615 Columbus Ave Glendale, CA 91204

This exceptional 13-unit apartment building, situated at 615 S. Columbus Avenue in Glendale, California, presents a compelling investment opportunity. The property, comprised of twelve one-bedroom, one-bathroom units and one studio, boasts a total of 8,620 square feet across five single-story buildings on an 18,590 square foot lot. Built in 1923 and tastefully restored, the California bungalow courtyard-style complex benefits from over $700,000 in recent capital improvements, including new electrical, plumbing, and exterior work. All units feature thoughtful renovations, catering to the area's strong rental demand. A RUBS (Rent Utility Bill System) program is in place, resulting in a sub 30% expense ratio. The property includes thirteen parking spaces, eight of which are garages generating current income. There's significant potential to increase revenue by converting existing garage space into three additional dwelling units (ADUs), projected to yield approximately $34,605 in additional annual rental income. A fully assumable Freddie Mac loan at 5.18% interest is available, featuring five years of fixed financing and two years of interest-only payments remaining. The property's current Net Operating Income (NOI) is $320,986, with a pro-forma NOI of $368,326, representing a 5.02% cap rate and a pro-forma cap rate of 5.76%, respectively. The asking price is $6,400,000, or $492,307.69 per unit. Located just five blocks from the Glendale Americana, this trophy asset offers a strong return on investment, with potential for significant appreciation through ADU development and rent increases.