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$7,100,000

Est. payment - /mo

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7,796 SqFt

Active

107 N Columbus AVE Glendale, CA 91203

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Nathan King Real Estate Group

info@kingrealestate.group +1(559) 396-0000

UPDATED:

10/29/2024 05:46 PM

Key Details

Property Type Multi-Family

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 7,796 sqft

Price per Sqft $910

MLS Listing ID PW23169667

HOA Y/N No

Year Built 1925

Lot Size 9,448 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

Area 628 - Glendale-South Of 134 Fwy

Zoning GLC3*

Rooms

Ensuite Laundry Inside

Interior

Laundry Location Inside

Fireplace No

Laundry Inside

Exterior

Garage Spaces 10.0

Garage Description 10.0

Pool None

Community Features Sidewalks

Total Parking Spaces 10

Private Pool No

Building

Lot Description 11-15 Units/Acre

Story 2

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 5637015023

Energy Description 615.0

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

Listed by Robert Stepp • Keller Williams - Santa Monica • 310-463-2916

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Nathan King Real Estate Group

Broker | License ID: 01878277

+1(559) 396-0000

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