615 S Columbus Avenue
Glendale, CA 91204
- – beds
- – baths
- – sqft
- ~1/2 acre lot
- 1923 build
- – on site
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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Last updated Dec 18, 2023
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MLS# PW23169851 —
Walk Score®
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Soundscore™
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Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
9/11/23
Sep 11, 2023
|
Listed / Active | CRMLS_CA | $6,400,000 | 161.4% (19.6% / YR) |
|
6/19/15
Jun 19, 2015
|
CRMLS_CA | $2,448,000 |