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$ 995,000
Est. payment | /mo
10 Beds
5 Baths
4,902 SqFt
$ 995,000
Est. payment | /mo
10 Beds
5 Baths
4,902 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 4,902 sqft
Price per Sqft $202
MLS Listing ID 26849701
Bedrooms 10
HOA Y/N No
Year Built 1905
Lot Size 7,466 Sqft
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
Area Boyh - Boyle Heights
Zoning LARD1.5
Interior
Fireplace No
Appliance Refrigerator, Dryer, Washer
Exterior
Parking Features Private
Total Parking Spaces 5
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5183019014
Special Listing Condition Standard
Listed by Davis Saadian Keller Williams Hollywood Hills #01921748
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