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571 Fairview Ave Los Angeles, CA 90033

$4,995,000 Sold Price as of 03/13/2024

1 Beds
38 Baths
12,006 Sq.Ft.

Sold

$4,995,000 Sold Price as of 03/13/2024 Refinance Your Mortgage

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Map preview of 571 Fairview Ave, Los Angeles, CA 90033

Property Overview: 571 Fairview Ave Los Angeles, CA has 1 bedrooms, 38 bathrooms, 12,006 living square feet and 16,879 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 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.

Listed by Raymond Rodriguez | BRE #01402283 | Keller Williams Realty Calabasas

Last checked: 4 minutes ago | Last updated: August 27th, 2024 | Source CRMLS | DOM: 63

Home details

Lot Sq. Ft: 16,879
HOA Dues: $0/mo
Year built: 1964
Garage: --
Property Type:: Apartment

Status: Sold
MLS#: SR23202483
City: Los Angeles
County: Los Angeles
Time on Site: 332 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 38
Total # of Buildings: 1
# of Leased Units: 33
# of Electric Meters: 0
# of Gas Meters: 0
# of Water Meters: 0

Unit Breakdown 1

# of Units: 1
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,850
Total Rent: $1,850
Pro Forma/Market Rent: $1,850

Unit Breakdown 2

# of Units: 37
# of Beds: 0
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,039
Total Rent: $38,445
Pro Forma/Market Rent: $1,595

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 4.91%
Gross Rent Multiplier: 11.75
Gross Scheduled Income: $510,578
Net Operating Income: $294,492
Gross Operating Income: $495,261

Annual Expense Breakdown

Total Operating Expense: $200,769
Electric: $0
Gas/Fuel: $0
Trash: $6,600
Insurance: $10,789
Professional Management: $0
Water/Sewer: $0

Virtual Tour

Use the following link to view this property's virtual tour:

Virtual Tour URL (external link)

Property Details for 571 Fairview Ave

Interior Features

Laundry Information

Has Laundry
Common Area

Exterior Features

No Pool
Pool Features: Community

Lot Details / Garage and Parking

Parking/Garage Information

# of Parking Spaces: 16
No
Parking Features: None

Lot Information

Lot Features: Corner Lot, Cul-De-Sac, Lot 10000-19999 Sqft
Lot Size Source: Assessor
Common Interest: Community Apartment

Property Information

Common Walls: 2+ Common Walls
Total # of Units: 38
Parcel Number: 5174011022
Year Built Source: Public Records
Entry Level: 1
Property is Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Directions: 571 Fairview Ave. Los Angeles, CA 90033

Neighborhood Information

Community Features: Park

View more facts & features

Local Los Angeles Agent

Sale History for 571 Fairview Ave

Last leased for $2,049 on July 26th, 2024

July, 2024
Jul 26, 2024

Date

Leased

CRMLS: 24374017

$2,049

Price
Mar 28, 2024

Date

Active

CRMLS: 24374017

$2,049

Price
Listing provided courtesy of CRMLS

Discover the epitome of charm in this Studio 1 bath unit perched regally atop a bluff on a corner lot cul-de-sac off Fairview Avenue. Enjoy ample closet space, a full bath, and a well-equipped kitchen with stove and refrigerator. Benefit from a wall/AC unit for comfort. The property boasts a laundry room, swimming pool, and a delightful community garden with potential for a BBQ area. Located just minutes from LAC-USC Keck Hospital, Adventist Health, Downtown Los Angeles, and more! Your ideal home awaits!

Continue Reading
April, 2024
Apr 21, 2024

Date

Leased

CRMLS: 24382433

$2,049

Price
Apr 19, 2024

Date

Active

CRMLS: 24382433

$2,049

Price
Listing provided courtesy of CRMLS

Discover the epitome of charm in this Studio 1 bath unit perched regally atop a bluff on a corner lot cul-de-sac off Fairview Avenue. Enjoy ample closet space, a full bath, and a well-equipped kitchen with stove and refrigerator. Benefit from a wall/AC unit for comfort. The property boasts a laundry room, swimming pool, and a delightful community garden with potential for a BBQ area. Located just minutes from LAC-USC Keck Hospital, Adventist Health, Downtown Los Angeles, and more! Your ideal home awaits!

Continue Reading
April, 2024
Apr 20, 2024

Date

Leased

CRMLS: 24382425

$2,049

Price
Apr 19, 2024

Date

Active

CRMLS: 24382425

$2,049

Price
Listing provided courtesy of CRMLS

Discover the epitome of charm in this Studio 1 bath unit perched regally atop a bluff on a corner lot cul-de-sac off Fairview Avenue. Enjoy ample closet space, a full bath, and a well-equipped kitchen with stove and refrigerator. Benefit from a wall/AC unit for comfort. The property boasts a laundry room, swimming pool, and a delightful community garden with potential for a BBQ area. Located just minutes from LAC-USC Keck Hospital, Adventist Health, Downtown Los Angeles, and more! Your ideal home awaits!

