615 S Columbus Avenue
Glendale, CA 91204
0.43 acres | #PW23169851
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.
Property Details
- Lot DescriptionElevenToFifteenUnitsAcre
- Stories1
Measurements
- Acres0.4268
Parking
- Parking Spaces8
Construction Details
- Property TypeMulti-Family
Condition
- Year Built1923
Utilities / Energy Details
- Sewer InformationPublicSewer
- Utility SourcePublic
Community and Neighborhood Details
- CountyLos Angeles
Financial Details
- Original List Price$6,400,000
Other
- MLS #PW23169851
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Robert Stepp (#PSTEPROB)
Listing Office: Keller Williams - Santa Monica (#PB20859)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
