615 Columbus Avenue, Glendale, CA 91204
Contact Silva Babaian
Schedule A Showing
Request more information
- MLS#: 25483003 ( )
- Street Address: 615 Columbus Avenue
- Viewed: 3
- Price: $6,400,000
- Price sqft: $0
- Waterfront: No
- Year Built: 1923
- Bldg sqft: 0
- Days On Market: 74
- Additional Information
- County: LOS ANGELES
- City: Glendale
- Zipcode: 91204
- Provided by: Dover Management Corp.
- Contact: Douglas Douglas
- DMCA Notice
Description
Glendale Court Bungalows, located at 615 S. Columbus Avenue, is a beautifully restored 13 unit California bungalow style courtyard property, just five blocks from the Glendale Americana. The current owner has invested over $700,000 in capital improvements, including upgrades to electrical systems, plumbing, and exterior features. The property consists of 12 one bedroom/one bath units and one studio, all of which have been meticulously renovated to meet the strong tenant demand in the area. A Ratio Utility Billing System (RUBS) has been implemented across all units, boosting operational efficiency and ensuring a sub 30% expense ratio for future ownership. The property also offers eight garages and five surface parking spaces, currently generating income. The garages present a potential opportunity for conversion into three ADUs (Accessory Dwelling Units), which could generate an estimated $34,605 in additional annual rental income. With further investment in ADU construction and adjustments to market rents, a new owner could achieve an impressive return on cost of nearly 270%. ***Assumable financing is available at 5.18%, with 5 years of fixed financing, including 2 years of interest only payments remaining.***
Description
Glendale Court Bungalows, located at 615 S. Columbus Avenue, is a beautifully restored 13 unit California bungalow style courtyard property, just five blocks from the Glendale Americana. The current owner has invested over $700,000 in capital improvements, including upgrades to electrical systems, plumbing, and exterior features. The property consists of 12 one bedroom/one bath units and one studio, all of which have been meticulously renovated to meet the strong tenant demand in the area. A Ratio Utility Billing System (RUBS) has been implemented across all units, boosting operational efficiency and ensuring a sub 30% expense ratio for future ownership. The property also offers eight garages and five surface parking spaces, currently generating income. The garages present a potential opportunity for conversion into three ADUs (Accessory Dwelling Units), which could generate an estimated $34,605 in additional annual rental income. With further investment in ADU construction and adjustments to market rents, a new owner could achieve an impressive return on cost of nearly 270%. ***Assumable financing is available at 5.18%, with 5 years of fixed financing, including 2 years of interest only payments remaining.***
Property Location and Similar Properties
Features
Building Area Total
- 8620.00
Cooling
- Electric
Country
- US
Garage Spaces
- 8.00
Heating
- Electric
Laundry Features
- Washer Included
- Dryer Included
Levels
- One
Lockboxtype
- See Remarks
Netoperatingincome
- 330446.00
Parcel Number
- 5696014040
Sourcesystemkey
- 25-483003:CLAW
Totalexpenses
- 126377.00
Year Built
- 1923
Zoning
- GLR4YY