505 Chicago Street Los Angeles, CA 90033

Cluster Residence

10 Beds

5 Baths

4,902 Sq. Ft.

0.17 Acre Lot

Property Activity

Time on Site

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Days on Market

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Last updated on 11/16/2024 12:41 AM

Listing Details

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 foota...ge 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. Continue reading

MLS#

24434457

Property Type

Cluster

Status

Bedrooms

Bathrooms

Year Built

1905

Square Feet

4,902 sq. ft

Lot Size