Homes for sale - 6220 Fulton AVE, Van Nuys, CA 91401

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$8,740,000

$9,200,000 5.0%

Est. payment - /mo

45 Beds

45 Baths

34,587 SqFt

UPDATED:

Key Details

Sold Price $8,740,000

Property Type Multi-Family

Listing Status Sold

Purchase Type For Sale

Square Footage 34,587 sqft

Price per Sqft $252

MLS Listing ID 24366129

Sold Date 12/27/24

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

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Listed by Filip Niculete • Marcus & Millichap
Bought with Filip Niculete • Marcus & Millichap

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Sean McGalis

+1(760) 415-5075

Realtor & Avid Golfer | License ID: 01707801

Realtor & Avid Golfer License ID: 01707801

6220 Fulton AVE Van Nuys, CA 91401