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615 S Columbus Ave
For Sale $6,400,000
$6,400,000
- 13 Units
- Unknown Sq Ft
- 18,590 Sq Ft
- Unknown Cap Rate
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.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $6,400,000 |
| Property Type | Flex Space |
| Usable Sqft | Unknown |
| Number of Stories | 1 stories |
| Parking Spots | 8 spots |
| Year Built | 1923 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 5696014040 |
| MLS # | PW23169851 |
| Property ID | 292787840 |
| Lot Sqft | 18,590 |
| Zoning | GLR4YY |
| Total Units | 13 |
| Days on Market | 414 |
| Original List Price | $6,400,000 |
| Date Updated | September 30, 2024 |
| Date Created | September 11, 2023 |
Financials not available online. Please inquire with your agent for more details.
Listing Provided By
Robert Stepp an agent of . Lic #01456379
© 2024 CRMLS. All rights reserved. Some listings on this website are from CRMLS as of September 30, 2024 The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Robert Crawford
REAL ESTATE AGENT