Fairfax/Melrose
Fairfax/Melrose is a centrally located Los Angeles multifamily market combining established residential neighborhoods with active retail, dining and entertainment corridors. The area features a diverse housing stock ranging from smaller vintage apartment buildings to larger multifamily and mixed-use properties, creating opportunities across a variety of investment strategies. Its location provides convenient access to West Hollywood, Hollywood, Beverly Grove and other major employment and commercial centers throughout Central Los Angeles. For multifamily owners and investors, property condition, existing tenancy, walkability, surrounding amenities and proximity to major corridors can all influence renter demand, individual asset performance and long-term value.
MARKET OVERVIEW
Source: CoStar | Fairfax/Melrose Multifamily | 2025
Units Sold
66
Rent Growth (YoY)
2.0%
Average Cap Rate
5.0%
Vacancy Rate
10.6%
Average Price Per Unit
$347,864
Average Rent
$3,496
Average Sale Price
$2.3M
Total Transactions
10
EMPLOYMENT DRIVERS
Fairfax/Melrose benefits from access to a diverse employment base spanning entertainment and media, healthcare, retail, hospitality, professional services and creative industries. Major nearby employment anchors include Television City, Cedars-Sinai Medical Center and the extensive concentration of businesses surrounding The Grove, the Original Farmers Market and Melrose Avenue. The area’s central location also provides residents with convenient access to employment centers throughout Hollywood, West Hollywood, Beverly Hills and Century City, supporting demand from professionals working across Central and West Los Angeles.
TENANT PROFILE
Fairfax/Melrose has a predominantly renter-oriented population that includes professionals, singles, couples, smaller households and long-term residents. The area appeals to renters seeking a central location with convenient access to employment centers, dining, shopping and entertainment throughout Central Los Angeles. Its mix of vintage apartments, smaller multifamily properties and newer residential development accommodates a range of lifestyles, while walkable commercial corridors and proximity to surrounding neighborhoods help support continued renter demand.