15 Units | NoHo Arts District | Built 1990
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The successful sale of this 14 unit + 1 non conforming unit multifamily property at 5541 Fulcher Ave, located in the very desirable NoHo Arts District neighborhood.
Property Overview
Built in 1990, this 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 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.
Deal Story
We listed this property for a longtime client of ours in late January 2022. After sending our initial "just listed" email announcement to 20,000 brokers and principals, we were able to generate a significant amount of activity in a short period of time. Within 2 weeks, we had multiple offers from qualified buyers. The best offer came from our good friends and fellow Marcus & Millichap colleagues, Sam Liberow and Max Gersht from The Liberow Group, who were representing a very good buyer client of theirs that they've closed many deals with before. This buyer of theirs targets properties that are not subject to LA's rent control, meaning they are looking for properties built after 1978.
The successful sale of this 14 unit + 1 non conforming unit multifamily property at 5541 Fulcher Ave, located in the very desirable NoHo Arts District neighborhood.
Property Overview
Built in 1990, this 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 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.
Deal Story
