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$7,100,000
Est. payment /mo
7,796 SqFt
UPDATED:
01/30/2025 01:49 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 7,796 sqft
Price per Sqft $910
MLS Listing ID CL25482897
HOA Y/N No
Year Built 1925
Lot Size 9,452 Sqft
Acres 0.22
Property Sub-Type Other
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
Zoning GLC3
Interior
Heating Electric
Cooling Other
Fireplace No
Appliance Dryer
Laundry Dryer, Washer
Building
New Construction No
Others
Tax ID 5637015023
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Listed by Douglas Steinriede • Dover Management Corp.
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Parisa Samimi
Founder & Real Estate Broker | License ID: 01858122
Founder & Real Estate Broker License ID: 01858122