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EXCLUSIVE LISTING | Triplex | Los Angeles | R3 Zoned | Development Opportunity

Purchase Price: $1,195,000
Property Address: 1501 S. Fairfax Los Angeles, CA 90019

  • Units:
  • Zoning Type:
  • Lot Size (Sqft):

3

LAR3

6884

  • Year Built:
  • Price Per Unit:
  • Price Per Sqft:

1940

$398,333

$630


Investment Highlights


  • Laundry, patio and parking onsite
  • All 1+1 units
  • Development opportunity

  • Rental upside potential
  • Convenient to 10,110,405 and 101 freeways
  • 85/100 walkscore

Attachments

Download Marketing Package (PDF):

Building Description

Property: 1501 S. Fairfax Avenue is a 1940’s rent-controlled triplex in the heart of Mid-City, in Central Los Angeles. It’s a unique asset, perfect as a personal residence, rental property, or development opportunity given its LAR3 zoning. 

 

HOME BUYERS… If a unit is vacated, the subject property would make an excellent personal residence. Plus, the adjacent units afford the homeowner the possibilities for multigenerational living and earning streams of passive rental income.

 

INVESTORS… Currently, two of the three units are on month-to-month occupancy at below-market rents. Market rents for 1+1 units in this area are approx. $2,000 per month. Housing is in such high demand that the vacancy rate in the submarket is 2.1%

 

DEVELOPERS… R3 zoning makes this asset an incredible opportunity to maximize its income-producing potential, allowing for the development of 11 dwelling units with density bonus.(1)  Recent new developments, including 1445 S. Fairfax, pictured to the right, are commanding rents as high as $3,900 per month for 2-bedroom units.


Location: 1501 S. Fairfax is located in the heart of the vibrant and dynamic neighborhood of Mid-City in Central Los Angeles. It is conveniently located to the 10, 110, 405 and 101 Freeways and surrounded by the popular neighborhoods of Beverlywood, Pico-Robertson, Mid-Wilshire, Koreatown, Carthay, Arlington Heights, Culver City, Jefferson Park, Palms, and West Adams.

 

Only minutes from daily necessities, the location is dubbed “Very Walkable” by WalkScore.com with a rating of 85 / 100, meaning that daily errands don’t require the use of a car.  This, plus easy access to public transportation including bus stops, the Metro Expo Line, and the Metro Purple Line make it easy for residents to commute to work anywhere in LA and enjoy the abundance of entertainment, culture, shopping, and nightlife that the City has to offer, including notable nearby attractions such as LACMA, Beverly Center, and The Grove.

 

According to REIS, Mid-City is in such high demand for housing that the submarket boasts an average vacancy rate of only 2.1% — the lowest since 2001. Furthermore, between now and year-end 2017, asking rents are expected to climb 1.4% while effective rents will increase by 1.3%. On an annualized basis through 2018 and 2019, asking and effective rents are anticipated to rise by 2.0% and 1.8% respectively. (Source: REIS Reports; Q1 2017; Apartments; Submarket of Mid-City/West Adams/Pico Heights).