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.
This 32-unit two-story garden style complex has gated entry, a pool, laundry room and landscaped courtyard. The parking is also gated and has 24 tuck under spaces, 9 carport spaces and one open space for a total of 34 cars. The City of Los Angeles mandatory seismic retrofit work has already been completed by the owner. Other capital improvements include repaving the driveway and putting on a new roof about 10 years ago.The building is separately metered for both gas and electricity and the majority of the units have a private patio or balcony. The unit mix is excellent of 56% two bedrooms, two baths units averaging $1.59 psf and 44% one bedroom units averaging $1.34 psf. Both unit types are currently renting significantly below the current market of at least 50%.This well-maintained complex offers an investor stable cash flow with upside that will appreciate in value over time. The property is also located in an Opportunity Zone, which offers an investor the potential to defer and eliminate capital gains if they substantially improve the asset per the existing OZ laws. *Located in Opportunity Zone *Very well maintained *Great Mix of 1 & 2 Bedrooms with Balconies / Private Patios *Gated Parking & Entry *Pool, Laundry and Landscaped Courtyard
REDUCED 120k. Great to own this Investment property and 3 units are new construction in 2017. Prime Lake Balboa location just North of Victory Blvd. Four plex with excellent mix units in one building. Front unit is the house built in1950 and in good condition. (3bed/2 bath) and back 3 units, 2 units are (2bed/2bath) and 1 unit is (1bed/1bath). All 3 units built in 2017. 3 units are occupied. Total living area is 3919 SF. All four units together have 8 beds and 7 baths. All units have washer Dryer hook ups. Front house has granite kitchen counter and a sink, stove and cabinets and laminated wood flooring. All other back 3 units built on 2017 have new granite counters, new stoves and new cabinets, new laminated wood flooring and Washer/ Dryer hookups. Each unit has 2 parking spaces (Tandem). Totals parking are 8 parking spaces. Parking entrance from ally and gated remote controlled. This Investment property is close to the Restaurants, Grocery stores, dinning places, walking distance to near orange line station. Close to Hwy 101 and 405. Close to lake Balboa/ Anthony Park. All schools elementary, middle and High Schools are less than a mile from the property. This property won't last too long.
Featuring spacious floorplans and a unit mix that contains nearly all two- and three-bedroom apartments, the property spans 12,568 gross square feet. The building occupies a corner lot near the intersection of Sherman Way and Haskell Avenue. The current owner has installed full copper plumbing, replaced nearly every window in the building, and upgraded the main electric panel. A new investor may be able to use existing permits to complete two ADUs, which may also remove the need for any seismic retrofit repairs (Buyer to verify). Every unit interior has been renovated with decorative tile flooring, granite countertops, and remodeled bathrooms. The city of Van Nuys and the Northeast San Fernando Valley posted a vacancy rate of less than three percent in the second quarter of 2023. Aside from the dense New York City boroughs, this vacancy rate sits among to lowest in the entire country among submarkets that contain at least 60,000 units. With relatively few new residential projects slated for the next two years, it is expected that these strong occupancy rates will remain, to the benefit of local landlords.
Van Nuys is located in California.
