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$ 9,200,000
Est. payment /mo
Pending
6220 Fulton AVE Van Nuys, CA 91401
45 Beds
45 Baths
34,587 SqFt
UPDATED:
12/05/2024 01:48 AM
Key Details
Property Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 34,587 sqft
Price per Sqft $265
MLS Listing ID 24366129
Bedrooms 45
HOA Y/N No
Year Built 1985
Lot Size 0.547 Acres
Property Description
We are proud to present 6228 Fulton Ave, a 30 unit multifamily property located in the Valley Glen neighborhood in the city of Van Nuys. The seller's grandfather built this property in 1985, and it has been passed down from generation to generation since. After nearly 40 years of ownership, the family is offering up this property for sale for the very rst time in its existence.Built in 1985, this property is not subject to Los Angeles Rent Control (RSO). It is only subject to California's AB-1482 rent control laws which limit annual rent increases to 5% + CPI. With CPI currently around 3%, AB-1482 properties can currently receive a rent increase of about 8% this year.This 34,587 square foot property has an even count of 1 bedroom and 2 bedroom units. The 1 bed units average 868 square feet each, and the 2 bed units are an impressive 1,212 sqft each on average. The property has many common area amenities including a laundry room, mail room, and a pool with a courtyard for the tenants to enjoy. The property has a gated parking garage with 54 total parking spaces (8 singles and 23 tandem). The property has 45 total bedrooms so there is enough parking for each bedroom to get 1 spot and 9 additional spots for guests.This property offers a good a value-add opportunity to a savvy investor. There is approximately 20% upside in rents if the buyer renovates the units and gets rents up to maximum market potential. Also, this property presents an ideal opportunity for the buyer to add two ADUs where the current carport parking is. Since the property has an excess of parking spaces, losing the 4 carport parking spots in exchange for 2 ADUs would still leave the property with 50 parking spaces for the newly created 32-unit building. The property has been professionally managed by IMT Residential for decades, and they always keep the property's conditions up to their high level of standards. In 2022, the owners spent nearly $150,000 on the following items: exterior/interior property paint, lighting upgrade throughout property, renished the pool, replaced all hallway oors, and upgraded the laundry machines to digital payment systems.
Location
State CA
County Los Angeles
Area Vg - Valley Glen
Zoning LAR3
Interior
Heating Central
Cooling Central Air
Fireplace No
Laundry Common Area
Exterior
Parking Features Covered, Gated, None
Garage Spaces 54.0
Garage Description 54.0
Pool Community
Community Features Gated, Pool
Total Parking Spaces 54
Private Pool No
Building
Story 4
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 2331002033
Security Features Gated Community
Special Listing Condition Standard
Listed by Filip Niculete • Marcus & Millichap