615 Columbus ave, Glendale, CA 91204

Active

$6,400,000

13 Units

1 Beds

2 Baths

8,620 Area(sq.ft.)

Lot: 18,590 Lot Size(sq.ft.)

Type	# of Units	Bedroom	Bath	Furnished	Rent	Actual Rent	Projected Rent
Unit 1	12	1	1	No	$ 2,673	$ 32,076	$ 2,912
Unit 2	1	studio	1	No	$ 1,903	$ 1,903	$ 2,000
	13	12	13		$ 33,979	$ 386,815	$ 36,944

MLS #:	PW23169851MR
Days On Market:	936
Listing Date:	September 11, 2023
County:	Los Angeles
Property Type:	Residential Income
Price per ft²:	$ 742
Price per unit:	$ 492,308
Year Built:	1923

Income Details / Structure / Land & Parking / Interior Features / Exterior Features

Property Details

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.