505 S Chicago St
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.
Broker Details
Keller Williams Realty Hollywood Hills (310) 623-1300
MLS ID: C114727 State License Number: 01921748
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $995,000 |
| No. of Units: | 5 |
| Year Built: | 1905 |
| Lot Size: | 4,902.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $199,000 |
| Property Website | Click Here |
| Number of Bedrooms: | 10 |
| Number of Bathrooms: | 5 |
ID: 3yd-CLAWCA-26849701
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