Property Details
About this Property
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.
MLS Listing Information
MLS #
CRPW23169851
MLS Source
California Regional MLS
Days on Site
437
Interior Features
Appliances
Other
Parking, School, and Other Information
Garage/Parking
Garage: 8 Car(s)
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 6 | – | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
Nearby Homes for Sale
615 S Columbus Ave is a Residential Income in Glendale, CA 91204. This – square foot property sits on a – Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $6,400,000 and was built in 1923. This address can also be written as 615 S Columbus Ave, Glendale, CA 91204.
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This listing information is up-to-date as of August 30, 2024. For the most current information, please contact Robert Stepp, (310) 774-3740
