30 Units | 1985 Built | Valley Glen
30 Unit Apartment Building | $9,995,000 ($333,167/Unit) | 5.25% Cap Rate | Van Nuys, CA 91401
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $9,995,000
- Property Type
-
Multifamily
- Square Feet
- 34,587 SF
Listing Contacts
Glen Scher
Verified Profile
Filip Niculete
Verified Profile
- Property Info
Property Overview
The LAAA Team of Marcus & Millichap is 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.
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, re?nished the pool, replaced all hallway ?oors, and upgraded the laundry machines to digital payment systems.
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.
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, re?nished the pool, replaced all hallway ?oors, and upgraded the laundry machines to digital payment systems.
Property Details
- Class
- C
- Year Built
- 1985
- Stories
- 4
- Lot Size (sq. ft)
- 23,958 SF
- Units
- 30
Highlights
- Built in 1985 | Non-RSO Property
- Only Subject to CA's AB-1482
- Property Has Never Been Sold
- (15) 2-Bed Units (1,200 sqft)
- (15) 1-Bed Units (868 sqft)
- Gated Parking - 54 Spaces
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