571 Fairview Ave, Los Angeles, CA 90033
SOLDMAR 13, 2024
Listed by Raymond Rodriguez, Keller Williams Realty Calabasas, (818) 657-6500 . Bought with Keller Williams Realty Calabasas

571 Fairview Ave
Los Angeles, CA 90033

Boyle Heights
  • 1 Bed
  • 38 Baths
  • 12,006 sqft (on 0.39 acres)
  • 1 Bed
  • 38 Baths
  • 12,006 sqft (on 0.39 acres)

$4,995,000

Last Sold: Mar 13, 2024
17% below list $6M
$416/sqft
Est. Refi. Payment $31,623/mo*
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Homes for Sale Near 571 Fairview Ave

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Local Information

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Description

This property is no longer available to rent or to buy. This description is from March 13, 2024
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.

Home Highlights

Parking
None
Outdoor
No Info
A/C
Contact Manager
HOA
None
Price/Sqft
$416/sqft
Listed
95 days ago

Home Details for 571 Fairview Ave

Interior Features

Beds & Baths
Number of Bedrooms: 1Number of Bathrooms: 38
Appliances & Utilities
Laundry: Common Area
Windows, Doors, Floors & Walls
Common Walls: 2+ Common Walls
Levels, Entrance, & Accessibility
Stories: 3Number of Stories: 3Entry Location: 1

Exterior Features

Exterior Home Features
No Private Pool
Parking & Garage
Open Parking Spaces: 16No CarportNo GarageParking Spaces: 16Parking: None
Pool
Pool: Community
Frontage
Not on Waterfront
Water & Sewer
Sewer: Public Sewer
Surface & Elevation
Elevation Units: Feet

Property Information

Year Built
Year Built: 1964
Property Type / Style
Property Type: Residential IncomeProperty Subtype: Multi Family
Building
Not a New ConstructionAttached To Another StructureNo Additional Parcels
Property Information
Parcel Number: 5174011022

Price & Status

Price
List Price: $6,000,000Price Per Sqft: $416/sqft
Status Change & Dates
Off Market Date: Wed Mar 13 2024

Active Status

MLS Status: Closed

Media

Virtual Tour (branded)See Virtual Tour

Location

Direction & Address
City: Los Angeles

Building

Building Area
Building Area: 12006 Square Feet

Community

Community Features: ParkNot Senior Community

HOA

Association for this Listing: California Regional MLS

Lot Information

Lot Area: 0.39 acres

Listing Info

Special Conditions: Standard

Compensation

Buyer Agency Commission: 2Buyer Agency Commission Type: %
Notes
The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed

Rental

Has Rent Control

Miscellaneous

Mls Number: SR23202483Attribution Contact: 866-582-7865

Additional Information

Park
Last check for updates: 1 day ago
Listed by Raymond Rodriguez DRE #01402283, (866) 582-7865
Keller Williams Realty Calabasas
Bought with: Raymond Rodriguez DRE #01402283, (866) 582-7865, Keller Williams Realty Calabasas
Co-Buyer's Agent: Raymond Rodriguez DRE #01402283, (866) 582-7865, Keller Williams Realty Calabasas
Originating MLS: California Regional MLS
Source: CRMLS, MLS#SR23202483

Price History for 571 Fairview Ave

DatePriceEventSource
03/13/2024$4,995,000Sold
CRMLS #SR23202483
01/02/2024$6,000,000ContingentCRMLS #SR23202483
10/31/2023$6,000,000Listed For SaleCRMLS #SR23202483
08/01/2022ListingRemovedCLAW #21-113419
03/12/2022$6,400,000PriceChange
CLAW #21-113419
02/11/2022$6,750,000Listed For SaleCLAW #21-113419
01/19/2022ListingRemovedCLAW
12/21/2021$7,000,000Listed For SaleCLAW #21113419

