505 S Chicago St, Los Angeles, CA 90033
- $1,050,000
- 10
- BD
- 5
- BA
- 4,902
- SqFt
- List Price
- $1,050,000
- MLS#
- 24-434457
- Year Built
- 1905
- Bedrooms
- 10
- Bathrooms
- 5
- Living Sq. Ft
- 4,902
- Lot Size
- 7,465
- Days on Market
- 14
- Property Type
- Multifamily
- Stories
- 2
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.
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Courtesy of KW Advisors, Davis Saadian - CA DRE#01921748
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