6 Units, 14.61 GRM, 4.66% CAP
The Fulton Apartments is a remarkable two-story, 6 unit apartment building, situated near shops, eateries, and restaurants, in a gentrifying neighborhood of North Hollywood.
Built in 1957, the property sits on a 5,999 square foot lot and the building structure of 4,400 square feet has a great mix of one 3 bed 2 bath unit, two 2 bed 1 bath units, and three 1 bed 1 bath units. Two of the units will be delivered vacant, allowing investors to rent at market levels, and there is a laundry facility on-site as well.
The building has been fully re-piped in 2016, with new copper pipes. Additionally, a new 100 gallon water heater has been installed. The roof is in good condition as well. Two of the vacant units have already been upgraded. With the two vacancies filled, the property is expected to yield $95,473 gross annual income, and a cap rate of 4.66%.
Low property expenses and easy management make the Fulton Apartments a desirable investment in a neighborhood that’s consistently improving. Whether you are an experienced or first-time investor, this is a great property to own!
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