6220 Fulton Ave, Van Nuys, CA 91401 – 24-366129 - Chan Wathen

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$9,200,000

Est. payment - /mo

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45 BD

45 BA

34,587 SqFt

Pending

6220 Fulton Ave Van Nuys, CA 91401

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Chan Wathen

[email protected] +1(702) 461-7869

UPDATED:

09/04/2024 05:44 PM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Pending

Purchase Type For Sale

Square Footage 34,587 sqft

Price per Sqft $265

MLS Listing ID 24-366129

Bedrooms 45

Year Built 1985

Lot Size 0.547 Acres

Acres 0.5469

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 Valley Glen

Zoning LAR3

Rooms

Other Rooms None

Interior

Heating Central

Cooling Central

Equipment Other

Laundry Community

Exterior

Parking Features Covered Parking, Gated, Garage - None

Garage Spaces 54.0

Pool Community

Building

Story 4

Level or Stories Multi/Split

Others

Special Listing Condition Standard

The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2024 The MLSTM/CLAW. All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by Marcus & Millichap

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Chan Wathen

REALTOR ® | RE.NV Lic.# S.59111

+1(702) 461-7869

6220 Fulton Ave Van Nuys, CA 91401

Chan Wathen

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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6220 Fulton Ave