107 Columbus Avenue

Glendale, CA 91203

$7,100,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $910 / sqft

1925

calendar_month Built

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.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A

Listing Information

Address 107 Columbus Avenue
City Glendale
State CA
Zip 91203
County Los Angeles
Listing Agent Robert Stepp DRE#01456379
Courtesy Of Keller Williams - Santa Monica
MLS PW23169667
List Price $7,100,000
Status Active
Type Residential Income
Subtype Commercial/Residential
Structure Size N/A
Lot Size 9,449
Year Built 1925
DOM 99

Exterior Information

Maps

Listing information courtesy of: Robert Stepp, Keller Williams - Santa Monica . *Based on information from the Association of REALTORS/Multiple Listing as of Dec 18th, 2023 at 2:41 PM 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.