$ 7,100,000
107 N Columbus AVE Glendale, CA 91203
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$ 7,100,000
Est. payment | /mo
9,448 Sqft Lot
$ 7,100,000
Est. payment | /mo
9,448 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW23169667
HOA Y/N No
Year Built 1925
Lot Size 9,448 Sqft
Property 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.
Location
State CA
County Los Angeles
Area 628 - Glendale-South Of 134 Fwy
Zoning GLC3*
Interior
Fireplace No
Laundry Inside
Exterior
Garage Spaces 10.0
Garage Description 10.0
Pool None
Community Features Sidewalks
Total Parking Spaces 10
Private Pool No
Building
Lot Description 11-15 Units/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5637015023
Energy Description 615.0
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
Listed by Robert Stepp • Keller Williams - Santa Monica • 310-463-2916
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Valerie Condon
Partner | Lic# 680245