$6,400,000
615 S Columbus Avenue Glendale, CA 91204
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$6,400,000
Est. payment /mo
8,620 SqFt
Active
615 S Columbus Avenue Glendale, CA 91204
UPDATED:
08/30/2024 05:07 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 8,620 sqft
Price per Sqft $742
MLS Listing ID CRPW23169851
HOA Y/N No
Year Built 1923
Lot Size 0.427 Acres
Acres 0.43
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 Listing
Zoning GLR4
Interior
Fireplace No
Laundry Inside
Building
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 5696014040
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Listed by Robert Stepp • Keller Williams - Santa Monica
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