6729 Fulton Ave, Van Nuys, CA 91401

6-Unit Mid Century in Van Nuys | Sold for 4.39% Cap Rate & 13.46 GRM

Sold: $1,235,000

Screenshot 2024-06-19 at 10.55.36 AM.png

Screenshot 2024-06-19 at 10.55.24 AM.png

Screenshot 2024-06-19 at 10.54.52 AM.png

Property Highlights

6 Units built in 1956; 0.13 Acre LARD1.5 Lot
Sold to ALL CASH buyer for aggressive 4.39% Cap Rate and 13.46 GRM
Navigating outstanding LA City SCEP violations and a Mechanic’s Lien during escrow
Over 60% upside on the current rents
4,416 SqFt Property; Units average 736 Sqft Each
Great mix of (4) 1+1 and (2) 2+1 units
Some copper plumbing installed; new exterior paint
Roof replaced in June 2023
Many recent upgrades include new shower tiling and enclosures, and newly landscaped garden & patio
Each unit has its own hot water heater & garbage disposal; 75% of windows replaced recently
Upstairs units feature charming open beam ceilings
Carports at rear of building with one parking space and storage unit per unit
On-site laundry room currently being used as owner storage
Solid Van Nuys Location off Vanowen St & Fulton Ave

The Deal Story

The Glaser Group is pleased to announce the successful closing of 6729 Fulton Ave, a fantastic 6-unit value add investment property located in Van Nuys. The mid-century apartment complex, built in 1954, offers a total of 4,416 square feet of living space, with each unit boasting 736 square feet on average.

We exclusively represented the Seller on this transaction, who picked our team given our extensive track record for smaller multifamily assets in the LA market. As a “mom & pop” owner, our client had the desire to utilize a 1031 exchange in order to trade this underperforming asset with very low rents for a superior multifamily investment within the LA area. After a couple of months on the market, we were able to secure an all-cash buyer at a very aggressive cap rate of 4.39% and 13.46 GRM. This was an especially challenging transaction with several hurdles along with way including outstanding LA City SCEP violations and an outstanding mechanic's lien, which had to be cleared prior to close of escrow. Our team skillfully navigated these challenges, and ultimately closed at a phenomenal price for our client.

The building features a strong unit mix, of (2) spacious 2-bedroom/1-bath units and (4) 1-bed / 1-bath units. Several of the units have received interior upgrades over the years, including new shower tiling and enclosures. The building has received significant capital improvements including the installation of copper plumbing in certain areas, new exterior paint, a newly landscaped and luscious shared fruit/food garden, and approximately 75% new windows. The roof was also fully replaced in June 2023. Additionally, there is a separate parking space and storage unit for each apartment at the rear of the building. There’s also a laundry room that is currently being used as an owner storage area, but can easily be converted back to a laundry facility for additional income.

6729 Fulton Ave is located in a great Van Nuys location just off Vanowen St & Fulton Ave. This vibrant neighborhood offers a prime residential setting with convenient access to major thoroughfares, ensuring easy commuting throughout Los Angeles. Multifamily renters in the area enjoy proximity to local amenities including shopping centers, restaurants, and parks, catering to diverse lifestyle needs. Van Nuys is known for its strong rental demand driven by its central location within the San Fernando Valley, making it an attractive choice for tenants seeking both urban convenience and neighborhood charm.

If you’re interested in exploring a 1031 exchange or the sale of a similar asset within LA County, please reach out to our team! We’d be happy to assist.