$1,050,000
505 S Chicago ST Los Angeles, CA 90033
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$1,050,000
Est. payment /mo
10 Beds
5 Baths
4,902 SqFt
UPDATED:
09/30/2024 06:22 PM
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
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Listed by Davis Saadian • KW Advisors
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