107 North Columbus Avenue

Glendale, CA 91204

$7,100,000
Price
3
Beds
13
Baths
7,796 Sq. Ft.
$911 / Sq. Ft.
7,796
Sq. Ft.
$911
per Sq. Ft.

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...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.
  1. Listed by Robert Stepp • DRE #01456379 • Brokerage DRE #01499010 • Keller Williams - Santa Monica • 310-463-2916

Property Details for 107 North Columbus Avenue

Parking Spaces Total
10
Private Pool
No
Total Units
13.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
7796
Assessor Parcel Number
5637-015-023
Property Attached YN
true
LISTING UPDATED: 10/29/2024 03:45 AM

Property Details for 107 North Columbus Avenue

StatusActive
MLS #PW23169667
Days on Market408
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeResidential Income
Year Built1925
Lot Size0.22 AC / 9,449 SF
CountyLos Angeles County

Building Information for 107 North Columbus Avenue

Stories2Residences-Year Built1925Building Size-Lot Size0.22 AC / 9,449 SF

Property Information for 107 North Columbus Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $471,595
  • Gross Scheduled Income: $486,180
  • Net Operating Income: $348,561
  • Gross Multiplier: 14.6
  • Cap Rate: 4.91
Expense Details
  • Operating Expense: $123,034
  • New Taxes Expense: $78,127
  • Gardener Expense: $528
  • Fuel Expense: $615
  • Licenses Expense: $1,500
  • Pest Control Expense: $1,000
  • Electric Expense: $615
  • Insurance Expense: $4,464
  • Maintenance Expense: $8,450
  • Professional Management Expense: $23,580
  • Other Expense: $2,925
  • Other Expense Description: Reserves
  • Trash Expense: $615
  • Water Sewer Expense: $615
  • Total Expenses: $123,034
Tax / Assessment Info
  • Tax Tract Number: 752
  • Tax Census Tract: 3018.02
  • Tax Lot: 20
Community / Development
Community / Development
  • Community Features: Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Inside
Exterior Features
  • Entry Location: 1
  • Pool Features: None
  • Pool Description: None
Land/Lot Info
  • Lot Features: 11-15 Units/Acre
  • Number Of Units: 13
  • Land Lease: No
  • Land Lease Type: Fee
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 10
  • Parking Garage Spaces: 10
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $4,095
  • Unit Type Total Rent: $8,190
  • Unit Type Pro Forma: 4095
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 6
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $3,178
  • Unit Type Total Rent: $19,068
  • Unit Type Pro Forma: 3328
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 5
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,051
  • Unit Type Total Rent: $10,255
  • Unit Type Pro Forma: 2295
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 3
  • Number Of Separate Electric Meters: 13
  • Number Of Separate Gas Meters: 13
  • Number Of Separate Water Meters: 1

Property History for 107 North Columbus Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 107 North Columbus Avenue

Taxable ValueLand$1,137,389Additions$1,724,176Total$2,861,565
Tax Record2024$32,227 ($2,686 / month)
Home Facts
Total Finished SqFt7,796 SqFtAbove Grade Finished SqFt7,796 SqFtLot Size9,449 SqFtStyleMulti-Family Res (5+ Units)Year Built1925ZoningGLC3*CountyLOS ANGELESAPN5637-015-023

Schools near 107 North Columbus Avenue

This home is within Glendale Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - K to 6
Rating
School
Distance
Columbus Elementary School
PublicK to 5

Eleanor J. Toll Middle School
Public6 to 8

Herbert Hoover High School
Public9 to 12

Thomas Edison Elementary School
PublicK to 6

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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107 North Columbus Avenue is a mixed use property for sale in Glendale, CA 91204. This property was listed for sale on September 11, 2023 by Keller Williams - Santa Monica, it's currently listed at $7,100,000. This listing's school district is Glendale Unified School District. Nearby schools include Columbus Elementary School, Eleanor J. Toll Middle School and Herbert Hoover High School. 107 North Columbus Avenue is a 3-bed, 13-bath, 7,796 sqft mixed use property built in 1925.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams - Santa Monica, Robert Stepp, DRE #01456379

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.