Comparable Sales for 571 Fairview Ave

Address
Distance
Property Type
Sold Price
Sold Date
Bed
Bath
Sqft
627 Echandia St, Los Angeles, CA
0.15
Multi-Family Home
$1,042,500
07/27/23
5
6
4,520
617 Echandia St, Los Angeles, CA
0.16
Multi-Family Home
$1,275,000
07/25/23
8
7
3,872
456 S Breed St, Los Angeles, CA
1.07
Multi-Family Home
$3,600,000
04/01/24
25
25
18,857
1334 Pennsylvania Ave, Los Angeles, CA
0.40
Multi-Family Home
$1,250,000
01/17/24
5
4
2,576
723 Judson St, Los Angeles, CA
0.29
Multi-Family Home
$660,000
10/11/23
4
2
1,735
1544 Pleasant Ave, Los Angeles, CA
0.37
Multi-Family Home
$820,000
08/29/23
8
3
3,256
122 N Breed St, Los Angeles, CA
0.88
Multi-Family Home
$1,597,500
08/01/23
20
8
7,228
118 N Breed St, Los Angeles, CA
0.88
Multi-Family Home
$1,597,500
08/01/23
20
10
5,934

Assigned Schools

These are the assigned schools for 571 Fairview Ave.
GreatSchools ratings are based on test scores and additional metrics when available.
Check with the applicable school district prior to making a decision based on these schools. Learn more.

Neighborhood Overview

Boyle Heights
See Local Highlights
Neighborhood stats provided by third party data sources.

