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$7,100,000
Est. payment /mo
10 Beds
13 Baths
7,796 SqFt
UPDATED:
01/30/2025 01:16 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,796 sqft
Price per Sqft $910
MLS Listing ID 25482897
Bedrooms 10
HOA Y/N No
Year Built 1925
Lot Size 9,452 Sqft
Property Description
Graceland Apartments, located at 107 N. Columbus Avenue, is a charming 13-unit historic American Four Square building just one block from the Glendale Americana. The current owner has made over $1 million in strategic capital improvements, including upgrades to the electrical system, plumbing, and roofing. Spanning two parcels, the property offers a diverse mix of units: (2) 2-bedroom/1-bathroom, (6) 1-bedroom/1-bathroom, and (5) studios. With spacious floorplans, many units have been meticulously restored to cater to the area's strong tenant demand. A RUBS (Ratio Utility Billing System) program has been implemented across all units, boosting operational efficiency and allowing for a sub-30% expense ratio for future owners. The property also includes ten garages, currently generating rental income with the potential to be converted into three 2-bedroom/1-bathroom ADUs, each around 700 square feet. These ADUs could add approximately $34,605 in annual rental income. By capitalizing on market rent increases and investing in ADU construction, a new owner could see an impressive return on cost of up to 333%. ***Assumable Financing Available***
Location
State CA
County Los Angeles
Area 628 - Glendale-South Of 134 Fwy
Zoning GLC3*
Interior
Heating Electric
Cooling Electric
Fireplace No
Appliance Dryer, Washer
Exterior
Garage Spaces 10.0
Garage Description 10.0
Attached Garage Yes
Total Parking Spaces 10
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5637015023
Special Listing Condition Standard
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Listed by Douglas Steinriede • Dover Management Corp.