615 S Columbus Avenue

Glendale, CA 91204

$6,400,000

List Price

12

bed Beds

13

shower Baths

8,620 sqft

straighten / sqft

1923

calendar_month Built

Property Description

Glendale Court Bungalows, located at 615 S. Columbus Avenue, is a beautifully restored 13-unit California bungalow-style courtyard property, just five blocks from the Glendale Americana. The current owner has invested over $700,000 in capital improvements, including upgrades to electrical systems, plumbing, and exterior features. The property consists of 12 one-bedroom/one-bath units and one studio, all of which have been meticulously renovated to meet the strong tenant demand in the area. A Ratio Utility Billing System (RUBS) has been implemented across all units, boosting operational efficiency and ensuring a sub-30% expense ratio for future ownership. The property also offers eight garages and five surface parking spaces, currently generating income. The garages present a potential opportunity for conversion into three ADUs (Accessory Dwelling Units), which could generate an estimated $34,605 in additional annual rental income. With further investment in ADU construction and adjustments to market rents, a new owner could achieve an impressive return on cost of nearly 270%. ***Assumable financing is available at 5.18%, with 5 years of fixed financing, including 2 years of interest-only payments remaining.***

Listing Information

List Price $6,400,000
Status Active
MLS 25483003
Type Residential Income
Year Built 1923
Lot Size 18,596
Structure Size 8,620
Courtesy Of Dover Management Corp.
Listing Agent Douglas Steinriede DRE#00284936

Interior Features

Total Bedroom
Bedrooms 12
Total Bathroom
Bathrooms 13
Cooling Type
Cooling Type Electric

Exterior Information

Maps

Listing information courtesy of: Douglas Steinriede, Dover Management Corp. 818-843-5200. *Based on information from the Association of REALTORS/Multiple Listing as of Jan 23rd, 2025 at 8:03 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.