445 South Chicago Street
Los Angeles, CA 90033
$1,099,000
Price
6
Beds
6
Baths
5,576 Sq. Ft.
$197 / Sq. Ft.
5,576
Sq. Ft.
$197
per Sq. Ft.
Description
Huge upside! 13.20% market cap rate and 6.36 market grm. Seller financing available. Welcome to 445 S Chicago St., an exceptional 6-unit apartment complex located in the culturally vibrant and revitalizing Boyle Heights neighborhood of Los Angeles. Comprising two separate buildings, this well-maintained property offers a unique blend of spacious units, modern amenities, and significant upside potentialan excellent investment opportunity offered below replacement cost, making it particularly attractive...Huge upside! 13.20% market cap rate and 6.36 market grm. Seller financing available. Welcome to 445 S Chicago St., an exceptional 6-unit apartment complex located in the culturally vibrant and revitalizing Boyle Heights neighborhood of Los Angeles. Comprising two separate buildings, this well-maintained property offers a unique blend of spacious units, modern amenities, and significant upside potentialan excellent investment opportunity offered below replacement cost, making it particularly attractive for savvy investors and owner-users seeking long-term financial growth. The property's two-building layout provides flexibility and privacy for tenants. The front building features four units, with two on the top floor and two on the bottom, each equipped with private porches or patios that add desirable outdoor space. The rear building houses two additional large 1-bedroom, 1-bath units, providing extra privacy within the property layout. All six units are spacious 1-bedroom, 1-bath layouts, with four units featuring additional dens that offer versatile living space. The property currently has one vacant unit that has been recently renovated to include in-unit amenities such as a washer/dryer, dishwasher, and wall-mounted air conditioner, increasing its appeal for prospective tenants. The remaining five units are occupied, providing immediate income stability (please do not disturb tenants). Five off-street parking spaces serve the six units, adding a valuable amenity in this high-demand area. With projected market rents supporting a 10%+ cap rate and an impressive 8.15 Gross Rent Multiplier (GRM), the property represents a prime opportunity for substantial income growth and long-term appreciation. Additionally, the property is located in a Tier 3 Transit-Oriented Communities (TOC) zone, allowing the possibility to increase the bedroom count within the existing units without the requirement to provide additional parkingan attractive advantage for future development potential (buyer to verify). Situated in Boyle Heights, this property benefits from proximity to the Arts District and Downtown Los Angeles, providing residents with seamless access to top dining, cultural, and entertainment venues. The recently completed 6th Street Bridge enhances connectivity, making it easier than ever for residents to commute and enjoy the neighboring Arts District. Boyle Heights is in the midst of an exciting revitalization, adding further value to the property's future appreciation potential. Boyle Heights is celebrated for its strong sense of community, rich cultural heritage, and diverse dining scene. Residents enjoy easy access to popular Arts District restaurants, such as Bestia, Bavel, Damian, Yangban, and Camphor, all of which contribute to the area's thriving culinary scene. The property's central location also offers excellent public transit and major freeway access, making it especially attractive to tenants seeking both convenience and community. This property is being sold at a price below replacement cost, presenting an immediate value advantage for investors and owner-users. The combination of high income potential, with a 10%+ cap rate and 8.15 GRM at market rents, and its desirable unit mix with modern amenities make this an excellent opportunity. With one vacant unit and an advantageous location, this property is ideal for owner-users looking to capture immediate income and long-term appreciation while residing in a dynamic, growing community.445 S Chicago St. is a rare opportunity to acquire a multifamily asset in one of Los Angeles' most promising neighborhoods, offering current income stability, significant appreciation potential, and immediate value due to its below replacement cost pricing. This property is perfect for investors seeking a sound addition to their portfolio or for an owner-user looking to enjoy both financial returns and a thriving community.
- Listed by Brenden Dohs • DRE #01979842 • Brokerage DRE #01979842 • Raakel Real Estate
Property Details for 445 South Chicago Street
Water Front
None
ZoningLARD1.5
StyleSpanish
Parcel Number5183018027
Total Units6.0
Living Area5576
Source Living AreaVendor Enhanced
AreaBoyle Heights (BOYH)
LISTING UPDATED: 12/04/2024 02:15 PM
Property Details for 445 South Chicago Street
| Status | Active |
|---|---|
| MLS # | 24-464785 |
| Days on Market | 33 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1926 |
| Lot Size | 0.17 AC / 7,530 SF |
| County | Los Angeles County |
Building Information for 445 South Chicago Street
Stories2Residences-Year Built1926Building Size-Lot Size0.17 AC / 7,530 SF
