6220 Fulton Avenue

Van Nuys, CA 91401

$9,200,000
Price
45
Beds
45
Baths
34,587 Sq. Ft.
$266 / Sq. Ft.
34,587
Sq. Ft.
$266
per Sq. Ft.

Description

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...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.
  1. Listed by Filip Niculete • DRE #01905352 • Brokerage DRE #01238010 • Marcus & Millichap
  2. Listed by DRE #01962976 • Brokerage DRE #01238010 • Marcus & Millichap

Property Details for 6220 Fulton Avenue

Zoning
LAR3
Parcel Number
2331002033
Total Units
30.0
Living Area
34587
Source Living Area
Vendor Enhanced
Area
Valley Glen (VG)
Vacancy Rate
3%
Lot Size Area
23822
LISTING UPDATED: 09/04/2024 10:44 AM

Property Details for 6220 Fulton Avenue

StatusPending
MLS #24-366129
Days on Market150
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1985
Lot Size0.55 AC / 23,822 SF
CountyLos Angeles County

Building Information for 6220 Fulton Avenue

Stories4Residences-Year Built1985Building Size-Lot Size0.55 AC / 23,822 SF

Property Information for 6220 Fulton Avenue

Community / Development
Community / Development
  • Number Of Units: 30
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 4
  • Number Of Buildings: 1
  • Type Of Units: Market
  • Security Features: Gated
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $833,447
  • Net Operating Income: $528,695.00
  • Gross Income: $805,665
  • Cap Rate: 5.75%
  • Gross Rent Multiplier: $10.73
  • Total Annual Expense: 304752
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.5469
  • Lot Size Square Feet: 23822
Parking Details
Parking Details
  • Parking Garage: Covered Parking, Gated, Garage - None
  • Total Parking: 54
  • Covered Parking: 54
  • Garage Spaces Total: 54
  • Parking Features: Covered, Gated, None
Interior Features
Interior Features
  • Levels: Multi/Split
  • Cooling: Central Air
  • Cooling Type: Central
  • Heating: Central
  • Heating Type: Central
  • Equipment: Other
  • Laundry: Community
Exterior Features
Exterior Features
  • Pool: Yes
  • Private Pool: No
  • Pool Description: Community
  • Pool Features: Community
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 03-07-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,040.00
  • Unit Actual Rent: $30,600.00
  • Unit Projected Rent: $34,500.00
  • Like Units: 15
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,436.00
  • Unit Actual Rent: $36,540.00
  • Unit Projected Rent: $44,925.00
  • Like Units: 15
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $3,257,878.00
  • Assessed Improvement Percent: 94.27
  • Assessed Land Value: $198,054.00
  • Assessed Land Percent: 5.73
  • Assessed Total Value: $3,455,932.00

Property History for 6220 Fulton Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 6220 Fulton Avenue

Taxable ValueLand$202,015Additions$3,400,667Total$3,602,682
Tax Record2024$47,485 ($3,957 / month)
Home Facts
Total Finished SqFt34,587 SqFtAbove Grade Finished SqFt34,587 SqFtLot Size23,814 SqFtStyleMulti-Family Res (5+ Units)Year Built1985ZoningLAR3CountyLOS ANGELESAPN2331-002-033

Schools near 6220 Fulton Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Charter - 6 to 8
Public - 9 to 12
Public - 7 to 12
Rating
School
Distance
Erwin Elementary School
PublicK to 5

Louis D. Armstrong Middle School
Charter6 to 8

Ulysses S. Grant Senior High School
Public9 to 12

Jack London Community Day School
Public7 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, DRE #01962976

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.