1501 S Fairfax Ave photo

1501 S Fairfax Ave

$1,195,000  |  1501 South Fairfax Avenue, Los Angeles, CA 90019

1501 South Fairfax Avenue is a 1940’s rent-controlled triplex in the heart of Mid-City, in Central Los Angeles. It is 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 one plus one 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 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 multi-generational living and earning streams of passive rental income. Investors. 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%. DEVELOPERS… 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 South 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.

  • Sold
    Status
  • 3
    Bedrooms
  • 3
    Bathrooms
  • 1940
    Year Built

Features & Amenities

Area & Lot

  • Status: Sold
  • Total Area: 1,896 Sq.Ft.
  • Lot Size: 0.16 Acres
  • MLS ID: SR17167293
  • Type: TOWNHOUSE
  • Year Built: 1940

Interior

  • Total Bedrooms: 3
  • Total Bathrooms: 3
  • Full Bathrooms: 3

Exterior & Building

  • Garage Space: 2

Financial

  • Sales Price: $1,195,000

1501 S Fairfax Ave

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