705 Chicago Street

Los Angeles, CA 90023

$975,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $311 / sqft

1912

calendar_month Built

Property Description

Turnkey 5 unit rental property in Boyle Heights built in 1912 with a four-unit main building and one apartment above a two car garage at rear of property. Rear apartment is not occupied and being renovated in March 2024. Seller financing available at competitive rates with high down payment. Current GRM of 12.2 and Cap Rate of 5.63%. Pro Forma Cap rate 7.40% All apartments are 1 bedroom, 1 bath for a total count of 5 bedrooms, 5 bathrooms. Building square footage of 3,135 and property is 5,719 square feet. No unpermitted construction, no open permits or inspection issues with the city. All tenants in good standing with no unpaid rents or Covid moratorium issues. Registered as a 5 unit property with the LAHD. Strong rental market with 20% upside in rents. Tenants enjoy easy access to transportation, shopping and easy access to Downtown LA. Unit mix - 4 large studio apartments in main building and 1 bedroom, 1 bath at rear building. The main building has 4 entrances in the front, upstairs apartments are accessed via private stairwells and most units have laundry hookups. The rear building, constructed in 1923, is accessed from the backyard area. Listing agent has an ownership interest in the subject property and is acting as a principal. Boyle Heights is experiencing renewed interest from home buyers and the surrounding block has seen a number of owners renovating. The new 6th Street Bridge provides exceptional access to Downtown Los Angeles, the Arts District and Little Tokyo.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A
Fireplace Information
Features None
Interior Information
Cooling Type None

Listing Information

Address 705 Chicago Street
City Los Angeles
State CA
Zip 90023
County Los Angeles
Listing Agent Adam Bray-Ali DRE#01859026
Courtesy Of Coldwell Banker Realty
MLS P115332
List Price $975,000
Status Active Under Contract
Type Residential Income
Subtype Apartment
Structure Size N/A
Lot Size 5,719
Year Built 1912
DOM 198

Exterior Information

Maps

Listing information courtesy of: Adam Bray-Ali, Coldwell Banker Realty . *Based on information from the Association of REALTORS/Multiple Listing as of Apr 19th, 2024 at 9:44 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.