Thank you
Robert Stepp
Keller Williams - Santa Monica
310-482-2200
Graceland Apartments, located at 107 N. Columbus Avenue, is a 13-unit historic American Four Square asset, located one block from the Glendale Americana. Current ownership has spent over one million dollars on capital improvements, including new electrical system, plumbing, and roofs. Spread across two parcels, Graceland Apartments has a strong unit mix, comprised of (2) 2 BD/1 BA, (6) 1 BD/1 BA, and (5) studios. Boasting spacious floorplans, the majority of the units have been thoughtfully restored to capitalize on the strong tenant base in the area. 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. Ten existing garages provide current income and also have the potential to be converted into (3) 2 BD/1 BA ADUs (approx. 700 SF each) for additional rental revenue of approximately $34,605 annually. Based on estimates, a new owner can achieve a return on cost of nearly 333%. by raising rents to market and investing into ADU construction.
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Unit No | Unit Key | Total Bath | Total Bed | Full Bath | Half Bath |
---|---|---|---|---|---|
1 | 1045004388 | 1 | 0 | 1 | 0 |
2 | 1045004388 | 1 | 1 | 1 | 0 |
3 | 1045004388 | 1 | 2 | 1 | 0 |
Water Source : Public
Sewer : Public Sewer
Year Built: 1925
Building Area Total: 7,796
None
Inside
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.2169
Lot Size Source: Assessor
Lot Size Square Feet: 9449
Original List Price: 7,100,000
Listing Contract Date: 2023-09-11
Listing Agreement: Exclusive Right To Sell
Parcel Number: 5637015023
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 628 - Glendale-South of 134 Fwy
Postal Code Plus 4: 2504
Directions: W Wilson Ave & N Columbus Ave
Zoning: GLC3*
Source Property Type: Residential Income
Area: 628 - Glendale-South of 134 Fwy
Property SubType: Mixed Use
Property Age: 99
Common Walls: 2+ Common Walls
Structure Type: Mixed Use
Year Built Source: Assessor
Entry Level: 1
Entry Location: 1
Property Attached: Yes
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
460 Salem Street #22, Glendale, CA,91203 | $589,000 | 2 | 1 | 1,045 | 20798 Sqft |
336 Chester Street, Glendale, CA,91203 | $838,000 | 2 | -- | 1,136 | 2142 Sqft |
644 Alexander Street, Glendale, CA,91203 | $799,000 | 1 | 1 | 536 | 5778 Sqft |
400 W California Avenue.., Glendale, CA,91203 | $795,000 | 2 | 2 | 1,284 | 28142 Sqft |
333 Burchett Street #304, Glendale, CA,91203 | $664,900 | 2 | 1 | 1,082 | 24608 Sqft |
375 W Wilson Avenue, Glendale, CA,91203 | $975,000 | 2 | 1 | 1,120 | 6013 Sqft |
409 Burchett Street #210, Glendale, CA,91203 | $548,888 | 2 | 1 | 912 | -- |
653 Myrtle Street, Glendale, CA,91203 | $999,000 | 2 | 2 | 1,448 | 6002 Sqft |
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ByOwner last updated this listing 05/12/2024 @ 10:08
MLS: PW23169667
LISTED BY: Robert Stepp, Keller Williams - Santa Monica
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.