Property Information for 445 South Chicago Street
Community / Development
Community / Development
- Tax Mello Roos: No
- Number Of Units: 6
- Amenities: None
- Senior Community: No
Structure Info
Structure Info
- Year Built Source: Vendor Enhanced
- Number Of Stories: 2
- Number Of Buildings: 2
- Type Of Units: 1 Bed/1Ba
- View: No
- View Description: None
- View: None
- Security Features: Gated
- Direction Faces: East
- Property Condition: Fixer
- Water: In Street, Meter on Property
- Sewer: In Street
- Water Heaters: Yes
- ADA Compliance: No
- Additions Alterations: No
- Water Heater Features: Gas, Water Heater Unit
- Building Permit: Yes
Contract Info
Contract Info
- Probate: No
- Financing: Owner May Carry
- Disclosures: As Is
- Listing Type: Exclusive Agency
- Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
- Scheduled Actual: Scheduled
- Gross Operating Income: $171,600
- Net Operating Income: $140,214.00
- Gross Income: $171,600
- Cap Rate: 10.02%
- Gross Rent Multiplier: $20.93
- Actual Annual Gross Rent: $66,827.00
- Actual Rent Total: $66,827.00
- Financial Info as Of: 11/18/2024
- Owner Pays: Water
- Total Annual Expense: 31385
Land / Lot Info
Land / Lot Info
- Additional Parcel Number: No
- Alley: Yes
- Paved: Yes
- Lot Acreage: 0.1729
- Lot Size Square Feet: 7530
- Lot Features: Back Yard, Front Yard, Utilities - Overhead, Yard
- Lot Description: Alley Paved, Back Yard, Front Yard, Fenced Yard, Utilities Underground, Utilities - Overhead, Yard
- Lot Location: Alley Access, Flats
Parking Details
Parking Details
- Parking Garage: Private, Uncovered
- Total Parking: 5
- Covered Parking: 0
- Open Other Spaces Total: 5
- Garage Spaces Total: 0
- Carport Spaces Total: 0
- Parking Features: Private, Uncovered
- Garage Structures Total: 0.0
Interior Features
Interior Features
- Room Type: Den, Entry
- Rooms: Den, Den/Office, Breakfast, Breakfast Area, Dining Room, Dining Area, Entry, Patio Open
- Levels: Multi/Split
- Fireplace Features: None
- Fireplace Rooms: None
- Den: Yes
- Family Room: 0
- Dining Room: 1
- Cooling: Wall/Window Unit(s)
- Cooling Type: Ceiling Fan, Wall/Window
- Heating: Wall Furnace
- Heating Type: Wall
- Flooring: Mixed
- Equipment: Ceiling Fan, Dishwasher, Dryer, Garbage Disposal, Gas Dryer Hookup, Microwave, Range/Oven, Refrigerator, Washer
- Interior Features: Ceiling Fan(s)
- Room Kitchen Features: Granite Counters, Laminate Counters
- Kitchen Features: Granite Counters, Laminate Counters
- Room Bathroom Features: Linen Closet/Storage, Remodeled, Tile Counters
- Bathroom Features: Linen Closet, Remodeled, Tile
- Common Walls: Attached
- Cooking Appliances: Built-In Gas, Convection Oven, Gas/Electric Range, Microwave, Oven
- Laundry: In Unit
Exterior Features
Exterior Features
- Pool: No
- Private Pool: No
- Pool Description: None
- Pool Features: None
- Spa: No
- Spa: None
- Tennis: No
- Tennis Court: None
- Roof: Asphalt
- Sprinklers: None
- Patio Features: None
- Entry Location: Ground Level w/steps
- New Construction: No
- Construction Materials: Stucco
- Exterior Construction: Stucco
- Foundation Details: Raised
- Other Structural Features: Balcony
- Other Structures: None
Lease Terms
Lease Terms
- Entry Date: 11-18-2024
- Listing Terms: All Inclusive Trust Deed
- Rent Control: Yes
- Garage Rental Rate: 0
- Tenant Pays: Electricity, Gas, Cable TV
Unit Details
Unit 1 Information
- Unit Beds: 1
- Unit Baths: 1
- Unit Furnished: No
- Unit Rent: $683.00
- Unit Actual Rent: $2,734.00
- Unit Projected Rent: $10,000.00
- Like Units: 4
Unit 2 Information
- Unit Beds: 1
- Unit Baths: 1
- Unit Furnished: No
- Unit Rent: $1,417.00
- Unit Actual Rent: $2,784.00
- Unit Projected Rent: $4,300.00
- Like Units: 2
Unit Details
- Unit Type Type: 2106, 2107
- Number of Carpet: 0
- Number of Dishwasher: 1
- Number of Disposal: 6
- Number of Electric Meters: 6
- Number of Gas Meters: 6
- Number Leased: 5
- Number Patio: 6
- Number Range: 6
- Number Refrigerator: 6
- Number Rented Garages: 5
- Number Wall AC: 6
- Number Water Meters: 1
Tax and Assessed Info
Tax and Assessed Info
- Tax New: $16,779
- Tax Rate: 1.19%
- Tax Rate Year: 2024
- Assessed Improvement Value: $588,659.00
- Assessed Improvement Percent: 53.23
- Assessed Land Value: $517,178.00
- Assessed Land Percent: 46.77
- Assessed Total Value: $1,105,837.00
- Private Transfer Taxes: No
Property History for 445 South Chicago Street
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 445 South Chicago Street
Taxable ValueLand$527,521Additions$600,432Total$1,127,953
Tax Record2024$14,686 ($1,224 / month)
Home Facts
Total Finished SqFt5,576 SqFtAbove Grade Finished SqFt5,576 SqFtLot Size7,528 SqFtStyleMulti-Family Res (5+ Units)Year Built1926ZoningLARD1.5CountyLOS ANGELESAPN5183-018-027
Schools near 445 South Chicago Street
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 6 | |||
| Charter - | K to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Breed Street Elementary School PublicK to 6 | ||
Extera Public Schools CharterK to 8 | ||
Theodore Roosevelt Senior High Public9 to 12 | ||
Felicitas And Gonzalo Mendez High Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Raakel Real Estate, Brenden Dohs, DRE #01979842
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.