107 Columbus Avenue, Glendale, CA 91203
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- MLS#: 25482897 ( )
- Street Address: 107 Columbus Avenue
- Viewed: 3
- Price: $7,100,000
- Price sqft: $0
- Waterfront: No
- Year Built: 1925
- Bldg sqft: 0
- Days On Market: 72
- Additional Information
- County: LOS ANGELES
- City: Glendale
- Zipcode: 91203
- Provided by: Dover Management Corp.
- Contact: Douglas Douglas
- DMCA Notice
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DescriptionGraceland Apartments, located at 107 N. Columbus Avenue, is a charming 13 unit historic American Four Square building just one block from the Glendale Americana. The current owner has made over $1 million in strategic capital improvements, including upgrades to the electrical system, plumbing, and roofing. Spanning two parcels, the property offers a diverse mix of units: (2) 2 bedroom/1 bathroom, (6) 1 bedroom/1 bathroom, and (5) studios. With spacious floorplans, many units have been meticulously restored to cater to the area's strong tenant demand. A RUBS (Ratio Utility Billing System) program has been implemented across all units, boosting operational efficiency and allowing for a sub 30% expense ratio for future owners. The property also includes ten garages, currently generating rental income with the potential to be converted into three 2 bedroom/1 bathroom ADUs, each around 700 square feet. These ADUs could add approximately $34,605 in annual rental income. By capitalizing on market rent increases and investing in ADU construction, a new owner could see an impressive return on cost of up to 333%. ***Assumable Financing Available***
Property Location and Similar Properties
Features
Building Area Total
- 7796.00
Cooling
- Electric
Country
- US
Garage Spaces
- 10.00
Heating
- Electric
Laundry Features
- Washer Included
- Dryer Included
Levels
- Multi/Split
Netoperatingincome
- 360365.00
Parcel Number
- 5637015023
Postalcodeplus4
- 2504
Sourcesystemkey
- 25-482897:CLAW
Totalexpenses
- 360365.00
Year Built
- 1925
Zoning
- GLC3*