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California Court 615 S Columbus Ave 13 Unit Apartment Building $8,933,888 CAD ($687,222 CAD/Unit) 5.16% Cap Rate Glendale, CA 91204
INVESTMENT HIGHLIGHTS
- Embark on a California bungalow-style community with 13 units, recent renovations, RUBS program benefits, and additional income.
- Rare unit mix of 12 one-bed, one-bathroom units and one studio unit, all fully leased to single tenants or small families.
- Including parking garages and surface parking spaces, generating income, and the potential to convert into ADUs.
- Family-friendly Pacific-Edison neighborhood, adjacent to Griffith Park, a vast array of nearby amenities, and direct access to Interstate 5.
EXECUTIVE SUMMARY
California Court, located at 615 S Columbus Avenue, is a beautifully restored 13-unit California bungalow-style apartment complex. The courtyard property sits just five blocks from the Glendale Americana. The current owner has invested over $900,000 in capital improvements, including upgrades to electrical systems, plumbing, and exterior enhancements.
The property comprises 12 one-bedroom, one-bathroom units and one studio, all of which have been meticulously renovated to meet the strong demand for tenants in the area. A RUBS (Ratio Utility Billing System) program has been implemented across all units, optimizing operational efficiency and maintaining an expense ratio of under 30% for future ownership.
Additional income is generated through eight garages and five surface parking spaces, which also offer the potential for conversion into three ADUs, projected to bring in approximately $34,605 in additional annual rental revenue. With strategic investment in ADU construction and market rent adjustments, a new owner could achieve an exceptional return on cost of nearly 270%.
California Court is ideally situated on a quiet palm-lined street in the Pacific-Edison neighborhood near Griffith Park. The property is within walking distance to Glendale Galleria, The Americana, and the Downtown Glendale Business District. This apartment community offers easy access to Interstate 5, making travel to other Los Angeles hotspots convenient. Additionally, residents are just blocks away from Atwater Village and Los Feliz neighborhoods, and only 10 minutes from DTLA, Burbank, Pasadena, and Hollywood.
The property comprises 12 one-bedroom, one-bathroom units and one studio, all of which have been meticulously renovated to meet the strong demand for tenants in the area. A RUBS (Ratio Utility Billing System) program has been implemented across all units, optimizing operational efficiency and maintaining an expense ratio of under 30% for future ownership.
Additional income is generated through eight garages and five surface parking spaces, which also offer the potential for conversion into three ADUs, projected to bring in approximately $34,605 in additional annual rental revenue. With strategic investment in ADU construction and market rent adjustments, a new owner could achieve an exceptional return on cost of nearly 270%.
California Court is ideally situated on a quiet palm-lined street in the Pacific-Edison neighborhood near Griffith Park. The property is within walking distance to Glendale Galleria, The Americana, and the Downtown Glendale Business District. This apartment community offers easy access to Interstate 5, making travel to other Los Angeles hotspots convenient. Additionally, residents are just blocks away from Atwater Village and Los Feliz neighborhoods, and only 10 minutes from DTLA, Burbank, Pasadena, and Hollywood.
PROPERTY FACTS
| Price | $8,933,888 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $687,222 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.43 AC |
| Cap Rate | 5.16% | Building Size | 8,620 SF |
| Gross Rent Multiplier | 13.59 | Average Occupancy | 100% |
| No. Units | 13 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment | Parking Ratio | 1.51/1,000 SF |
| Zoning | GLR4YY | ||
| Price | $8,933,888 CAD |
| Price Per Unit | $687,222 CAD |
| Sale Type | Investment |
| Cap Rate | 5.16% |
| Gross Rent Multiplier | 13.59 |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.43 AC |
| Building Size | 8,620 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1923 |
| Parking Ratio | 1.51/1,000 SF |
| Zoning | GLR4YY |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 400 |
| 1+1 | 12 | - | 685 |
1 1
Walk Score®
Walker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 5696-014-040 | Improvements Assessment | $1,659,661 CAD |
| Land Assessment | $2,486,111 CAD | Total Assessment | $4,145,772 CAD |
PROPERTY TAXES
Parcel Number
5696-014-040
Land Assessment
$2,486,111 CAD
Improvements Assessment
$1,659,661 CAD
Total Assessment
$4,145,772 CAD
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California Court | 615 S Columbus Ave
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