What Locals Say about Boyle Heights

  • Trulia User
    "I live in a neighborhood with that has respect for the people and their landscapes. So it’s good to have a family to be around on this neighborhood. It’s safer."
    1
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  • Trulia User
    "There’s bike riding routes , the new and improved 6th street bridge just opened, mariachi plaza posts mariachi events every so often , there’s food venders , a lot of resources "
    2
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  • Trulia User
    "In general it's friendly but not too clean and people park their cars however they want. Also the rent it's expensive in comparisson about the place"
    0
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  • Trulia User
    "Parking sucks too many people live in one house and everyone owns a vehicle so parking is always a issue "
    0
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  • Trulia User
    "Some dog owners don't pick up after their dogs. A lot of people walk their dogs. Others just let them out and shout for then."
    0
    Flag
  • Trulia User
    "It’s a good area for a dog, there are stray dogs and cats here and there so beware. Other than that the people here are friendly and most dogs are behind fences"
    0
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  • Trulia User
    "i se people walking their dogs all the time but their owners dont seem to understand when their dogs use the bathroom they need to pick up after them and most of these neighbors dont "
    0
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  • Trulia User
    "No community events. No parking around the area no parks events or community events. Safety is very poor in this area."
    0
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  • Trulia User
    "I would stay away lots of violence and gang activity. Not safe for children. There has been a bunch of shootings. And gentrification conflicts. "
    0
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  • Cecilia P.
    "nice area to live live mostly average areas you must get along with everyone else and respect others like you want to be respected"
    4
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  • Navarro.lisa2573
    "Buses and train only a block away plus electric cars are right on my block There are also electric scooters in the near area "
    2
    Flag
  • Francisco_alvarezj
    "Noisy , no parking at all. Really bad communication between the staff and residents. A lot of stray cats and roaches and rats and possums. Property looks like it is just painted over once someone moves out, even the bathtub. They took parking away from residents which is supposed to be first come first served, and started charging over 75 dollars for a reserved parking spot that you cannot choose. Basically, whatever is available, could possibly be far from your place of living. And it’s only one reserved spot per household. When school is in session, there is always traffic or always traffic around 5 on the school street. Price is too high for living in a bad neighborhood with hardly no benefits. "
    68
    Flag
  • Loeraalg
    "The advantage of this area is that is connected to all areas with all freeways close and one more thing, it is really near to downtown LA"
    2
    Flag
  • Cassandra S.
    "my neighborhood is pretty calm and relaxing. The community is nice and people.can be friendly. there isnt a lot of traffic on normal days. "
    1
    Flag
  • Celia L.
    "Street fAirs on sundays. The elote man is the best. Mariachis on weekends. Mariachi concerts in november and posadas in december!"
    1
    Flag
  • Raul C. F.
    "people really take care of their grass areas so many people will let you know if you forget to clean up after your pet"
    0
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  • Maritza G.
    "There are homeless people out on the street every day, street are dirty all the time and you need to be careful crossing the street. Even at a crosswalk. The traffic here is horrible and most drivers don't care if a pedestrian is crossing."
    4
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  • Yesi
    "I have lived here for twelve years and it has change a lot and that is good for the community. Shops and schools are very close"
    14
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  • Ingrid
    "The markets are awesome and independently owned. You can find a variety of markets and restaurants that vary in cuisine and taste level. "
    0
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  • Raul C. F.
    "theree are a lot of good people living here but a lot of gang activity also. if you dont keep an eye on your kids they might get involved with the wrong people."
    0
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  • Alejandrojgarcia27
    "It’s filled with violence and disorder. Always construction going on, only positive outlook is hispanic culture shop are easily accessible "
    20
    Flag
  • Medinamauricio21
    "Lots of seafood places to eat & taco stands late at night. Mostly Mexican restaurant & food trucks. Not so friendly for families "
    2
    Flag
  • Brendamilian16283
    "It’s a very good neighborhood, love walking my dogs and cleaning after them, very good city I love it here"
    1
    Flag
  • Tony H.
    "KAM gang keeps the walls bangin! Other than that it’s way better than it looks. Caesar Chavez is always fun to walk . I haven’t had any problems "
    0
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  • Walter M.
    "best neighborhood in LA it's always safe people always nice to you there's a taco stands everywhere and weed shops to buy flowers"
    0
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  • Daniela M.
    "It would be a really nice area if there were more shops/restaurants around. It’s a bit dirty around but I feel like slowly the streets have been getting cleaned up. "
    0
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  • Stormywilson91
    "Lots of crime, grime, and gang activity. Boyle heights is a great place to live if you don’t mind the three things previously mentioned"
    17
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  • Jiyoungcda
    "Horribly loud every Sundays from day to night because of the “Domingo party” at “Mariachi Plaza”. So many homeless cars reserved almost of street parkings. Terrible traffic on the bridges to cross the river every morning. "
    8
    Flag
  • Xihomara.271
    "A lot of dog owners don’t pick up after their dogs and let their dogs off leash knowing they could get run over or know their dog is aggressive "
    0
    Flag
  • Jasonmalone29
    "Dod owners would love the neighborhood because there are plenty of grass patches. Drives me crazy because mist do not pick up after there dog. "
    0
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  • Paulalmeidaesp
    "No where near as bad as it used to be back in the 90’s and 00’s. The homeless are becoming more noticeable but that’s more of LA problem. Schools are getting better but still underfunded. "
    3
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  • Winnie M.
    "People who live here have been here have grown up here. If you take the time to get to know them they will look out for you like your one of their own. "
    12
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  • Ana G.
    "Nothing makes our neighborhood special. I would like if our neighborhood had movie nights and fun events. I believe that our people in Boyle Heights need to engage more to make our neighborhood feel friendly."
    1
    Flag
  • Paluku N.
    "Yeah it’s ok place to visit as you know! It not my type of place just trying to maintain what we can "
    0
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  • Local of East LA
    "The neighborhood is not safe for small kids. It is not safe for children to play and roam around. They can play but with supervision. "
    0
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  • María L. .
    "Boyle heights it’s known for the mariachi plaza and the Mercadito which they have events very family oriented."
    1
    Flag
  • Michal C.
    "OH MY GOD THIS PLACE IS SO SCARY. 10/10 felt like I was going to get shanked. PLEASE, do not waist your time looking at this place. Drove right past when we had an appointment because it looked NOTHING like pics "
    1
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  • Sebastian D. M.
    "I love seeing the streets closed near Mariachi Plaza on the weekends. It’s amazing to see the community come together the way it does. It’s so special and I love attending as much as possible. "
    0
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  • Elsa M.
    "My neighborhood is great but needs to be more pet friendly. Community is small and everyone knows everyone."
    0
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  • acg
    "Tired of the people here that are moving in. I’ve been here for 23 years and certain streets get uglier and uglier by the week. People keep throwing their trash on the street and it just builds up. They keep building apartments here when it’s already too populated here. There’s never no where to park due to it being so packed here. "
    0
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The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 2024-01-24 10:53:37 PST and /or other sources. 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
The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.

Homes for Rent Near 571 Fairview Ave

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Off Market Homes Near 571 Fairview Ave

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571 Fairview Ave, Los Angeles, CA 90033 is a 1 bedroom, 38 bathroom, 12,006 sqft multi-family built in 1964. 571 Fairview Ave is located in Boyle Heights, Los Angeles. This property is not currently available for sale. 571 Fairview Ave was last sold on Mar 13, 2024 for $4,995,000 (17% lower than the asking price of $6,000,000). The current Trulia Estimate for 571 Fairview Ave is $5,046,000.