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$6,400,000

Beds
Unknown
sq ft
8,620

615 S Columbus Ave, Glendale, CA 91204

615 S Columbus Ave

Glendale, CA 91204

  • 439 days on market
California Court Bungalows, located at 615 S. Columbus Avenue, is a tastefully restored 13-unit California bungalow courtyard style asset located five blocks from the Glendale Americana. Current ownership has spent over $700,000 on capital improvements including new electric, plumbing and exterior work. The property is comprised of (12) 1 BD/1 BA units and (1) studio. All of the spacious units have been thoughtfully renovated to capitalize on the area’s strong tenant base. 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. Eight existing garages and (5) surface spaces provide current income, and also have the potential to be converted into three (3) ADUs for additional rental revenue of approximately $34,605. Based on estimates, a new owner can achieve a return on cost of nearly 270% by raising rents to market and completing additional investment into the ADU construction. 615 S. Columbus Avenue offers a fully assumable loan at 5.18% with 5 years of fixed financing and 2 years of interest only payments remaining.

Details

Property type

Mixed Use

Est. home value

$4,128,224

Lot size

0.4268 acres

Price per sq ft

$743

Year built

1923

Price History

09/11/2023
CRMLS

CRMLS #PW23169851

Listed
$6,400,000

Schools & Community

Neighborhood: 

Pacific Edison

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

Community features: 

Sidewalks

Seller’s Loan History

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Lender

Hunt Mortgage Partners Llc

Loan start date

September 2018

Original loan amount

$3,071,000

Est. remaining balance

Not provided

Interest rate

4.59%

Loan type

Future Advance Clause / Open End Mortgage, 20 year

Seller

Michael J Capkanis and Amanda R Freeman

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

Status: Active

Tomo last checked: 11/22/2024 at 4:25 PM

Listing updated: 08/30/2024 at 9:45 AM

Listed by: Robert Stepp, Keller Williams - Santa Monica Phone #: (310) 482-2200

MLS: CRMLS #PW23169851

CRMLS logo

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