$6,400,000
615 Columbus Avenue, Glendale 91204
1
Bed
2
Baths
18,590
Lot Size
13
# Of Units
Listing Agent
Robert Stepp - Keller Williams - Santa MonicaCalifornia 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.
Facts & Features
MLS® # | PW23169851 |
---|---|
Price | $6,400,000 |
Bedrooms | 1 |
Bathrooms | 2.00 |
Lot Size | 18,590 |
Year Built | 1923 |
Type | Residential Income |
Sub-Type | Mixed Use |
Status | Active |
# Of Units | 13 |
Community Information
Address | 615 Columbus Avenue |
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Area | 628 - Glendale-South of 134 Fwy |
City | Glendale |
County | Los Angeles |
Zip Code | 91204 |
Amenities
Parking Spaces | 13 |
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# of Garages | 8 |
Is Waterfront | No |
Has Pool | No |
Pool | None |
Interior
Has Basement | No |
---|---|
Fireplace | No |
# of Stories | 1 |
Exterior
Lot Description | 11-15 Units/Acre |
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Additional Information
Date Listed | September 11th, 2023 |
---|---|
Days on Market | 236 |
Zoning | GLR4YY |
Foreclosure | No |
Short Sale | No |
RE / Bank Owned | No |
Listing Details
Agent | Robert Stepp |
---|---|
Office | Keller Williams - Santa Monica |