Active
107 N Columbus AVE
GLENDALE CA, 91203
$7,100,000
$910.72 per sqft
Active
3 Beds
3 Baths
7,796 sqft
Multi-family
Built in 1925
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.
PW23169667MR
MLSⓇ ID
September 11, 2023
Listed
October 2, 2024
Updated
Map
107 N Columbus AVE
GLENDALE CA, 91203
Interior Features
Total Stories
2
Bedrooms
3
Total Bathrooms
3
Laundry Description
Inside
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.22 Acres
Sewer
Public Sewer
Other Property Details
Area Name
Glendale-South of 134 Fwy
Days on Market
354
Garage
Yes
Garage Spaces
10
Parking Total
10
View
No
County
Los Angeles
Water Source
Public
Pool
No
Pool Features
None
Zoning
GLC3*
Listed by Robert Stepp with Keller Williams - Santa Monica
Listing Contact: 310-774-3740
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Data last updated 10/2/2024