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.… Read More 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. Read Less
Property listed by Keller Williams Hollywood Hills, Davis Saadian 310-259-7556
Listing Snapshot
Days Online
0
Last Updated
Beds
10
Square Ft.
4,902
Lot Size
0.17 Acres
Year Built
1905
MLS Number
26849701
Additional Details
Appliances & Equipment
Refrigerator, Dryer, Washer
Building
Built in 1905, Living area: 4902.0, 2 buildings, 2 stories, Levels: Two
Income
Gross Income: $91,704, Net Operating Income: $69,664
Lot
0.1714 acres
Parking
5 total parking spaces, Private
Taxes
Parcel Number: 5183019014, 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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