1601 Fair Park Ave Los Angeles, CA 90041
Eagle Rock NeighborhoodEstimated payment $1,112/month
Highlights
- Very Popular Property
- Wood Flooring
- Neighborhood Views
- Dahlia Heights Elementary Rated A-
- No HOA
- Cooling System Mounted To A Wall/Window
About This Home
This is a 10% interest as a Tenant in Common with 3 other owners who own the remaining 90%. One of a kind Charming Spanish Adobe Style 6 unit 1920's apartment complex. Situated on a large corner lot in a quiet residential neighborhood with tree lined streets. All units are 1 bedroom 1 bath, and several have been remodeled, but have retained the charm and character of the 1920's with ceramic tile in the kitchens and bathrooms, and hardwood floors. There are 4 garages on the side of the property.
The property is valued at $1,700,000 and has a TIC Agreement with the three other owners. There is an existing loan with a balance of $575,000 and bears an interest rate of 4.75%. The monthly payment is $3,129.88 of which $2,284.96 was interest and $844.92 was principal reduction as of the May 2025 Mortgage Statement. The loan is a fully amortizing loan that matures on October 1, 2052 so there is no balloon payment.
When taking 10% of the NOI of $9,322 and deducting 10% of the annualized Mortgage Payment ($3,759), and then adding back principal reduction of $1,013, the total return is approximately $6,576 or 5.85% on the required cash equity investment of $112,500 and assuming $57,500 of the loan for 10% ownership as a Tenant in Common.
Listing Agent
Re/Max Commercial & Investment Brokerage Email: slampe@remaxcir.com License #01164364 Listed on: 07/15/2025
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1928
Lot Details
- 8,173 Sq Ft Lot
- Two or More Common Walls
- Density is 31-35 Units/Acre
Parking
- 4 Car Garage
- Parking Available
- Side Facing Garage
Home Design
- Apartment
Interior Spaces
- 3,900 Sq Ft Home
- 1-Story Property
- Wood Flooring
- Neighborhood Views
Kitchen
- Gas Oven
- Gas Range
Bedrooms and Bathrooms
- 6 Bedrooms
- 6 Bathrooms
Utilities
- Cooling System Mounted To A Wall/Window
- Floor Furnace
- Natural Gas Connected
Listing and Financial Details
- Tax Lot 34
- Tax Tract Number 745
- Assessor Parcel Number 5689009009
- $10 per year additional tax assessments
- Seller Considering Concessions
Community Details
Overview
- No Home Owners Association
- 6 Units
Building Details
- 6 Leased Units
- Rent Control
- 6 Separate Electric Meters
- 6 Separate Gas Meters
- Insurance Expense $463
- Maintenance Expense $498
- Other Expense $982
- Professional Management Expense $240
- Trash Expense $92
- Water Sewer Expense $200
- New Taxes Expense $862
- Operating Expense $3,337
- Gross Income $12,659
- Net Operating Income $9,322
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 07/15/2025 07/15/25 | For Sale | $170,000 | -- | $44 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB25158948
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Based on information from California Regional Multiple Listing Service, Inc. 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
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