505 S Chicago Street,Los Angeles, CA 90033
Los Angeles, CA 90033
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.
Details
| MLS # | 26849701 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1905 |
| Days On Site | 94 |
| Listing Provided By | Keller Williams Hollywood Hills | Davis Saadian |
Features
| Bed(s) | 10 |
|---|---|
| Bath(s) | 5 |
| SQ Feet | 4,902 |
| Story(s) | 2 |
| Units | 5 |
| Building(s) | 2 |
| Zoning | LARD1.5 |
| Acreage | 0.17 |
Interior
| Appliances | Refrigerator, Dryer, Washer |
|---|
Parking
| Parking Features | Private |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90033 |
| Area | BOYH Boyle Heights |
| Listing VS Median (in 90033) | |
Price: $995,000 low | high Med: $1,049,050 sqft: 4,902 low | high Med: 5,969 $ / sqft: $203 low | high Med: $131,181 On site: 94 low | high Med: 29 | |
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: $995,000 low | high Med: $1,049,050 sqft: 4,902 low | high Med: 5,969 $ / sqft: $203 low | high Med: $131,181 On site: 94 low | high Med: 29 | |
 | $1,350,000436 S SotoLos Angeles, CA 90033 |