Active
107 N Columbus Avenue
Glendale CA, 91203
$7,100,000
$910.72 per sqft
Active
7,796 sqft
Multi-family
Built in 1925
Listed by Robert Stepp with Keller Williams - Santa Monica 310-463-2916
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.
PW23169667
MLSⓇ ID
September 11, 2023
Listed
December 5, 2024
Updated
Map
107 N Columbus Avenue
Glendale CA, 91203
Interior Features
Total Stories
2
Laundry Description
Inside
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.22 Acres
Lot Features
11-15 Units/Acre
Sewer
Public Sewer
Other Property Details
Area Name
628 - Glendale-South of 134 Fwy
Days on Market
421
Garage
Yes
Garage Spaces
10
Parking Total
10
View
No
County
Los Angeles
Water Source
Public
Pool
No
Pool Features
None
Zoning
GLC3*
Listing Contact: 310-482-2200
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 12/5/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 12/5/2024 at 1:36 AM UTC