Silva Babaian  Realtor, Real Estate Agent, Granada Hills, CA

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    615 Columbus Avenue, Glendale, CA 91204
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    • MLS#: PW23169851 ( Commercial/Residential )
    • Street Address: 615 Columbus Avenue
    • Viewed: 29
    • Price: $6,400,000
    • Price sqft: $0
    • Waterfront: No
    • Year Built: 1923
    • Bldg sqft: 0
    • Days On Market: 570
    • Additional Information
    • Geolocation: 34.1545 / -118.261
    • County: LOS ANGELES
    • City: Glendale
    • Zipcode: 91204
    • Provided by: Keller Williams - Santa Monica
    • Contact: Robert Robert
    • California Regional MLS IDX
    • DMCA Notice
    • 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 areas 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.
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    Features
    Building Area Total
    1. 8620.00
    Commoninterest
    1. Community Apartment
    Common Walls
    1. 2+ Common Walls
    Country
    1. US
    Days On Market
    1. 399
    Electric Expense
    1. 525.00
    Fuel Expense
    1. 525.00
    Garage Spaces
    1. 8.00
    Gardner Expense
    1. 312.00
    Insurance Expense
    1. 4351.00
    Laundry Features
    1. Inside
    Lot Features
    1. 11-15 Units/Acre
    Netoperatingincome
    1. 312481.00
    Newtaxesexpense
    1. 70913.00
    Number Of Separate Electric Meters
    1. 13
    Number Of Separate Gas Meters
    1. 13
    Otherexpense
    1. 2925.00
    Otherexpensedescription
    1. Reserves
    Parcel Number
    1. 5696014040
    Pest Control Expense
    1. 1800.00
    Pool Features
    1. None
    Postalcodeplus4
    1. 5010
    Professionalmanagementexpense
    1. 16868.00
    Property Type
    1. Commercial/Residential
    Sewer
    1. Public Sewer
    Sourcesystemid
    1. CRM
    Sourcesystemkey
    1. 401956342:CRM
    Totalexpenses
    1. 109219.00
    Trash Expense
    1. 525.00
    Uncovered Spaces
    1. 5.00
    Views
    1. 29
    Water Sewer Expense
    1. 525.00
    Water Source
    1. Public
    Year Built
    1. 1923
    Year Built Source
    1. Assessor
    Zoning
    1. GLR4YY
    Headshot for Associate Silva Babaian
    1. Silva Babaian / Realtor
    2. Coldwell Banker Exclusive
    3. CalBRE Lic # 01365805
    4. Mobile: 818.414.6744
    5. Fax: 818.338.5836