLS #SR23202483
Days on Market63
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1964
CountyLos Angeles County

Location

Listing Courtesy of Keller Williams Realty Calabasas, Raymond Rodriguez, DRE #01402283

Sold By Keller Williams Realty Calabasas, Raymond Rodriguez, DRE #01402283; Keller Williams Realty Calabasas, Raymond Rodriguez, DRE #01402283

Add your commute

Virtual Tour

Building Information for 571 Fairview Avenue

Building/Complex571 Fairview AveFloor-Stories3Residences-Pet Policy-Year Built1964Building Size-

Payment Calculator

$28,037 per month

30 year fixed, 7.25% Interest

Principal and Interest

$27,260

Property Taxes

$777

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 571 Fairview Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $510,578
  • Gross Scheduled Income: $510,578
  • Gross Operating Income: $495,261
  • Net Operating Income: $294,492
  • Gross Multiplier: 11.75
  • Cap Rate: 4.91
  • Financing: Other/Remarks
Expense Details
  • Operating Expense: $200,769
  • Fuel Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $10,789
  • Professional Management Expense: $0
  • Trash Expense: $6,600
  • Water Sewer Expense: $0
  • Total Expenses: $200,769
Tax / Assessment Info
  • Tax Block: 1,2
  • Tax Tract Number: 203...
  • Tax Census Tract: 2035.00
  • CFD/Mello-Roos Fee: $0
  • Tax Lot: 1-3
Community / Development
Community / Development
  • Community Features: Park
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
Exterior Features
  • Entry Location: 1
  • Pool Features: Community
  • Pool: Community/Common
Land/Lot Info
  • Lot Features: Corner Lot, Cul-De-Sac, Lot 10000-19999 Sqft
  • Number Of Units: 38
  • Land Lease: No
  • Land Lease Type: Fee
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking: No
  • Parking Garage: None
  • Uncovered Spaces: 16
  • Open Other Spaces Total: 16
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
  • Parking Features: None
Unit Information
Unit 1
  • Unit Type Units Total: 37
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,039
  • Unit Type Total Rent: $38,445
  • Unit Type Pro Forma: 1595
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,850
  • Unit Type Total Rent: $1,850
  • Unit Type Pro Forma: 1850
  • Unit Type Type: 2
Unit Information
  • Number Of Units Leased: 33
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 0
  • Number Of Separate Gas Meters: 0
  • Number Of Separate Water Meters: 0

Property History for 571 Fairview 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 571 Fairview Avenue

Taxable ValueLand$101,219Additions$472,025Total$573,244
Tax Record2023$9,329 ($777 / month)
Home Facts
Total Finished SqFt12,006 SqFtAbove Grade Finished SqFt12,006 SqFtLot Size16,874 SqFtStyleMulti-Family Res (5+ Units)Year Built1964ZoningLAR3CountyLOS ANGELESAPN5174-011-022

Schools near 571 Fairview Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Bridge Street Elementary School
Public - K to 5
Hollenbeck Middle School
Public - 6 to 8
Theodore Roosevelt Senior High
Public - 9 to 12
Felicitas And Gonzalo Mendez High
Public - 9 to 12
Rating
School
Distance
Bridge Street Elementary School
PublicK to 5

Hollenbeck Middle School
Public6 to 8

Theodore Roosevelt Senior High
Public9 to 12

Felicitas And Gonzalo Mendez High
Public9 to 12

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.

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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 Keller Williams Realty Calabasas, Raymond Rodriguez, DRE #01402283

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.