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$ 995,000
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Active
505 S Chicago Street Los Angeles, CA 90033
4,902 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 4,902 sqft
Price per Sqft $202
MLS Listing ID CL26849701
HOA Y/N No
Year Built 1905
Lot Size 7,465 Sqft
Acres 0.1714
Property Sub-Type Other
Property Description
We are pleased to present 505 S. Chicago Street, a five (5) unit multifamily investment opportunity in the heart of Boyle Heights. Comprised of two separate two-story structures, this wood-frame and stucco building sits on a raised foundation and offers 4,902 SF of living space on a 7,500 SF lot. Originally built in 1905, the property has been reinforced and upgraded to comply with the latest city codes and regulations, giving a new owner a well-maintained asset with lasting character. The building features a strong unit mix of three 2-bed / 1.5-bath units and two 2-bed / 1-bath units, all with spacious floor plans. The property is 100% occupied and subject to the City of Los Angeles Rent Stabilization Ordinance. Additional features include five on-site parking spaces and individual gas and electric metering, keeping operating costs low for ownership. Current gross income is $7,642 per month, priced at a 7.0% cap rate and 10.8x GRM, with approximately 50% upside in potential rents. With its prime location, attractive local amenities, and significant room to grow rental income, this is a rare opportunity to acquire a premier, income-producing asset in one of LA's most dynamic and appreciating submarkets.
Location
State CA
County Los Angeles
Zoning LARD1.5
Interior
Fireplace No
Appliance Dryer
Laundry Dryer, Washer
Building
New Construction No
Others
Tax ID 5183019014
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Listed by Davis Saadian • Keller Williams Hollywood Hills
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