1229 N Fairfax Ave · West Hollywood, CA 90046

$4,500,000

396 bd · 2.0 ba · 900 sqft · MultiFamily public records · 101 Days on market

Built 1923 0.48 ac lot $5000/sqft · 1704% above area

---

Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 22 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

1227-1237 Fairfax Avenue presents a 22-unit multifamily investment opportunity featuring a prominent 1920s-character building with strong street presence and architectural pedigree. Located in a highly desirable, high-demand rental corridor, the asset combines historic charm with meaningful repositioning potential. The property generates solid in-place income at a 12.55 GRM and 4.24% cap rate, equating to approximately $204,545 per unit and $437 per square foot. Significant upside exists through a strategic renovation program designed to enhance interior finishes while preserving the building's vintage character. Situated on a large 21,029-square-foot lot, the property offers additional potential for ADUs and/or the addition of parking in the expansive rear open space (buyer to verify). The oversized parcel further enhances long-term value and optionality. 1227-1237 Fairfax Avenue presents a classic value-add opportunity with substantial rental upside in one of Los Angeles' most sought-after submarkets.

Key facts

• Historic charm
• Large lot
• 0.48 acre lot

Tags

• 1920S CHARACTER BUILDING
• STRONG STREET PRESENCE
• HISTORIC CHARM
• SOLID IN-PLACE INCOME
• LARGE LOT
• ADDITIONAL POTENTIAL FOR ADUS

What this means for you Summary

Snapshot

• This is a 22 × 18-bed/22.0-bath units multifamily listed at $4.50M.

Deal economics

• At list price, monthly cash flow is $20k ($245k/yr) — positive. Per door: $926/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($59k rent vs $4.50M).
• Recommended offer: $4.09M (9.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 1.5% in West Hollywood — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#239 in CA) — a middle-class / working-renter tenant base. Strengths: schools A+, amenities A+, commute A+; Watch: health & safety C-, crime F, cost of living F.
• Los Angeles Unified (urban): math 29% / reading 54% proficiency, ranked #223 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-1.5%/yr); 334 active listings in the ZIP; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $59,158/mo this rent would consume 738% of the median local household income ($96k/yr) (locally 5563% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $31k of loan paydown is wiped out by about $135k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $1.26M cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($4.09M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $4,095,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.31% ✓
• Cap rate: 11.73%
• Cash-on-cash: 19.41%
• DSCR: 1.86
• GRM: 6.3

CMA / ARV

• ARV (median comp): $2,835,000
• List price: $4,500,000
• Delta: 58.73%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 8.2%
• Equity multiple: 1.31×
• Total profit: $393,507
• Equity at exit: $670,965

10-year hold

• IRR: 15.0%
• Equity multiple: 2.06×
• Total profit: $1,335,939
• Equity at exit: $389,078

Cash invested: $1,260,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 90046

• Rents YoY: -1.5%
• Active inventory: 334
• Price-to-rent: 139.5×

Monthly cashflow live

• Estimated rent: $59,158 medium
• Mortgage (P&I): −$23,598
• Tax from tax record: −$880 /mo · $10,561/yr
• Insurance: −$1,875
• HOA: −$0
• Vacancy / Maint / Mgmt: −$12,423
• Net cashflow: $20,381

Break-even live

Break-even rent $33,359

Max offer price $4,500,000

Occupancy floor 61%

22-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 22× units	18	22	$59,158
Total (22 units)			$59,158

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,125,000
• Closing costs: $135,000
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $4,500,000 Active 101 DOM
2. 2026-06-17
   days on market $4,500,000 Active 100 DOM
3. 2026-06-16
   days on market $4,500,000 Active 99 DOM
4. 2026-06-15
   days on market $4,500,000 Active 98 DOM
5. 2026-06-13
   days on market $4,500,000 Active 96 DOM
6. 2026-06-09
   days on market $4,500,000 Active 92 DOM
7. 2026-06-08
   days on market $4,500,000 Active 91 DOM
8. 2026-06-07
   days on market $4,500,000 Active 90 DOM
9. 2026-06-04
   days on market $4,500,000 Active 87 DOM
10. 2026-06-03
    days on market $4,500,000 Active 86 DOM
11. 2026-06-02
    days on market $4,500,000 Active 85 DOM
12. 2026-06-01
    days on market $4,500,000 Active 84 DOM
13. 2026-05-31
    days on market $4,500,000 Active 83 DOM
14. 2026-03-09
    listed $4,500,000 Active 1018-char remark

    Show marketing remark (1018 chars)

    1227-1237 Fairfax Avenue presents a 22-unit multifamily investment opportunity featuring a prominent 1920s-character building with strong street presence and architectural pedigree. Located in a highly desirable, high-demand rental corridor, the asset combines historic charm with meaningful repositioning potential. The property generates solid in-place income at a 12.55 GRM and 4.24% cap rate, equating to approximately $204,545 per unit and $437 per square foot. Significant upside exists through a strategic renovation program designed to enhance interior finishes while preserving the building's vintage character. Situated on a large 21,029-square-foot lot, the property offers additional potential for ADUs and/or the addition of parking in the expansive rear open space (buyer to verify). The oversized parcel further enhances long-term value and optionality. 1227-1237 Fairfax Avenue presents a classic value-add opportunity with substantial rental upside in one of Los Angeles' most sought-after submarkets.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $10,561 · $880/mo
• Projected year-2 tax: $34,200 · $2,850/mo
• Expected delta: +$23,639/yr (+$1,970/mo · 223.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥88°F today · 23 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $709,896
• − Mortgage interest: −$252,070
• − Property taxes: −$10,561
• − Insurance: −$22,500
• − Repairs & maintenance: −$56,792
• − Management: −$56,792
• − Depreciation: −$130,909
• Taxable income: $180,273
• Est. tax owed @ 24.0%: −$43,265
• After-tax cash flow: $201,310/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — West Hollywood

• Score: 70/100
• State rank: #239
• US rank: #7852

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B+ Housing C Health & safety C- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Hollywood, CA
• County: Los Angeles County · 9,444,647 people
• City population: 20,961
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 48,296
• Household income: $96,250
• Rent vs Own: 77.8% rent · 22.2% own
• Severe rent burden: 5563.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 16% Two or more races 13% Asian 7% Black 5%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Scotch-Irish 6% Lithuanian 4% Romanian 4%
• Foreign-born: 26% · Canada, China, South Korea
• Languages at home: 71% English-only · Spanish 9% Russian/Polish/Slavic 8% Other Indo-European 3%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -571.28%
• Current HPI: 365.8036
• Rent YoY: ▼ -1.48%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

1 event — show timeline

• 2026-03-09 Listed $4,500,000 TheMLS

Property tax history

+1.8%/yr

Latest (2025): $10,561 · +3.0% YoY. Source: county tax records.