6220 Fulton Avenue, Van Nuys
Van Nuys Home For Sale
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.
Property Details
Additional Information
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- City:
- Van Nuys
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- County:
- Los Angeles
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- Zip:
- 91401
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- MLS® #:
- 24366129
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- Bedrooms:
- 3
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- Bathrooms:
- 3
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- Square Ft:
- 34,587
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- Lot Size:
- 0.55
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- Levels:
- Multi/Split
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- Garages:
- 54
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- HOA Dues:
- $
Price Change History for 6220 Fulton Avenue, Van Nuys, (MLS® #24366129)
| Date | Details | Price | Change |
|---|---|---|---|
| Price Reduced | $9,200,000 | $200,000 (2.13%) | |
| Price Reduced (from $9,995,000) | $9,400,000 | $595,000 (5.95%) | |
| Active | – | – | |
| Pending | – | – | |
| Active | – | – | |
| Show More (1) | |||
| Pending (from Active) | – | – | |
Based on information from California Regional Multiple Listing Service, Inc. as of August 30th, 2024 at 10:15am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.