705 South Chicago Street

Los Angeles, CA 90023

$975,000
Price
—
Beds
3,135 Sq. Ft.
$311 / Sq. Ft.
3,135
Sq. Ft.
$311
per Sq. Ft.

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...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.
  1. Listed by Adam Bray-Ali • DRE #01859026 • Coldwell Banker Realty

Property Details for 705 South Chicago Street

Subdivision Name
Not Applicable
Garage Spaces
2.00

Location

Listing Courtesy of Coldwell Banker Realty, Adam Bray-Ali, DRE #01859026
Add your commute
LISTING UPDATED: 04/19/2024 09:38 AM

Property Details for 705 South Chicago Street

StatusActive Under Contract
MLS #P1-15332
Days on Market195
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Apartment
Year Built1912
CountyLos Angeles County

Location

Listing Courtesy of Coldwell Banker Realty, Adam Bray-Ali, DRE #01859026
Add your commute

Building Information for 705 South Chicago Street

Building/Complex705 S Chicago StFloor-Stories2Residences-Pet Policy-Year Built1912Building Size-

Payment Calculator

$5,820 per month

30 year fixed, 7.25% Interest

Principal and Interest

$5,321

Property Taxes

$499

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 705 South Chicago Street

Summary
Location and General Information
  • Building Area Total: 3,135.00
  • Community Features: Lake, Sidewalks, Storm Drains, Street Lights, Suburban
  • City: Los Angeles
  • Country: US
  • Directions: Located just north of Whittier. From Downtown LA, east on 6th Street Viaduct and then left on Soto, left of 6th and left on Chicago. Property located on West Side of Street. Front building is a fourplex, rear apartment built over the garage.
  • Area: BOYH - Boyle Heights
  • Road Surface Type: Paved
  • Unparsed Address: 705 South Chicago Street, Los Angeles, CA 90023
Parking
  • Parking Features: Garage - Single Door, Shared Driveway, Street, Driveway
Taxes and HOA Information
  • Association Fee: $.00
  • New Taxes Expense: $10,500.00
  • Professional Management Expense: $3,600.00
  • Tax Other Annual Assessment Amount: $.00
Virtual Tour
  • Videos Count: 0
Property
Lot Information
  • Additional Parcels: No
  • Lot Features: Sprinklers, Front Yard, Garden
  • Lot Size Acres: .13
  • Lot Size Square Feet: 5,719.00
  • Lot Size Area: 5,719.00
  • Lot Size Units: Square Feet
  • Parcel Number: 5183022027
  • Road Frontage Type: City Street
  • Property Type: Residential Income
  • Property Sub Type: Apartment
Property and Assessments
  • Common Walls: No Common Walls
  • Documents Count: 0
  • Entry Level: 12
  • Exclusions: Tenant owned appliances and personal property.
  • New Construction: No
  • Property Attached: No
  • Year Built Source: Public Records
  • Senior Community: No
Utilities
  • Cooling: None
  • Cooling: No
  • Electric: 220 Volts
  • Sewer: Public Sewer
  • Utilities: Cable Available, Water Connected, Sewer Connected, Natural Gas Connected, Electricity Connected
  • Water Sewer Expense: $3,000.00
  • Water Source: Public
Interior and Exterior Features
Exterior Features
  • Fencing: Chain Link, Wood
  • Pool Features: See Remarks
  • Pool Private: Yes
  • Pool: Yes
  • Roof: Shingle
  • Spa Features: None
  • Spa: No
  • Stories Total: 2
Interior Features
  • Appliances: None
  • Total Bathrooms: 0
  • Fireplace Features: None
  • Fireplace: No
  • Heating: Natural Gas
  • Heating: Yes
  • Laundry Features: None
  • Living Area: 3,135.00
  • View: Yes
  • Levels: Two
Multi Family
Multi-Family Information
  • Gross Scheduled Income: $78,148.00
  • Net Operating Income: $53,387.00
  • Insurance Expense: $3,500.00
  • Number Of Buildings: 2
  • Number Of Units Leased: 5
  • Operating Expense: $24,761.00
  • Special Listing Conditions: Standard
  • Trash Expense: $.00
Mobile Home
Mobile Home Information
  • Licenses Expense: $550.00
Agent
Sale and Listing
  • Inclusions: Seller owned appliances and equipment stored at the property.
Rental
Rental Information
  • Tenant Pays: Electricity, Gas, Trash Collection

Property History for 705 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 705 South Chicago Street

Taxable ValueLand$192,301Additions$235,727Total$428,028
Tax Record2023$5,986 ($499 / month)
Home Facts
Total Finished SqFt3,135 SqFtAbove Grade Finished SqFt3,135 SqFtLot Size5,719 SqFtStyleMulti-Family Res (5+ Units)Year Built1912ZoningLARD1.5CountyLOS ANGELESAPN5183-022-027

Schools near 705 South Chicago Street

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Charter - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Soto Street Elementary School
PublicK to 6

Alliance Kory Hunter Middle
Charter6 to 8

Felicitas And Gonzalo Mendez High
Public9 to 12

Theodore Roosevelt Senior 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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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. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Coldwell Banker Realty, Adam Bray-Ali, DRE #01859026

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.