615 S Columbus Avenue, Glendale, Los Angeles, CA, ResidentialIncome, ,

$ 6,400,000
615 S Columbus Avenue,

Overview

  • Updated On:
  • November 26, 2023

Property Description

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.

Address: 615 S Columbus Avenue
City:
State/County:
Zip: 91204
Country: US
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$ 32,814.07
per month
  • Principal and Interest
  • Property Tax
  • HOA fee
$ 24,814.07
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David Clark