Property Details
About this Property
Graceland Apartments, located at 107 N. Columbus Avenue, is a 13-unit historic American Four Square asset, located one block from the Glendale Americana. Current ownership has spent over one million dollars on capital improvements, including new electrical system, plumbing, and roofs. Spread across two parcels, Graceland Apartments has a strong unit mix, comprised of (2) 2 BD/1 BA, (6) 1 BD/1 BA, and (5) studios. Boasting spacious floorplans, the majority of the units have been thoughtfully restored to capitalize on the strong tenant base in the area. 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. Ten existing garages provide current income and also have the potential to be converted into (3) 2 BD/1 BA ADUs (approx. 700 SF each) for additional rental revenue of approximately $34,605 annually. Based on estimates, a new owner can achieve a return on cost of nearly 333%. by raising rents to market and investing into ADU construction.
MLS Listing Information
MLS #
CRPW23169667
MLS Source
California Regional MLS
Days on Site
450
Interior Features
Appliances
Other
Parking, School, and Other Information
Garage/Parking
Garage: 10 Car(s)
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 3 | – | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
Nearby Homes for Sale
107 N Columbus Ave is a Residential Income in Glendale, CA 91203. This – square foot property sits on a – Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $7,100,000 and was built in 1925. This address can also be written as 107 N Columbus Ave, Glendale, CA 91203.
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This listing information is up-to-date as of October 29, 2024. For the most current information, please contact Robert Stepp, (310) 774-3740
