Lucrum Real Estate Group is proud to present 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 (at least 5 units will be delivered vacant). 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.
Located in the heart of the historic and charming Boyle Heights neighborhood of Los Angeles, CA., 571 Fairview Avenue is nestled in a peaceful and family-friendly neighborhood, offering tenants a perfect blend of suburban serenity and convenient city access along with picturesque views of the DTLA skyline.
Pride of ownership is evident as one pulls up to the property with its meticulously manicured trees, landscaping, curb appeal and charming walkway leading past a drought friendly garden. Positioned on a hilltop street and adjacent to a church, the neighborhood exudes a wholesome welcoming atmosphere, making it an ideal place for families, couples, professionals, and anyone seeking a tranquil living experience.
The area around Fairview Heights is characterized as a bastion for Latin culture with many Latin-owned businesses, Mexican restaurants, and schools providing a sense of community, and fostering a strong neighborly bond. Residents here take pride in maintaining their properties and adding to the overall charm of the locale.
Within a short distance, residents can enjoy the convenience of various amenities and services along Cesar Chavez Avenue. There are grocery stores, restaurants, cafes, and local shops nearby, ensuring that daily necessities are within easy reach. The nearby Prospect Park, situated just a few blocks away, offers additional recreation for a more outdoor experience.
Boyle Heights is ideally located, making it an accessible hub for commuters to and from DTLA. The proximity to major highways and public transportation options ensures smooth travel to neighboring cities and attractions. The 10, 5 and 101 Freeways are all a short drive away, allowing accessibility to 3 of the City’s major routes.
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.
Overall, Boyle Heights offers a range of opportunities for those interested in real estate, whether as homeowners, investors, or business owners. With its strong community, convenient location, and affordable real estate prices, it is a popular choice to live and do business.
+ 1st time available for sale in nearly a half-century
+ Significant income upside potential of +/- 47%
+ Due for +/- 6% rental increases in February 2024
+ At least 5 units delivered vacant
+ Additional upside potential through RUBS & new HACLA voucher program
+ Attractive cost per unit
+ 16 on-site parking spaces
+ Pool and beautiful tranquil courtyard
+ Stunning skyline views of DTLA
+ Cozy & charming units with plenty of natural sunlight
+ 37 singles and 1 one-bedroom plus office
+ Coin operated laundry room
Once you schedule a call, you’ll have taken the first step to getting the representation you deserve.
