615 S Columbus Ave, Glendale, CA 91204 | For Sale

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For Sale $6,400,000

$6,400,000
  • (0)
  • 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

Income

Rental Units


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Expenses

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.

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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.



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