For Sale
615 S Columbus Avenue, Glendale, CA 91204
615 S Columbus Avenue, Glendale, CA 91204
  • $6,400,000
  • $742

Overview

Property ID: HZ11061678
  • Residential Income
  • Property Type
  • 8.00
  • Garages
  • 1923
  • Year Built

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.

  • Address 615 S Columbus Avenue
  • City Glendale
  • State/county CA
  • Zip/Postal Code 91204
  • Area 628 - Glendale-South of 134 Fwy
  • Country United States

Details

Updated on December 18, 2023 at 10:45 pm
  • Property ID: HZ11061678
  • Price: $6,400,000
  • Land Area: 18590.00 Sqft
  • Garages: 8.00
  • Year Built: 1923
  • Property Type: Residential Income
  • Property Status: For Sale
  • Living Area: 8620.00
  • Living Area Prefix: Sqft
  • MLS#: PW23169851
  • Office Name: KELLER WILLIAMS - SANTA MONICA
  • Agent Name: Robert Stepp
  • MLS Status: Active
  • Agent State License: 01456379
  • IDX Contact Info: 310-463-2916

Additional details

  • Sewer: Public Sewer
  • County: Los Angeles
  • Property SubType: Commercial/Residential
  • Parking: 13.00
  • Water Source: Public

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