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 at a current at a 6.5% cap rate and 11.5x GRM. There’s approximately 50% 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.
Property Details
Price:
$1,000,000
MLS #:
25509003
Status:
Active
Baths:
0
Address:
505 S Chicago Street
Type:
Residential Income
Neighborhood:
boyhboyleheights
City:
Los Angeles
Listed Date:
Mar 10, 2025
State:
CA
ZIP:
90033
Lot Size:
7,465 sqft / 0.17 acres (approx)
Year Built:
1905
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Schools
Interior
Appliances
Refrigerator
Exterior
Parking Spots
5.00
Stories Total
2
Financial
Map
Community
- Address505 S Chicago Street Los Angeles CA
- AreaBOYH – Boyle Heights
- CityLos Angeles
- CountyLos Angeles
- Zip Code90033
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505 S Chicago Street
Los Angeles, CA
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