505 South Chicago Street
$1,050,000
10
5
4,902
4,902
$214
Description
We are pleased to offer for sale this five (5) unit multifamily investment opportunity located at 505 S. Chicago Street, in Boyle Heights. This two-story building, consisting of two separate structures, was constructed of wood frame and stucco on a raised foundation built in 1905 with a square footage of 4,902 on a 7,500-square foot lot. The building has been reinforced and upgraded in compliance with the latest city codes and regulations, and is comprised of a remarkable unit mix, consisting of...We are pleased to offer for sale this five (5) unit multifamily investment opportunity located at 505 S. Chicago Street, in Boyle Heights. This two-story building, consisting of two separate structures, was constructed of wood frame and stucco on a raised foundation built in 1905 with a square footage of 4,902 on a 7,500-square foot lot. The building has been reinforced and upgraded in compliance with the latest city codes and regulations, and is comprised of a remarkable unit mix, consisting of three (3) 2+1.5 units, and two (2) 2+1 units. The subject property is 100% occupied and is subject to the City of Los Angeles rent control regulation. The investment boasts spacious floor plans, five (5) on-site parking spaces, and individually metered for gas and electricity. Current gross income is $7,130/month, priced current at a 6+% cap rate and 12x GRM. There's approximately 45% upside in potential rents. Given the location, attractive local area amenities, and potential to increase rental income, this investment presents an excellent opportunity for an investor to acquire a unique premier property in the attractive Boyle Heights submarket that will provide exponential returns.
- Listed by Davis Saadian • DRE #01921748 • Brokerage DRE #01854200 • KW Advisors
Property Details for 505 South Chicago Street
Zoning
LARD1.5
Parcel Number5183019014
Total Units5.0
Living Area4902
Source Living AreaVendor Enhanced
AreaBoyle Heights (BOYH)
Vacancy Rate0%
Lot Size Area7465
LISTING UPDATED: 09/10/2024 12:01 AM
Property Details for 505 South Chicago Street
Status | Active |
---|---|
MLS # | 24-434457 |
Days on Market | 69 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1905 |
Lot Size | 0.17 AC / 7,465 SF |
County | Los Angeles County |
Building Information for 505 South Chicago Street
Stories2Residences-Year Built1905Building Size-Lot Size0.17 AC / 7,465 SF
Property Information for 505 South Chicago Street
Property History for 505 South Chicago Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 505 South Chicago Street
Taxable ValueLand$398,237Additions$477,886Total$876,123
Tax Record2024$11,601 ($967 / month)
Home Facts
Total Finished SqFt4,902 SqFtAbove Grade Finished SqFt4,902 SqFtLot Size7,463 SqFtStyleMulti-Family Res (5+ Units)ZoningLARD1.5CountyLOS ANGELESAPN5183-019-014
Schools near 505 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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