Active MLS # PW23169851 | Listed by Robert Stepp with Keller Williams - Santa Monica
615 S Columbus Avenue is a $6,400,000, 8,620 square foot home on a 0.43 acre lot located in Glendale, CA.
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.
| #Garage Spaces | 8.0 |
| #Open Parking Spaces | 5.0 |
| Interior Features | Inside |
| # Parking Spaces | 21 |
| Parking Types | parking108 |
| Exterior Features | Sidewalks None Standard Garage Property Attached - Yes Rent Control - Yes |
| Construction Types | 2 Common Walls |
| Land Type | Item1115 Units Acre |
| Water Source | Public |
| Sewer | Public Sewer |
| Attribution Contact | 310-463-2916 |
| Financial Terms | 1031 Exchange Cash financialterm335 |
| Property Type | Residential Income |
| Property Sub Type | Mixed Use |
| Style | Full Service |
| Year Built | 1923 |
| HOA Fee | $0.00 |
| Taxes | $0.00 |
| County | los angeles |
| Neighborhood |
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