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9/08/14
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A 16-unit apartment property in North Hollywood recently sold for $2.2 mil, or $137.5k/unit. The property, the Fulton Apartments, is located on two separate parcels totaling 17.9k sf at 6859 and 6865 Fulton Ave, just north of Vanowen St in the east San Fernando Valley.
The recently painted buildings have an excellent mix of one-, two- and three-bedroom unit apartments. Constructed in 1957, thr well maintained property features a swimming pool, two laundry rooms, solar panels, and parking for 17 cars on-site at the rear of the property. Subject to L.A. Rent Control, current rents were 20% below market value and the property was 100% occupied at the time of the sale.
Michael B. Rubin, Senior Vice President with the Westlake Village office of NAI Capital, represented the seller, a private investor, and the buyer, Hazelhurst Equities LLC, in the deal.
North Hollywood is going through a major revitalization and the Los Angeles River, which backs to this property, creates a public park and trail for walking, jogging and biking. Shopping, transportation, recreation and schools help make this area a popular choice for continued growth and redevelopment. The property is in close proximity the Hollywood 170 Fwy and the North Hollywood Red Line Metro station.
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