Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high
5541 Fulcher Avenue . North Hollywood , CA 91601
For sale 15 units multifamily property at 5541 Fulcher Ave, located in the very desirable NoHo Arts District neighborhood. Built in 1990 Non Rent Control. For more information contact the listing agent Glen Scher 818-212-2808 Glen.Scher@marcusmillichap.com
Posted: 04/28/2022 7:28 am
| On HOMEiZ: 735 days |
Updated: 2 years ago
| Views: 407
Location Map
Property Type
Sold
Property Price
$5675000
$5675000
04/28/2022
10,007.00
Sq. Ft.
$353
16086
1.5%
4.03%
$0
$228703
15.47
$0
1.25%
$70938
Property Location & Description
For sale 15 units multifamily property at 5541 Fulcher Ave, located in the very desirable NoHo Arts District neighborhood. Built in 1990 Non Rent Control. For more information contact the listing agent Glen Scher 818-212-2808 Glen.Scher@marcusmillichap.com
Non Rent Control
Very well maintained property is free of LA's strict rent control laws, and is only subject to California's AB-1482, which limits annual rent increases to 5% + CPI. This property offers an investor the opportunity to capitalize on over 20% upside potential in rents without the worry of dealing with any significant deferred maintenance issues. Notably, the property does not need the expensive soft story retrofit, saving the buyer a significant amount of money. This 4 story, 16,086 square foot property sits on a 0.23 acre lot, and it boasts an excellent unit mix of (9) 1 Bed / 1 Bath units and (7) 2 Bed / 2 Bath units. All of these units are bright and spacious, and some of the units have large private balconies where the tenants can enjoy great views of the NoHo Arts District. The property offer its tenants security with a gated entrance and a 24 hour security system, and there is ample onsite parking behind the building for all the tenants and some guests. Furthermore, the tenants have convenient access to two laundry facilities located on two different floors of this 4 story building, and there is an elevator in the building allowing ease of access to all 4 floors. The property was built as a 14 unit building in 1990 with a common area recreation room for the tenants. Many years back, the sellers converted this recreation room into a non-conforming 1-bedroom apartment, and that unit is currently leased out and collecting rental income. With the new ADU laws, the buyer of this property should be able to quickly and cheaply convert this non-conforming unit into an ADU, which would add value to the property by making it a legal 15 unit apartment building. The NoHo Arts District is a one-square-mile community in North Hollywood that is home to more than 20 live, professional theaters, dance studios, art galleries, public art, music recording venues, acting and art workshops, international dining options, clothing and specialty shops, and businesses that create a myriad of art forms. NoHo is "Where the Arts Are Made. "This is the first time this property has ever been on market. The sellers built this property themselves in 1990, and they have never listed the property for sale in the 30+ years of ownership, making this a very rare opportunity to own a generational asset in an extremely strong rental market.
North Hollywod, CA NoHo Arts District.
15
$378333
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
1+1
9
$2250
2.
2+2
6
$2900
3.
4.
5.
235-0005-035
LARD1.5
90%
Wood & Stucco
3
1990
Good
Built in 1990 by the Seller
Not Subject to LA Rent Control (Only AB-1482)
Very Large 1 Bed and 2 Bed Units
Estimated 22% Upside Potential in Rents
Central NoHo Arts District | 87 Walk Score
Property Information
Elevator
Gated entry
Sewer
Sewer System (Public)
Parking
Off-street
On-street
Assigned Parking
No Data
Investment Overview
Investor
Energy Efficiency
No
No Data
N/A
N/A
No
No
No
No
Neighborhood lifestyle
Urban Core
More information
Listing Presented by
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