505 South Chicago Street

Los Angeles, CA 90033

$1,050,000
Price
10
Beds
5
Baths
4,902 Sq. Ft.
$214 / Sq. Ft.
4,902
Sq. Ft.
$214
per Sq. Ft.

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.
  1. Listed by Davis Saadian • DRE #01921748 • Brokerage DRE #01854200 • KW Advisors

Property Details for 505 South Chicago Street

Zoning
LARD1.5
Parcel Number
5183019014
Total Units
5.0
Living Area
4902
Source Living Area
Vendor Enhanced
Area
Boyle Heights (BOYH)
Vacancy Rate
0%
Lot Size Area
7465
LISTING UPDATED: 09/10/2024 12:01 AM

Property Details for 505 South Chicago Street

StatusActive
MLS #24-434457
Days on Market69
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1905
Lot Size0.17 AC / 7,465 SF
CountyLos 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

Community / Development
Community / Development
  • Number Of Units: 5
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 2
  • Type Of Units: Apartments
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $85,560
  • Net Operating Income: $63,660.00
  • Gross Income: $85,560
  • Cap Rate: 6.06%
  • Gross Rent Multiplier: $12.00
  • Total Annual Expense: 21900
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1714
  • Lot Size Square Feet: 7465
Parking Details
Parking Details
  • Parking Garage: Private, Other, Garage
  • Total Parking: 6
  • Parking Features: Private, Garage
Interior Features
Interior Features
  • Levels: Multi/Split
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Range/Oven, Refrigerator, Freezer, Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Other
Lease Terms
Lease Terms
  • Entry Date: 09-02-2024
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $979.00
  • Unit Actual Rent: $979.00
  • Unit Projected Rent: $2,750.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $1,820.00
  • Unit Actual Rent: $1,820.00
  • Unit Projected Rent: $2,750.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $930.00
  • Unit Actual Rent: $930.00
  • Unit Projected Rent: $2,750.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,477.00
  • Unit Actual Rent: $1,477.00
  • Unit Projected Rent: $2,750.00
  • Like Units: 1
Unit 5 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $1,924.00
  • Unit Actual Rent: $1,924.00
  • Unit Projected Rent: $2,750.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $468,516.00
  • Assessed Improvement Percent: 54.55
  • Assessed Land Value: $390,429.00
  • Assessed Land Percent: 45.45
  • Assessed Total Value: $858,945.00

Property History for 505 South Chicago Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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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505 South Chicago Street is a multi-family home for sale in Los Angeles, CA 90033. This property was listed for sale on September 2, 2024 by KW Advisors, it's currently listed at $1,050,000. It has been on the market for a total of 69 days and was last sold on December 6, 2016. This listing's school district is Los Angeles Unified School District. Nearby schools include Breed Street Elementary School, Extera Public Schools and Theodore Roosevelt Senior High. 505 South Chicago Street is a 10-bed, 5-bath, 4,902 sqft multi-family home built in 1905.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of KW Advisors, Davis Saadian, DRE #01921748

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.