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… Read More 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. Read Less
Property listed by KW Advisors, Davis Saadian 310-482-2200
Listing Snapshot
Days Online
88
Last Updated
Property Type
Other
Beds
10
Square Ft.
4,902
Lot Size
0.17 Acres
Year Built
1905
MLS Number
24434457
30 Days Snapshot Of 90033
$948k
+49%
(avg) sold price
2
0%
homes sold
120
+66%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Refrigerator
Building
Built in 1905, Building area total: 4,902, Levels: MultiSplit, Living area: 4902, 2 buildings
Income
Gross income: $85,560, Net operating income: $63,660
Lot
0.1714 acres, 7,465 square feet, Size: 7,465
Parking
6 totals parking, Garage, Private
Property
Zoning: LARD1.5
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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