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Sherry Ramos

sherry.ramos@engelvoelkers.com +1(818) 429-2793

$ 6,400,000

Est. payment -/mo

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Active

615 S Columbus AVE Glendale, CA 91204

8,620 SqFt

UPDATED:

09/30/2024 06:29 PM

Key Details

Property Type Multi-Family

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 8,620 sqft

Price per Sqft $742

MLS Listing ID PW23169851

HOA Y/N No

Year Built 1923

Lot Size 0.427 Acres

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 628 - Glendale-South Of 134 Fwy

Zoning GLR4YY

Rooms

Ensuite Laundry Inside

Interior

Laundry Location Inside

Fireplace No

Laundry Inside

Exterior

Garage Spaces 8.0

Garage Description 8.0

Pool None

Community Features Sidewalks

Total Parking Spaces 13

Private Pool No

Building

Lot Description 11-15 Units/Acre

Story 1

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 5696014040

Energy Description 525.0

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

Listed by Robert Stepp • Keller Williams - Santa Monica • 310-463-2916

Sherry Ramos

Advisor | License ID: 01271018

+1(818) 429-2793

Sherry Ramos

615 S Columbus AVE Glendale, CA 91204

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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615 S Columbus AVE