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.
Property Details
Property Features
Property Information:
Year Built: 1905
Stories: 2
Living Area: 4,902 SqFt
Listing Office:
Office Name: KW Advisors
Office Phone: (310) 482-2200
Listing Agent: Davis Saadian
Interior Features
Interior Information:
Appliances: Refrigerator
Bedroom and Bathroom Information:
Total Bedroom Count: 10
Exterior Features
Parking Information:
Parking: Garage, Private
Lot Features
Lot Information:
Lot Size: 0.17 Acres
Other
Directions Information:
Directions: 505 S. Chicago Street | Los Angeles, CA 90033
Price Information
Listing Price Info
Price Summary:
List Price: $1,050,000
Price Per SqFt: $214/SqFt
Tax Information:
Annual Amount: $10,402
Tax Year: 2021
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Housing Market Comparison
See how this home compares to others in Los Angeles, CA.
This property is $28.4K more than the Median Sold Price and $426/SqFt less than other homes in Los Angeles, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #24434457
Listing Office:
Office Name: KW Advisors
Office Phone: (310) 482-2200
Listing Agent: Davis Saadian
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. 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. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 12/18/2024, 10:21:01 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Listing History
DATE
EVENT
PRICE
Dec 13, 2016
Dec 13, 2016Home Sold
$770,000
May 04, 2016
May 04, 2016Home Sold
$970,000
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$10,402
$825,593
2020
$10,100
$817,129
2019
$9,931
$801,108
2018
$10,490
$785,400
2017
$10,490
$770,000
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
3
/10
Breed Street Elementary School
2226 E 3rd St
Distance between this listing and this school0.19 miles
Public District Grades KG-6
5
/10
Puente Charter
501 S Boyle Ave
Distance between this listing and this school0.28 miles
Public Charter Grades KG-3
6
/10
2nd Street Elementary School
1942 E 2nd St
Distance between this listing and this school0.33 miles
Public District Grades KG-6
Nearby Schools
3
/10
Extera Public
2226 E 3rd St
Distance between this listing and this school0.19 miles
Public Charter Grades KG-8
5
/10
Hollenbeck Middle School
2510 E 6th St
Distance between this listing and this school0.28 miles
Public District Grades 6-8
8
/10
Kipp los Angeles College Preparatory
2810 Whittier Blvd
Distance between this listing and this school0.68 miles
Public Charter Grades 5-8
Nearby Schools
5
/10
Theodore Roosevelt High School
456 S Mathews St
Distance between this listing and this school0.28 miles
Public District Grades 9-12
8
/10
Math, Science, & Technology Magnet Academy at Roosevelt High School
456 S Mathews St
Distance between this listing and this school0.28 miles
Public Magnet Grades 9-12
2
/10
Boyle Heights Continuation
544 S Mathews St
Distance between this listing and this school0.28 miles
The neighbors living near this home have an average income of $45,500. Typical income of Los Angeles, CA residents is between $35k-100k annually. The majority of families are married, with kids. Residents of this area typically have high school diploma education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 505 S Chicago St
What is the listing price of this property?
The listing price of 505 S Chicago St property is $1,050,000.
What type of property is this?
The property 505 S Chicago St is a house located in Los Angeles, California, 90033.
Is this property for sale now?
Active Listing: 505 S Chicago St is For Sale (Active/New) which means the seller is accepting offers.
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $10,402 (source: MLS/based on county public records data).
When was this property sold last time and for how much?
The last sale was on December 13, 2016 for $770,000. (source: MLS/tax record).
How many bedrooms and bathrooms does this property have?
The property at 505 S Chicago St has 10 bedrooms and 5 bathrooms.
What is the square footage of this property?
The property 505 S Chicago St is 4,902 SqFt (source: MLS/tax record).
Which year was this property built?
The year of construction for 505 S Chicago St is 1905.
This home is located at 505 S Chicago St in Los Angeles, CA and zip code 90033 in the Boyle Heights neighborhood. This 4,902 square foot home, which was built in 1905, sits on a 0.17 acre lot. Features: 10 bedrooms, 5 bathrooms. It has been listed on Rocket Homes since September 02, 2024 and is currently priced at $1,050,000.
In November 2024 more than 512 listings in Los Angeles, CA were sold above the asking price. During the same period more than 177 listings were sold at asking price, while more than 657 were sold below. Between October 2024 and November 2024, Los Angeles, CA real estate market has seen decrease in the number of listings by 0.6%. In November 2024 median list price was $1,021,532 and the average listing age was 38 days.
From Rocket Homes Real Estate and based on county public records data.