$7,100,000
107 N Columbus Avenue Glendale, CA 91203
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Listed by Robert Stepp • Keller Williams - Santa Monica
$7,100,000
Est. payment /mo
7,796 SqFt
UPDATED:
10/30/2024 01:14 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 7,796 sqft
Price per Sqft $910
MLS Listing ID CRPW23169667
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1925
Lot Size 9,449 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
Interior
Fireplace No
Laundry Inside
Building
Water Public
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