$9,200,000 Price Analysis   ♡   Van Nuys, CA 91401 45 bed 45 bath 34,587 SqFt ($265/SqFt) 0.55 acre lot. Built 1985 Listed 2024-03-07, Taxes $43,980 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
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 rst time in its existence.Built in 1985, this property is not subject to Los Angeles Rent Control (RSO). It is 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 parkng 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 prop erty'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.
Presented by Filip Niculete at
Marcus & Millichap.
Property MLS #24-366129 from TheMLSCLAW
Full Bathrooms: 45
Laundry Features: Community
Heating Features: Central
Garage Spaces: 54
Garage Description: Covered Parking, Gated
Parking Total: 54
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 23822
Calculated Total Monthly Association Fees: 0
Number of Units: 30
Unit Features: 1 BedsTotal: 1, 1 BathsTotal: 1, 1 SquareFeet: 34500, 2 BedsTotal: 2, 2 BathsTotal: 2, 2 SquareFeet: 44925
County: Los Angeles
Cap Rate: 5.75
Directions: Victory & Fulton
Source Property Type: Residential Income
Area: Valley Glen
Source Neighborhood: Valley Glen
Parcel Number: 2331-002-033
Zoning: LAR3
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $3,193,999 + $194,171 $3,388,170 | $43,980 |
| 2021 | $3,131,372 + $190,364 $3,321,736 | $43,147 |
| 2020 | $3,099,264 + $188,413 $3,287,677 | $43,381 |
| 2019 | $3,038,495 + $184,719 $3,223,214 | $41,776 |
| 2018 | $2,978,917 + $181,098 $3,160,015 | $41,308 |
| 2017 | $2,920,507 + $177,548 $3,098,055 | $40,380 |
| 2016 | $2,863,243 + $174,067 $3,037,310 | $39,101 |
| 2015 | $2,820,235 + $171,453 $2,991,688 | $38,563 |
| 2014 | $2,764,991 + $168,095 $2,933,086 | $38,868 |
| 2013 | $2,752,495 + $167,336 $2,919,831 | $38,870 |
| 2012 | $2,698,525 + $164,055 $2,862,580 | $39,393 |
| 2010 | $2,645,613 + $160,839 $2,806,452 | $38,679 |
| 2009 | $2,632,080 + $160,017 $2,792,097 | $37,287 |
| 2009 | $2,625,841 + $159,637 $2,785,478 | $37,287 |
| 2008 | $2,580,471 + $156,880 $2,737,351 | $35,785 |
| 2007 | $2,529,874 + $153,804 $2,683,678 | $34,513 |
$9,200,000
TheMLSCLAW
Price Changed 2024-05-15
$9,400,000
TheMLSCLAW
Listed 2024-03-07
$9,995,000
TheMLSCLAW
Year Built: 1985
Levels: Multi Levels
Living Area Source: Vendor Enhanced
Property Age: 39
Levels or Stories: 4
Building Total Stories: 4
Year Built Source: Vendor Enhanced
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.