107 N Columbus AVE Glendale, CA 91203

Active

$7,100,000

13 Units

3 Beds

3 Baths

7,796 Area(sq.ft.)

9,449 Lot Size(sq.ft.)

Type	# of Units	Bedroom	Bath	Furnished	Rent	Actual Rent	Projected Rent
Unit 1	2	2	1	No	$ 3,845	$ 7,690	$ 3,845
Unit 2	6	1	1	No	$ 3,095	$ 18,570	$ 3,328
Unit 3	5	studio	1	No	$ 1,952	$ 9,760	$ 2,295
3	13	10	13		$ 36,020	$ 175,600	$ 39,133

MLS #:	PW23169667MR
Days On Market:	176
County:	Los Angeles
Property Type:	Residential Income
Price per ft²:	$ 911
Price per unit:	$ 546,154
Year Built:	1925

Income Details / Structure / Land & Parking / Interior Features / Exterior Features

Property Details

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.