505 S Chicago ST Active

Los Angeles,CA 90033

$ 1050000

10 Beds

5 Baths

4902 SqFt


Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 4,902 sqft

Price per Sqft $214

MLS Listing ID 24434457

Bedrooms 10

HOA Y/N No

Year Built 1905

Lot Size 7,466 Sqft

Property Description

We are pleased to offer for sale this five (5) unit multifamily investment opportunity located at 505 S. Chicago Street, in Boyle Heights. This two-story building, consisting of two separate structures, was constructed of wood frame and stucco on a raised foundation built in 1905 with a square footage of 4,902 on a 7,500-square foot lot. The building has been reinforced and upgraded in compliance with the latest city codes and regulations, and is comprised of a remarkable unit mix, consisting of three (3) 2+1.5 units, and two (2) 2+1 units. The subject property is 100% occupied and is subject to the City of Los Angeles rent control regulation. The investment boasts spacious floor plans, five (5) on-site parking spaces, and individually metered for gas and electricity. Current gross income is $7,130/month, priced current at a 6+% cap rate and 12x GRM. There's approximately 45% upside in potential rents. Given the location, attractive local area amenities, and potential to increase rental income, this investment presents an excellent opportunity for an investor to acquire a unique premier property in the attractive Boyle Heights submarket that will provide exponential returns.

Location

State CA

County Los Angeles

Area Boyh - Boyle Heights

Zoning LARD1.5

Interior

Fireplace No

Appliance Refrigerator

Exterior

Garage Garage,Private

Parking Type Garage,Private

Total Parking Spaces 6

Building

Story 2

Entry Level Multi/Split

Level or Stories Multi/Split

New Construction No

Others

Senior Community No

Tax ID 5183019014

Special Listing Condition Standard

View More
Favorite Go Tour