Teresa Garcia
Teresa Garcia, Ana Connell Real EstatePhone: (818) 219-2060
Email: [email protected]

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listing
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Single FamilyFor Sale
$6,400,000
615 S Columbus Avenue
Glendale, CA 91204
Listed by: Robert Stepp from Keller Williams - Santa Monica, 310-774-3740
MLS: Bay East Contra Costa (BECCAR)
8,620Sq Ft
Est. Mortgage
$33,136/mo

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.

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Information courtesy of Keller Williams - Santa Monica is subject to verification and is not guaranteed.
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