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.
Property Details
Price:
$6,400,000
MLS #:
PW23169851
Status:
Active
Baths:
0
Address:
615 S Columbus Avenue
Type:
Residential Income
Subtype:
Commercial/Residential
Neighborhood:
628glendalesouthof134fwy
City:
Glendale
Listed Date:
Sep 11, 2023
State:
CA
ZIP:
91204
Lot Size:
18,590 sqft / 0.43 acres (approx)
Year Built:
1923
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Schools
Interior
Exterior
Community Features
Sidewalks
Garage Spaces
8.00
Lot Features
11-15 Units/ Acre
Parking Spots
13.00
Pool Features
None
Sewer
Public Sewer
Stories Total
1
Water Source
Public
Financial
Map
Community
- Address615 S Columbus Avenue Glendale CA
- Area628 – Glendale-South of 134 Fwy
- CityGlendale
- CountyLos Angeles
- Zip Code91204
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Courtesy of Keller Williams – Santa Monica. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
615 S Columbus Avenue
Glendale, CA
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