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$6,400,000
Est. payment /mo
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 8,620 sqft
Price per Sqft $742
MLS Listing ID 25483003
Bedrooms 12
HOA Y/N No
Year Built 1923
Lot Size 0.427 Acres
Property Description
Glendale Court Bungalows, located at 615 S. Columbus Avenue, is a beautifully restored 13-unit California bungalow-style courtyard property, just five blocks from the Glendale Americana. The current owner has invested over $700,000 in capital improvements, including upgrades to electrical systems, plumbing, and exterior features. The property consists of 12 one-bedroom/one-bath units and one studio, all of which have been meticulously renovated to meet the strong tenant demand in the area. A Ratio Utility Billing System (RUBS) has been implemented across all units, boosting operational efficiency and ensuring a sub-30% expense ratio for future ownership. The property also offers eight garages and five surface parking spaces, currently generating income. The garages present a potential opportunity for conversion into three ADUs (Accessory Dwelling Units), which could generate an estimated $34,605 in additional annual rental income. With further investment in ADU construction and adjustments to market rents, a new owner could achieve an impressive return on cost of nearly 270%. ***Assumable financing is available at 5.18%, with 5 years of fixed financing, including 2 years of interest-only payments remaining.***
Location
State CA
County Los Angeles
Area 628 - Glendale-South Of 134 Fwy
Zoning GLR4YY
Interior
Heating Electric
Cooling Electric
Fireplace No
Appliance Dryer, Washer
Exterior
Garage Spaces 8.0
Garage Description 8.0
Attached Garage No
Total Parking Spaces 13
Building
Story 1
Entry Level One
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 5696014040
Special Listing Condition Standard
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Listed by Douglas Steinriede • Dover Management Corp.