Thank you
Robert Stepp
Keller Williams - Santa Monica
310-482-2200
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.
Sell a home like this and save $383,501 Find Out How
Unit No | Unit Key | Total Bath | Total Bed | Full Bath | Half Bath |
---|---|---|---|---|---|
1 | 1045004398 | 1 | 0 | 1 | 0 |
2 | 1045004398 | 1 | 1 | 1 | 0 |
Water Source : Public
Sewer : Public Sewer
Year Built: 1923
Building Area Total: 8,620
None
Inside
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.4268
Lot Size Source: Assessor
Lot Size Square Feet: 18590
Original List Price: 6,400,000
Listing Contract Date: 2023-09-11
Listing Agreement: Exclusive Right To Sell
Parcel Number: 5696014040
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 628 - Glendale-South of 134 Fwy
Postal Code Plus 4: 5010
Directions: Pioneer Dr & N Columbus Ave
Zoning: GLR4YY
Source Property Type: Residential Income
Area: 628 - Glendale-South of 134 Fwy
Property SubType: Mixed Use
Property Age: 101
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 |
---|---|---|---|---|---|
353 W Garfield Avenue, Glendale, CA,91204 | $1,050,000 | 3 | -- | 1,500 | 5127 Sqft |
3720 San Fernando Road, Glendale, CA,91204 | $3,275,000 | 4 | -- | 6,736 | 5090 Sqft |
420 W Windsor Road, Glendale, CA,91204 | $13,499,000 | -- | -- | 23,234 | 19697 Sqft |
451 Hawthorne Street, Glendale, CA,91204 | $11,550,000 | 43 | -- | 23,673 | 18688 Sqft |
317 W Palmer Avenue, Glendale, CA,91204 | $1,195,000 | -- | -- | 2,773 | 7278 Sqft |
530 Oak Street, Glendale, CA,91204 | $995,000 | 4 | 1 | 1,764 | 6420 Sqft |
147 W Acacia Avenue #109, Glendale, CA,91204 | $489,000 | 1 | 1 | 779 | 58371 Sqft |
Copyright © 2024 by the Multiple Listing Service of the California Regional MLS®. This information is believed to be accurate but is not guaranteed. Subject to verification by all parties. This data is copyrighted and may not be transmitted, retransmitted, copied, framed, repurposed, or altered in any way for any other site, individual and/or purpose without the express written permission of the Multiple Listing Service of the California Regional MLS®. Information Deemed Reliable But Not Guaranteed. Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited.
ByOwner last updated this listing 05/12/2024 @ 14:41
MLS: PW23169851
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.