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615 S Columbus Ave
For Sale $6,400,000 ($742.46 per Sq Ft)
$6,400,000 ($742.46 per Sq Ft)
- 13 Units
- 8,620 Sq Ft
- 18,596 Sq Ft
- Unknown Cap Rate
Description
Glendale Court Bungalows, located at 615 S. Columbus Avenue, is a beautifully restored 13-unit California bungalow-style courtyard property, just five blocks from the Glendale Americana. The current owner has invested over $700,000 in capital improvements, including upgrades to electrical systems, plumbing, and exterior features. The property consists of 12 one-bedroom/one-bath units and one studio, all of which have been meticulously renovated to meet the strong tenant demand in the area. A Ratio Utility Billing System (RUBS) has been implemented across all units, boosting operational efficiency and ensuring a sub-30% expense ratio for future ownership. The property also offers eight garages and five surface parking spaces, currently generating income. The garages present a potential opportunity for conversion into three ADUs (Accessory Dwelling Units), which could generate an estimated $34,605 in additional annual rental income. With further investment in ADU construction and adjustments to market rents, a new owner could achieve an impressive return on cost of nearly 270%. ***Assumable financing is available at 5.18%, with 5 years of fixed financing, including 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 | Multi-Family |
| Usable Sqft | 8,620 |
| Number of Stories | 1 stories |
| Parking Spots | 0 spots |
| Year Built | 1923 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 5696014040 |
| MLS # | 25483003 |
| Property ID | 292787840 |
| Lot Sqft | 18,596 |
| Zoning | GLR4YY |
| Total Units | 13 |
| Days on Market | 37 |
| Original List Price | $6,400,000 |
| Date Updated | January 30, 2025 |
| Date Created | January 22, 2025 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 0 | 1.00 | $2,595 | $2,995 |
| Unit #2 | 1 | 1.00 | $2,752 | $36,200 |
| Gross Income (Yr) | $ 456,822 |
| Operating Expenses | $ 126,377 |
| Net Income (Yr) | $ 330,446 |
Listing Provided By
Douglas Steinriede an agent of . Lic #00284936
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