Active

615 S Columbus Avenue

Glendale CA, 91204

$6,400,000


$742.46 per sqft

Active

8,620 sqft

Multi-family

Built in 1923

Listed by Robert Stepp with Keller Williams - Santa Monica 310-482-2200

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.

PW23169851

MLS ID

September 11, 2023

Listed

February 16, 2024

Updated

Map

615 S Columbus Avenue
Glendale CA, 91204

Interior Features

Total Stories

1


Laundry Description

Inside


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.43 Acres


Lot Features

11-15 Units/Acre


Sewer

Public Sewer

Other Property Details

Area Name

628 - Glendale-South of 134 Fwy


Days on Market

98


Garage

Yes


Garage Spaces

8


Parking Total

13


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

GLR4YY


Buyer Agency Compensation

2%

Listing Contact: 310-482-2200 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 2/16/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 2/16/2024 at 6:20 AM UTC

 

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