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1550-- 1556 S Fairfax Ave

Los Angeles, CA 90019
  • $5,500,000
  • STATUS: Active
  • ON SITE: 277 Days
  • ID#: 21-775894
UPDATED: 65 min ago
$5,500,000
  • 0
    BEDS
  • 0.32
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Vacant Land / Lots
County:

School Ratings & Info

Description

We are pleased to present 1550 1556 South Fairfax Avenue, a high- profile RTI development opportunity ideally situated in Mid-City, adjacent to Carthay Square and Pico-Robertson, two of the most desirable rental pockets in the city. The proposed project resides on a double lot measuring 13,772 total square feet, and has been approved for the construction of 30 luxury apartment units across six stories, atop one level of subterranean parking. The proposed project offers a very attractive unit mix of one, two, and three bedroom units, making it an ideal place of living for tenants of various backgrounds and makeups. Higher-end finishes with built-in cabinetry have been carefully selected with the long-term hold in mind for prospective investors, and are instrumental in giving the tenants that luxury living feeling at an affordable price. Even despite the recent onslaught of new construction projects in the vicinity, recent regulations such as SB330 make it very difficult to tear existing buildings in this pocket down, creating a high barrier to entry which funnels demand to the tenant pool, ultimately resulting in elevated income figures for an investor.There are a number of strategies to be considered in order to maximize revenue for a prospective investor as well. One consideration to be made would be the exploration of utilizing some of the units for co-living, a model that has either matched, or outperformed traditional real estate on all fronts according to the tracking of new leases, renewals, and rent collections by industry experts. Another angle to consider as a way to maximize revenue would be the conversion of units from for-rent apartments, into for-sale Class A condominiums. Sales at nearby communities have sold for nearly $800/SF for two- and three-bedroom floorplans which signals the clear demand for attached for-sale product. Furthermore, the neighboring parts of Beverly Hills, immediately adjacent to the Property, have seen condominiums sell for roughly $1,075 per square foot signaling incredible future appreciation prospects as more affluent buyers begin to spill over into the area.This pocket of Mid-City is among the most highly sought-after pockets for renters in Los Angeles. With close proximity to world famous Beverly Hills and West Hollywood, which are best known for their abundance of trendy nightlife, renowned boutique shopping, and innovative cuisine from award-winning chefs, the ideal location of the property affords renters the luxury of enjoying the city's most popular entertainment destinations with ease. The proposed project is also situated within a 20-minute drive to the Westside cities, as well as downtown L.A., enabling tenants to take full advantage of the beautiful Pacific Coast, in addition to the hustle and bustle of urban city life.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-28T14:42:52.793. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.bringingyouhomescv.com/homes/120754393
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1550-- 1556 S Fairfax Ave Los Angeles, CA 90019

  • Price: $5,500,000
  • Status: Active
  • On Site: 277 Days
  • Updated: 65 min ago
  • ID#: 21-775894
0
Beds
0
Baths
0
½ Baths
0.32
Acres
Neighborhood:
Mid Los Angeles
County:
Los Angeles
Area:
Mid Los Angeles
Property Description
We are pleased to present 1550 1556 South Fairfax Avenue, a high- profile RTI development opportunity ideally situated in Mid-City, adjacent to Carthay Square and Pico-Robertson, two of the most desirable rental pockets in the city. The proposed project resides on a double lot measuring 13,772 total square feet, and has been approved for the construction of 30 luxury apartment units across six stories, atop one level of subterranean parking. The proposed project offers a very attractive unit mix of one, two, and three bedroom units, making it an ideal place of living for tenants of various backgrounds and makeups. Higher-end finishes with built-in cabinetry have been carefully selected with the long-term hold in mind for prospective investors, and are instrumental in giving the tenants that luxury living feeling at an affordable price. Even despite the recent onslaught of new construction projects in the vicinity, recent regulations such as SB330 make it very difficult to tear existing buildings in this pocket down, creating a high barrier to entry which funnels demand to the tenant pool, ultimately resulting in elevated income figures for an investor.There are a number of strategies to be considered in order to maximize revenue for a prospective investor as well. One consideration to be made would be the exploration of utilizing some of the units for co-living, a model that has either matched, or outperformed traditional real estate on all fronts according to the tracking of new leases, renewals, and rent collections by industry experts. Another angle to consider as a way to maximize revenue would be the conversion of units from for-rent apartments, into for-sale Class A condominiums. Sales at nearby communities have sold for nearly $800/SF for two- and three-bedroom floorplans which signals the clear demand for attached for-sale product. Furthermore, the neighboring parts of Beverly Hills, immediately adjacent to the Property, have seen condominiums sell for roughly $1,075 per square foot signaling incredible future appreciation prospects as more affluent buyers begin to spill over into the area.This pocket of Mid-City is among the most highly sought-after pockets for renters in Los Angeles. With close proximity to world famous Beverly Hills and West Hollywood, which are best known for their abundance of trendy nightlife, renowned boutique shopping, and innovative cuisine from award-winning chefs, the ideal location of the property affords renters the luxury of enjoying the city's most popular entertainment destinations with ease. The proposed project is also situated within a 20-minute drive to the Westside cities, as well as downtown L.A., enabling tenants to take full advantage of the beautiful Pacific Coast, in addition to the hustle and bustle of urban city life.
Exterior Features

Lot Size Area 13770 View Description None View YN No

Property Features

Cable YN No Sale Type Standard Source Lot Size Area Other Zoning Lar3

Listing provided courtesy of Filip Niculete DRE#01905352 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-28T14:42:52.793. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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Montemayor & Associates | RE/MAX of Santa Clarita
25129 The Old Road, Suite 114
Stevenson Ranch CA, 91381