705 S Chicago Street | Los Angeles | State of California | Prices, Plans, Availability

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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. Current GRM of 11.7 and Cap Rate of 5.48%. Pro Forma Cap rate 7.32% 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, LA City RSO rules permit increased rents in February 2024. 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 is part owner. 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.