Graceland Apartments @ 107-111 N Columbus Ave 107-111 N Columbus Ave
13 Unit Apartment Building $7,100,000 ($546,154/Unit) 5.07% Cap Rate Glendale, CA 91203
INVESTMENT HIGHLIGHTS
- Over $1 Million Invested in Capital Expenditures - New Electrical, Plumbing & Roofs
- 10 Garages Provide Current Income
- RUBS Program in Place; Low Operating Expenses
- Trophy Asset in Prime Glendale Location, One Block from the Glendale Americana
- Opportunity to Drive Additional Revenue By Converting Garages into 3 ADUs
EXECUTIVE SUMMARY
Graceland Apartments, located at 107 N. Columbus Avenue, is a 13-unit historic American Four Square property situated just one block from the Glendale Americana. The current owner has invested over $1 million in extensive capital improvements, including upgrades to the electrical system, plumbing, and roofing.
This property spans two parcels and features a diverse unit mix: (2) 2-bedroom/1-bathroom units, (6) 1-bedroom/1-bathroom units, and (5) studios. With spacious floorplans, most units have been carefully restored to appeal to the area’s robust tenant demand. A RUBS (Ratio Utility Billing System) program has been implemented across all units, enhancing operational efficiency and enabling a sub-30% expense ratio for future ownership.
The property includes ten garages that currently generate income and offer the potential to be converted into (3) 2-bedroom/1-bathroom ADUs, each approximately 700 square feet. These ADUs could provide an estimated additional rental income of $34,605 annually. With market rent increases and investment in ADU construction, a new owner could achieve an impressive return on cost of approximately 333%.
This property spans two parcels and features a diverse unit mix: (2) 2-bedroom/1-bathroom units, (6) 1-bedroom/1-bathroom units, and (5) studios. With spacious floorplans, most units have been carefully restored to appeal to the area’s robust tenant demand. A RUBS (Ratio Utility Billing System) program has been implemented across all units, enhancing operational efficiency and enabling a sub-30% expense ratio for future ownership.
The property includes ten garages that currently generate income and offer the potential to be converted into (3) 2-bedroom/1-bathroom ADUs, each approximately 700 square feet. These ADUs could provide an estimated additional rental income of $34,605 annually. With market rent increases and investment in ADU construction, a new owner could achieve an impressive return on cost of approximately 333%.
PROPERTY FACTS
| Price | $7,100,000 |
| Price Per Unit | $546,154 |
| Sale Type | Investment |
| Cap Rate | 5.07% |
| Gross Rent Multiplier | 14.09 |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 9,896 SF |
| No. Stories | 2 |
| Year Built | 1925 |
| Parking Ratio | 1.01/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Balcony
- Fireplace
- Microwave
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
- Garden
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Grill
- Private Bathroom
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | $3,178 | 600 |
| 2+1 | 2 | $4,095 | 800 |
| Studios | 5 | $2,151 | 500 |
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Walk Score®
Walker's Paradise (92)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,182,585 | |
| Land Assessment | $1,443,608 | Total Assessment | $3,626,193 |
ZONING
| Zoning Code | SFMU |
