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. The triplex offers the following features and amenities: Three 1 +1 units; living rooms; dining areas; hardwood floors; crown moldings; onsite parking; onsite laundry room; and patios and decks. Plus it's a corner lot zoned LAR3, which allows for the development of up to 11 units with a density bonus. HOME BUYERSÃ¢â¿¬Â¦ If a unit is vacated, the subject property would make an excellent personal residence. Plus, the adjacent units afford the homeowner the possibilities for multi-generational living and earning streams of passive rental income. INVESTORSÃ¢â¿¬Â¦ Currently two of the three units are 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%. DEVELOPERSÃ¢â¿¬Â¦ R3 zoning makes this asset an incredible opportunity to maximize the property's income-producing potential. Current zoning allows for the development of 11 dwelling units with a density bonus. Recent new developments, including 1445 S. Fairfax, are commanding rents as high as $3,900 per month for 2-bedroom units. Buyer to independently verify the development potential and all aspects of the property through personal inspection with appropriate professionals.
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Data Provided by:
California Regional Multiple Listing Service