• Asking Price $6,400,000
  • Estimated Value: $2,634,195

  • 615 S COLUMBUS AVE GLENDALE, CA 91204

  • 12 Beds 1.3 Baths 8,620 SqFt
  • Townhouse or Condo / Resale (MLS)
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Property Details for 615 S COLUMBUS AVE, GLENDALE, CA 91204

Features

  • Price/sqft: $742
  • Lot Size: 0.4268 acres
  • Total Units: 13
  • Construction Type: Wood

Facts

  • Year Built: 01/01/1923
  • Property ID: 895234664
  • MLS Number: PW23169851
  • Parcel Number: 5696-014-040
  • Property Type: Townhouse or Condo
  • County: Los Angeles

Description

This is an MLS listing, meaning the property is represented by a real estate broker, who has contracted with the home owner to sell the home.

This listing is NOT a foreclosure. 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 areas 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.

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All information provided is deemed reliable, but is not guaranteed and should be independently verified.

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