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

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    615 Columbus Avenue, Glendale, CA 91204
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    615 Columbus Avenue
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    • 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
    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.***
    Features
    Building Area Total
    1. 8620.00
    Cooling
    1. Electric
    Country
    1. US
    Garage Spaces
    1. 8.00
    Heating
    1. Electric
    Laundry Features
    1. Washer Included
    2. Dryer Included
    Levels
    1. One
    Lockboxtype
    1. See Remarks
    Netoperatingincome
    1. 330446.00
    Parcel Number
    1. 5696014040
    Sourcesystemkey
    1. 25-483003:CLAW
    Totalexpenses
    1. 126377.00
    Year Built
    1. 1923
    Zoning
    1. GLR4YY

    Contact Info

    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