Assumable Financing Available at 4.00%
13 Unit Apartment Building | $7,100,000 ($546,154/Unit) | 4.90% Cap Rate | Glendale, CA 91203
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
Asking Price $7,100,000
- Property Type
-
Multifamily
- Square Feet
- 9,896 SF
Listing Contacts
Robert Stepp
Verified Profile
John Alden
Verified Profile
- Property Info
Property Overview
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.
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.
Property Details
- Class
- B
- Year Built
- 1925
- Stories
- 2
- Lot Size (sq. ft)
- 9,583 SF
- Units
- 13
Highlights
- Over $1 Million in CAPEX, Including New Electrical, Plumbing & Roofs
- Trophy Asset in Prime Glendale, One Block from the Glendale Americana
- 10 Garages Providing Current Income
- Opportunity to Drive Additional Revenue by Converting Garages to 3 ADUs
- RUBS Program In-Place; Low Operating Expenses
- Assumable Financing Available at 4.00%
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