$ 6,400,000
615 S Columbus AVE Glendale, CA 91204
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REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 6,400,000
Est. payment /mo
Active
615 S Columbus AVE Glendale, CA 91204
0.43 Acres Lot
UPDATED:
08/30/2024 04:43 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW23169851
Originating Board California Regional MLS
Year Built 1923
Lot Size 0.427 Acres
Property Description
California Court Bungalows, located at 615 S. Columbus Avenue, is a tastefully restored 13-unit California bungalow courtyard style asset located five blocks from the Glendale Americana. Current ownership has spent over $700,000 on capital improvements including new electric, plumbing and exterior work. The property is comprised of (12) 1 BD/1 BA units and (1) studio. All of the spacious units have been thoughtfully renovated to capitalize on the area's strong tenant base. Current ownership has implemented a RUBS program across all units to improve operational efficiencies, allowing new ownership to operate the asset at a sub 30% expense ratio. Eight existing garages and (5) surface spaces provide current income, and also have the potential to be converted into three (3) ADUs for additional rental revenue of approximately $34,605. Based on estimates, a new owner can achieve a return on cost of nearly 270% by raising rents to market and completing additional investment into the ADU construction. 615 S. Columbus Avenue offers a fully assumable loan at 5.18% with 5 years of fixed financing and 2 years of interest only payments remaining.
Location
State CA
County Los Angeles
Area 628 - Glendale-South Of 134 Fwy
Interior
Laundry Other
Exterior
Garage Spaces 13.0
Pool None
Building
Water District - Public
Others
Tax ID 5696014040
Special Listing Condition Not Applicable
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Listed by Robert Stepp • Keller Williams - Santa Monica
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