Continue Reading
April, 2024
Apr 16, 2024

Date

Active

CRMLS: 24381045

$2,049

Price
Apr 16, 2024

Date

Leased

CRMLS: 24381045

$1,995

Price
Listing provided courtesy of CRMLS

Discover the epitome of charm in this Studio 1 bath unit perched regally atop a bluff on a corner lot cul-de-sac off Fairview Avenue. Enjoy ample closet space, a full bath, and a well-equipped kitchen with stove and refrigerator. Benefit from a wall/AC unit for comfort. The property boasts a laundry room, swimming pool, and a delightful community garden with potential for a BBQ area. Located just minutes from LAC-USC Keck Hospital, Adventist Health, Downtown Los Angeles, and more! Your ideal home awaits!

Continue Reading
March, 2024
Mar 24, 2024

Date

Leased

CRMLS: 24356821

$1,895

Price
Feb 9, 2024

Date

Active

CRMLS: 24356821

$2,049

Price
Listing provided courtesy of CRMLS

Discover the epitome of charm in this Studio 1 bath unit perched regally atop a bluff on a corner lot cul-de-sac off Fairview Avenue. Enjoy ample closet space, a full bath, and a well-equipped kitchen with stove and refrigerator. Benefit from a wall/AC unit for comfort. The property boasts a laundry room, swimming pool, and a delightful community garden with potential for a BBQ area. Located just minutes from LAC-USC Keck Hospital, Adventist Health, Downtown Los Angeles, and more! Your ideal home awaits!

Continue Reading
March, 2024
Mar 13, 2024

Date

Sold

CRMLS: SR23202483

$4,995,000

Price
Oct 31, 2023

Date

Active

CRMLS: SR23202483

$6,000,000

Price
August, 2022
Aug 1, 2022

Date

Expired

CRMLS: 21113419

$6,400,000

Price
Dec 21, 2021

Date

Active

CRMLS: 21113419

$7,000,000

Price
Listing provided courtesy of CRMLS

Property is situated in a prime location in Boyle Heights with stunning views of Downtown Los Angeles and the San Gabriel Mountains! Property is located on a quiet cul-de-sac residential street far above the near by 10 freeway interchange. Residents will enjoy the short walk to the commercial corridor of Cesar Chavez Ave. and the easy access to Downtown LA. The building is comprised of 37 studio units with a 1 Bed + 1 Bath managers unit. The residents will also enjoy a private pool on the property and on-site parking.

Continue Reading
November, 2001
Nov 30, 2001

Date

Sold (Public Records)

Public Records

--

Price

Tax History for 571 Fairview Ave

Assessed Value (2020): $545,713

Year	Land Value	Improved Value	Assessed Value
2020	$96,293	$449,420	$545,713

Home Value Compared to the Market

This property vs the competition

571 Fairview Ave sold on March 13, 2024 for 435.71% higher than the current median sold price for the city of Los Angeles which is $1,120,000. The median sold price per/sqft for Los Angeles is $724 and this home is sold at $499.75 per/sqft which puts the price per square foot 30.97% lower than the current median sale per square foot for the city of Los Angeles.

About 571 Fairview Ave

Detailed summary of property

571 Fairview Ave is a apartment that recently sold in Los Angeles, CA 90033. This apartment offered 1 bedrooms, 38 bathrooms, roughly 12,006 living square feet, and sits on an approximately 16,879 square foot lot. 571 Fairview Ave was first listed on ArdentRealEstateGroup.com on October 31, 2023. The homeowner sold the property for $4,995,000. Home in Los Angeles are selling for a median price of $1,120,000 and a median price per square foot of $724. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 435.71% higher than the current median priced home. Local homes that are currently for sale include 354 Newland St, 520 S Kenmore Ave and 2709 W Pico Blvd. While the average home in Los Angeles, CA is selling in 106 days, 571 Fairview Ave has a days on market of 63 days. There are currently 4139 homes for sale in the Los Angeles real estate market and 2834 of them are single family homes while 1183 of them are condos and 115 are townhomes. For more information on this home for sale at 571 Fairview Ave Los Angeles, CA 90033 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 571 Fairview Ave

Public county record property details

Beds: --
Baths: --
Year built: 1964
Sq. Ft.: 12,006
Lot Size: 16,874
Stories: --

Type: Apartment House (5+ Units)
Pool: Yes
Spa: No
County: Los Angeles
Lot#: 1-3,8-9
APN: 5174-011-022

The source for these homes facts are from public records.

90033 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$749,000

Median List Price/Sq.Ft.

$444

Median Sold Price

$660,000

Median Sold Price/Sq.Ft.

$700

Total Inventory

Median Sale to List Price %

96.35%

Avg Days on Market

Loan Type

Conventional (40%), FHA (0%), VA (0%), Cash (20%), Other (40%)

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(714) 706-1823

Homes for Sale Near 571 Fairview Ave

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.