615 Columbus Ave, Glendale, CA 91204
13 Unit Apartment Building | $6,400,000 ($492,308/Unit) | 5.02% Cap Rate | Glendale, CA 91204
For Sale
Active
18 pictures
Asking Price $6,400,000
- Property Type
-
Multifamily
- Square Feet
- 8,620 SF
Listing Contacts
Robert Stepp
Property Overview
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. (see pages 16/17 on OM for more information) 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.
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. (see pages 16/17 on OM for more information) 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
- Class
- C
- Year Built
- 1923
- Stories
- 1
- Lot Size (sq. ft)
- 18,731 SF
- Units
- 13
Highlights
- Over $900,000 Spent on Capital Expenditures.
- Trophy Asset Located 5 Blocks from the Glendale Americana.
- 8 Garages & 5 Surface Spaces Provide Current Income.
- Opportunity to Drive Additional Revenue By Converting Garages into 3 ADUs.
- RUBS Program in Place; Low Operating Expenses.
- Assumable Financing Available Through Freddie Mac at 5.18%.
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