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Listing Details

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School Ratings & Info

Description

Turnkey 5 unit rental property in Boyle Heights built in 1912 with a four-unit main building and 5th apartment above a two car garage at rear of property. Photos are of Apartment 705 1/2 in April 2021. 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. Each unit has their own electric and gas meter, tenants pay their own trash fees. Owners pay for water/sewer and landscaping. Strong rental market with 20% upside in rents and additional income options from garage rental. 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 home, built in 1923, is accessed from the backyard area. Boyle Heights is experiencing renewed interest from home buyers and our street has seen a number of owners renovating. The 6th Street Viaduct project promises exceptional access to Downtown Los Angeles, the Arts District and Little Tokyo. Current property manager is available to continue, offering a seamless transition to new ownership.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-19T07:28:49.82. This information 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. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The DeBonis Team | Realty Masters & Associates. Licensed in the State of California, USA.
www.debonishomes.com/homes/120160663
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705 S Chicago Street Los Angeles (City), CA 90023

  • Price: $1,150,000
  • Status: Active
  • Updated: 16 min ago
  • ID#: P1-6074
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Beds
0
Baths
0
½ Baths
0.13
Acres
1912
Built
Neighborhood:
Not Applicable
County:
Los Angeles
Area:
BOYH - Boyle Heights
Property Description
Turnkey 5 unit rental property in Boyle Heights built in 1912 with a four-unit main building and 5th apartment above a two car garage at rear of property. Photos are of Apartment 705 1/2 in April 2021. 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. Each unit has their own electric and gas meter, tenants pay their own trash fees. Owners pay for water/sewer and landscaping. Strong rental market with 20% upside in rents and additional income options from garage rental. 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 home, built in 1923, is accessed from the backyard area. Boyle Heights is experiencing renewed interest from home buyers and our street has seen a number of owners renovating. The 6th Street Viaduct project promises exceptional access to Downtown Los Angeles, the Arts District and Little Tokyo. Current property manager is available to continue, offering a seamless transition to new ownership.
Exterior Features

Entry Level 1 Entry Location Ground Floor Fencing Chain Link Lot Features Back YardLawnNear Public Transit Number Of Separate Electric Meters 5 Parking Features Door-SingleGarageShared Driveway Parking Total 2 Pool Features None Pool Private YN No Property Attached YN No Road Frontage Type City Street Road Surface Type Paved Roof Asphalt Spa Features None Spa YN No View City Lights View YN Yes

Interior Features

Appliances Gas Range Common Walls No Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Flooring See Remarks Heating Natural GasWall Furnace Heating YN Yes Interior Features Balcony

Property Features

Cap Rate 5.6 Community Features Suburban Disclosures Familial RelationPrincipal is Real Estate LicensedRent Control Electric Standard Fuel Expense 0 Garage YN Yes Gross Income 72782 Gross Scheduled Income 72782 Insurance Expense 1500 Land Lease YN No Laundry Features Washer Hookup Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash To New Loan Net Operating Income 64832 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 5 Number Of Units Leased 5 Operating Expense 7950 Possession See Remarks Property Sub Type Apartment Rent Control YN Yes Security Features Carbon Monoxide Detector(S)Smoke Detector(S) Senior Community YN No Sewer Sewer Tap Paid Special Listing Conditions Standard Tenant Pays ElectricityGasTrash Collection Total Actual Rent 6065 Trash Expense 0 Utilities Cable ConnectedElectricity ConnectedNatural Gas ConnectedPhone ConnectedSewer ConnectedWater Connected Water Sewer Expense 3800 Water Source Public Zoning Lard1.5

Listing provided courtesy of Adam Bray-Ali of Coldwell Banker Realty


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-19T07:28:49.82. This information 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. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The DeBonis Team | Realty Masters & Associates. Licensed in the State of California, USA.
 
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The DeBonis Team | Realty Masters & Associates
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Riverside CA, 92508