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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.

Features
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1
: Inside
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: Sidewalks
Additional Information
Keller Williams - Santa Monica
0
PSTEPROB
PB20859
Robert
5696014040
: Standard
8
25

Multi-Family For Sale

615 Columbus Avenue, Glendale, California 91204

8,620 Sqft
$6,400,000
Listing ID #PW23169851
Basic Details
Status : Active
DaysOnMarket : 354
Property Type : Multi-Family
Listing Type : For Sale
Listing ID : PW23169851
Price : $6,400,000
Living Area : 8,620 Sqft
Lot Size : 18,590 Sqft
Year Built : 1923
Country : US
State : California
County : Los Angeles
City : Glendale
Zipcode : 91204
Price Per Square Foot : $742
ModificationTimestamp : 2024-08-30 09:40:42
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