Graceland Apartments 107-111 N Columbus Ave 13 Unit Apartment Building $9,832,861 CAD ($756,374 CAD/Unit) 5.08% Cap Rate Glendale, CA 91203

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: two two-bedroom, one-bathroom units, six one-bedroom, one-bathroom units, and five studios. With spacious floor plans, 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, enhancing operational efficiency and enabling a sub-30% expense ratio for future owners.

The property also includes 10 garages, currently generating rental income, with the potential to be converted into three two-bedroom, one-bathroom accessory dwelling units (ADUs), each approximately 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%. In addition, assumable financing is available.

Nestled within walking distance to the Glendale Galleria, The Americana, and the bustling Downtown Glendale Business District, this apartment complex's location offers unparalleled convenience. With easy access to Highway 134, Route 2, and Interstate 5, commuting to Pasadena and Los Angeles is a breeze. Additionally, its proximity to Griffith Park provides a perfect blend of urban living and natural beauty.