30 Units | 1985 Built | Valley Glen

6228 Fulton Avenue, Van Nuys, CA

For Sale

Multifamily Mid High Rise

$9,995,000

Price

Overview

Cap Rate

5.25%

NOI

$524,606

Cash-on-Cash

4.33%

Pro Forma Cap Rate

6.59%

Building Size

34,587 sqft

Lot Area

0.55 acres

Units

GRM

11.64

Year Built

1985

Price Per Sqft

$288.98

Price Per Unit

$333,167

Zoning

LAR3

Floors

Parking Spots

Investment Strategy

Value Add

Offered by

Description

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 ﬁrst 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, reﬁnished the pool, replaced all hallway ﬂoors, and upgraded the laundry machines to digital payment systems.