505 S Chicago Street , Los Angeles, CA 90033
Los Angeles, CA 90033
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.
Details
| Mls | 24434457 |
|---|---|
| Listing Type | For Sale |
| Subtype | Resale |
| Status | Active |
| Year | 1905 |
| Days On Site | 103 |
| Listing Provided By | KW Advisors 310-482-2200 | Davis Saadian |
Features
| Beds | 10 |
|---|---|
| Baths | 5 |
| Sq Feet | 4,902 |
| Storys | 2 |
| Units | 5 |
| Buildings | 2 |
| Zoning | LARD1.5 |
| Acreage | 0.17 |
Market Activity 90033
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90033 |
| Area | BOYH Boyle Heights |
| Listing VS Median (in 90033) | |
Price: $1,050,000 low | high Med: $899,000 SqFt: 4,902 low | high Med: 2,436 $ / SqFt: $214 low | high Med: $369 On Site: 103 low | high Med: 120.000000 | |
