$6,400,000
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615 Columbus Avenue Glendale, CA 91204
Mixed Use
Residence
Beds
Baths
...
Bed/Bath
8,620
Sq. Ft.
Property Activity
Time on Site
days
Days on Market
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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 w...ork. 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.
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MLS#
PW23169851
Property Type
Mixed Use
Year Built
1923
Square Feet
8,620
sq. ft
Lot Size
0.43
Sewer
Public Sewer
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