Multifamily Property for Sale in Van Nuys, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Van Nuys, CA 91401

Description

Marcus & Millichap is pleased to present 6034 Fulton Avenue, a 12-unit multifamily property located on a quiet residential block in the Valley Glen/Van Nuys border submarket of the San Fernando Valley. Built in 1990, the two-story building encompasses 9,614 square feet of rentable area on an 8,540-square-foot lot zoned R3-1. The property features a diverse unit mix of four one-bedroom/one-bath flats, four one-bedroom-plus-loft/one-bath units, and four two-bedroom/two-bath flats, offering functional layouts ranging from 650 to 904 square feet. The property is exempt from the City of Los Angeles Rent Stabilization Ordinance (RSO), subject only to AB 1482 (the California Tenant Protection Act), which allows annual rent increases of 5% plus CPI. All 12 units are individually metered for gas and electric, with the owner responsible only for cold water and central boiler hot water. The diverse unit mix appeals to a broad tenant pool, from singles and students (Valley College is 0.5 miles away) to couples and small families, supporting stable occupancy and organic demand throughout market cycles. With in-place rents averaging $2,029 per month and achievable market rents of $2,233 per month, the property presents a 10.1% rent upside opportunity for a new buyer. The 30-year ownership under the Berkus Estate represents the first offering of this asset since 1996, positioning it as a rare acquisition opportunity in a supply-constrained corridor. TOC Tier 3 eligibility provides additional long-term density bonus potential for a future development play, adding strategic optionality beyond the near term income upside. Investment Highlights: • Non-RSO / AB 1482 Only: Exempt from the City of LA's Rent Stabilization Ordinance. Rents are governed solely by AB 1482 (5% + CPI annual increases. • First Offering in 30 Years: Acquired in 1996 as an REO sale and held continuously by the Berkus Estate, this property has never been offered for sale on the open market. • 10.1% Rent Upside: C

Market Context

This multifamily in Van Nuys, CA is listed for sale. It is offered at an approximate 5.4% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 53 days. Compare it against other multifamily listings for sale in Van Nuys, CA — <a href="/search/sale/multifamily/california/van-nuys">view the full market</a>.

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