$ 6,400,000
615 S Columbus AVE Glendale, CA 91204
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$ 6,400,000
Est. payment | /mo
0.43 Acres Lot
$ 6,400,000
Est. payment | /mo
0.43 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW23169851
HOA Y/N No
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
Zoning GLR4YY
Interior
Fireplace No
Laundry Inside
Exterior
Garage Spaces 8.0
Garage Description 8.0
Pool None
Community Features Sidewalks
Total Parking Spaces 13
Private Pool No
Building
Lot Description 11-15 Units/Acre
Story 1
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5696014040
Energy Description 525.0
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
Listed by Robert Stepp • Keller Williams - Santa Monica • 310-463-2916
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Mitch Stein
Partner | Lic# DRE# 02081632