107 N Columbus Avenue, Glendale, CA 91203
- $7,100,000
- $911
- $7,100,000
- $911
Description
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.
Address
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Address: 107 N Columbus Avenue
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City: Glendale
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State/county: CA
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Zip/Postal Code: 91203
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Area: 628 - Glendale-South of 134 Fwy
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Country: United States
Details
Updated on December 19, 2023 at 2:28 am-
Property ID SGR-13195387
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Price $7,100,000
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Land Area 9449.00 m²
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Garages 10.00
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Year Built 1925
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Property Type Residential Income
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Property Status For Sale
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Living Area 7796.00
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MLS# PW23169667
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Office Name KELLER WILLIAMS - SANTA MONICA
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Agent Name Robert Stepp
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MLS Status Active
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Living Area Prefix Sqft
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Agent State License 01456379
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IDX Contact Info 310-463-2916
Additional details
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Sewer Public Sewer
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County Los Angeles
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Property SubType Commercial/Residential
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Parking 10.00
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Water Source Public
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