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$3,150,000
Est. payment /mo
16 Beds
16 Baths
9,614 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 9,614 sqft
Price per Sqft $327
MLS Listing ID 26765185
Bedrooms 16
HOA Y/N No
Year Built 1990
Lot Size 8,542 Sqft
Property Description
We are 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.
Location
State CA
County Los Angeles
Area Vg - Valley Glen
Zoning LAR3
Interior
Heating Wall Furnace
Fireplace No
Exterior
Parking Features Underground
Total Parking Spaces 22
Building
Story 1
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 2331028012
Special Listing Condition Standard
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Listed by Filip Niculete Marcus & Millichap #01905352
NEARBY SCHOOL & BUSINESS
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Devin McNichol & Aaron Bernbach
Agent | License ID: 02038322
Agent License ID: 02038322