Fair Court Apartments 5053 Fair Ave 36 Unit Apartment Building $18,599,000 ($516,639/Unit) 4% Cap Rate North Hollywood, CA 91601

Prime investment opportunity in the NoHo area of North Hollywood: 36-unit building offered at 4% CAP on current NOI and new property tax assessment. A modern, low-maintenance, transit-accessible apartment building in a high-demand North Hollywood location with strong tenant appeal and stable long-term income.
5053 Fair Ave’s Fair Court Apartments is a modern, mid-rise apartment community with controlled access, secure parking, elevator service, and contemporary interior finishes. The units are designed with everyday convenience in mind (in-unit laundry, high-quality kitchen features, private balconies), include assigned parking, and are located in a walkable, transit-accessible part of North Hollywood. Lease terms typically range from about 6 to 24 months. There are Electric Vehicle Chargers.
Two additional value-creation opportunities for the ADU and additional rent: available conceptual plans and the Seller's Architect's assistance.

Unit Types at Fair Court Apartments
• 4 X Studio / 1 bath — ~458 sq ft (average) + 1 assigned parking space
• 19 X 1 Bed / 1 Bath — ~755 sq ft (average) + 1 assigned parking space
• 13 X 2 Beds / 2 Baths — ~983 sq ft (average)+ 2 assigned parking spaces
The NoHo pocket area attracts high demand from a variety of tenants. Situated in the North Hollywood area, close to major freeways (101, 134, 170) and Metro Red Line transit, making commute and city access easy.
INCOME AND INVESTMENT APPEAL
• Strong rental demand in NoHo for modern units.
• Market-rate rents (post-2016 construction = generally not subject to strict rent control like older stock).
• Lower ongoing maintenance costs vs. older Valley buildings.
• Appeal to various types of tenants, creating a stable tenant profile.
PROPERTY FUNDAMENTALS
• Modern construction (circa 2016) - lower deferred maintenance, fewer capital expenditures.
• Mid-rise, elevator-served building - attractive to a broader tenant pool.
• Controlled access & secure parking - reduces management headaches and vacancy risk.
• In-unit laundry in all units - central rent-premium feature.
• Private balconies/patios - lifestyle amenity buyers that tenants pay for.
• Separate electric and water meters.
UNIT MIX(Stability + Rentability)
Studios, 1-bedroom, and 2-bedroom units
Strong demand categories in North Hollywood.
Efficient layouts with modern kitchens and finishes.
Two-bath 2BR units - ideal for roommates (higher rent per square foot).
Each apartment in the building typically includes:
• In-unit laundry (washer & dryer).
• Central air conditioning and modern heating systems.
• Contemporary kitchens with quartz or granite countertops and stainless-steel appliances (dishwasher, oven, garbage disposal, microwave, etc.).
• Engineered hardwood or laminate flooring throughout.
• Each unit usually has a balcony or patio.
AMENITIES
Washer/Dryer Washer/Dryer Hookup; Air Conditioning; Heating; Smoke Free; Cable Ready; Security System; Tub/Shower; Intercom; Sprinkler System; Wheelchair Accessible (Rooms; Dishwasher; Disposal; Ice Maker; Granite Countertops; Stainless Steel Appliances; Eat-in Kitchen; Kitchen Microwave; Oven; Refrigerator; Freezer; Instant Hot Water; Hardwood Laminated Floors; Tile Floors; Office; Vaulted Ceiling; Views; Linen Closet; Window Coverings; Patio.
PARKING: Garage, Assigned Parking
SECURITY:
Controlled Access; Property Manager on Site
TRANSIT AND MOBILITY - LOCATION STRENGTH:
- Near Metro Red Line (North Hollywood Station)- transit-oriented demand.
- Close to major freeways (101 / 134 / 170) - commuter-friendly.
WALCABLE TO:
Restaurants, cafés, grocery stores, Arts, theaters, and nightlife
The neighborhood is served by the Metro Red Line and the G Line busway at the North Hollywood station, providing access to the wider Los Angeles without a car.
The area generally rates well for walkability to shops and eateries, though many residents still use cars for some errands.
Ratings:
Walk Score® 97 Walker's Paradise
Transit Score® 64 Good Transit
Bike Score® 63 Bikeable
PARKS AND OUTDOORS
North Hollywood has local parks and green spaces, and there’s also access to urban bike paths, such as the Chandler Boulevard Bike Path, which connects various parts of the Valley.
LOCAL CULTURE AND FUN
• Small theaters and art spaces (performance, dance, galleries)
• Weekly farmers market with fresh produce, artisan foods, and vendors
• Walkable streets with murals, boutiques, and nightlife
RESTAURANTS AND DINING
North Hollywood (especially the NoHo Arts District) offers a lively dining scene with a mix of casual and sit-down restaurants, including brunch spots, grills, and international cuisine — many within a short walk or a few minutes’ drive from 5053 Fair Ave.
GROCERY STORES AND MARKETS
• Ralphs – Full-service grocery store with produce, deli, and essentials.
• Trader Joe's – Popular specialty grocery with unique and everyday foods (a short drive).
• Pacific Coast Food – European-style grocery with a wide selection of international foods.
• North Hollywood Market & Bakery – Local grocery and bakery options.
• Lankershim Food Mart – Convenience store for quick snacks/drinks.
• Epicurus Gourmet – Specialty food store with high-end imported products.
NOTES: The Seller may allow inside access to a financially pre-qualified Buyer. The Buyer's financial pre-qualification letter shall be submitted to the Seller's Broker via EliteEstateNR@aol.com. Any inside photography or video recording requires additional Seller's permission for a financially pre-qualified Buyer and/or Buyer Lender's Appraiser.
Information from public sites or provided by the Seller is deemed reliable but not guaranteed. All measurements are approximate. Buyer shall conduct its own investigation. Seller’s Broker is not liable for any information derived from public sources of information.
There is no sign on the property; please do not approach the tenants.
Contact for the Seller's Broker:
Elite Estate, Natasha Robinson, Broker DRE 01290564
Cell: (661) 803-7099
Email: EliteEstateNR@aol.com