615 Columbus AveGlendale, CA 91204

Property Details for 615 Columbus Ave

Year built

1923

Construction

WOOD

Lot size

0.43 AC

Property size (Sq ft)

8,620 SF

Zone code

GLR4YY

Property type

Apartment buildings

APN

5696-014-040

APU

5696014040

Description

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.

Location Insight

City

Glendale

County

Los Angeles

State

California

Latitude

34.1381

Longitude

-118.261

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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