107 Columbus Ave Glendale, CA 91204

Graceland Apartments, a stunning 13-unit multifamily property located at 107 N. Columbus Avenue in Glendale, California, presents a compelling investment opportunity. This historic American Four Square building, situated just one block from the Glendale Americana, boasts 7,796 square feet across three buildings on a 9,449 square foot lot. Built in 1925, the property features a desirable unit mix including two 2-bedroom/1-bathroom units, six 1-bedroom/1-bathroom units, and five studio units. Recent capital improvements exceeding $1 million encompass new electrical systems, plumbing, and roofing, ensuring long-term operational efficiency. The property benefits from a RUBS (Renters Utility Billing System) program, resulting in a sub 30% expense ratio. Ten existing garages generate current income and offer significant potential for conversion into three approximately 700-square-foot Accessory Dwelling Units (ADUs), projecting an additional $34,605 in annual rental revenue. The property's current NOI is $348,561, with a pro-forma NOI of $372,004, and a pro-forma cap rate of 5.24%. The asking price is $7,100,000, representing a price per unit of $546,153.85. The property's strong tenant base, prime location, and potential for ADU development make it an exceptional investment with a projected high return on cost. Assumable financing at 4.00% is available. The APN is 5637-015-023.