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33200503
33200505

1320 N Columbus Avenue, Glendale, CA 91202

RL
CA CA 01476685
Lee & Associates - Pasadena
Listed by Lee & Associates - Pasadena
$5,250,000
5 days on market
Updated 2 days ago

Columbus Avenue Apartments

Details
APN 5833-013-011
Property Type Multifamily
Sub Type Apartment Building
Square Footage 14,326
Cap Rate 4.63%
NOI $242,885
Tenancy Multi
Pro-Forma Cap Rate 5.22%
Pro-Forma NOI $274,225
Price per SqFt $366
Year Built 1961
Lot Size (SqFt) 14,698
Zoning GLR4YY
Investment Type Value Add

Multifamily | 4.63% CAP

Marketing description

We are proud to present Columbus Avenue Apartments at 1320 N Columbus Avenue, located in the Verdugo Viejo neighborhood of Glendale. The 1961 constructed property is comprised of spacious two x 1 bedroom/1 bath, one x 2 bedroom/1.5 bath townhome and ten x 2 bedroom/1.75 bath apartments. The property has ±14,326 rentable square feet situated on a ±14,698 SF parcel. Ownership has always meticulously maintained the property. Major capital expenditures over the last five years include a new roof, new water heater, and new sewer and secondary drain lines. Units have been upgraded and remodeled when turned over. The property has a central water heater, owned on-site laundry, and ample storage space. Second floor units have balconies, and first floor units have private patios. The townhome unit has its own spacious private yard. There are 24 tandem parking and 1 single parking space. The property is majority copper plumbed. The property is subject to AB 1482 and city of Glendale Rental Rights Program.

The Columbus Avenue Apartment property is situated in a stable, residential neighborhood. The area appeals to a wide tenant base including young professionals, families, and entertainment industry employees due to its central location and livability. Glendale consistently ranks as a highly desirable rental market due to its safety, established neighborhoods, and proximity to major job hubs, making it an attractive long-term housing option.

The property benefits from close proximity to Glendale's premier retail corridors and shopping destinations, including The Americana at Brand, Glendale Galleria, and Downtown Glendale along Brand Boulevard. These destinations offer a wide mix of national retailers, dining, and entertainment options, providing tenants with convenient access to everyday needs and lifestyle amenities. The surrounding area offers a dynamic lifestyle environment with a diverse restaurant scene, entertainment venues such as the Alex Theatre, and cultural attractions including the Museum of Neon Art. Nearby recreational options such as Griffith Park further enhance the appeal, creating a well-rounded living environment attractive to modern renters.

The property offers strong connectivity to the greater Los Angeles region, with access to Glendale Beeline and Metro bus routes, as well as the Glendale Transportation Center providing Metrolink and Amtrak service. Convenient access to I-5, CA-134, and CA-2 freeways to Downtown Los Angeles, San Fernando and San Gabriel Valleys and beyond.

The offering is a rare opportunity to acquire a highly desirable apartment property which has not been available to the market since the early 1970s.

Investment highlights

  • Meticulously maintained by current ownership for over 50 years
  • Approx. $150,000 in CapEx in the last 5 years
  • Fantastic unit mix
  • Rare Verdugo Viejo neighborhood opportunity
  • Seismic Retrofit not required in Glendale

Listing Contacts

RL
CA CA 01476685
Lee & Associates - Pasadena
Listed by Lee & Associates - Pasadena

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$242,885.00
$20,240.42/mo

Valuation Metrics

0
DSCR
4.63%
Cap Rate
4.63%
ROI

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Additional Information

Name
Robert Leveen
License
CA 01476685
Brokerage
Lee & Associates CRE - Pasadena
Title
Broker
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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