$1,399,000
( $250.90Per Sq Foot )
 $7,510 forsale estimated payment Sourced by Back At You

445 S Chicago Street , Los Angeles, CA 90033

Los Angeles, CA 90033

Sharewithfriend

Description

HUGE UPSIDE!! - 10.02% market Cap Rate and 8.15 market GRM!! Welcome to 445 S Chicago Street, an exceptional 6-unit apartment complex located in the culturally vibrant and revitalizing Boyle Heights neighborhood of Los Angeles. Comprising two separate buildings, this well-maintained property offers a unique blend of spacious units, modern amenities, and significant upside potentialan excellent investment opportunity offered below replacement cost, making it particularly attractive for savvy investors and owner-users seeking long-term financial growth.The property's two-building layout provides flexibility and privacy for tenants. The front building features four units, with two on the top floor and two on the bottom, each equipped with private porches or patios that add desirable outdoor space. The rear building houses two additional large 1-bedroom, 1-bath units, providing extra privacy within the property layout. All six units are spacious 1-bedroom, 1-bath layouts, with four units featuring additional dens that offer versatile living space. The property currently has one vacant unit that has been recently renovated to include in-unit amenities such as a washer/dryer, dishwasher, and wall-mounted air conditioner, increasing its appeal for prospective tenants. The remaining five units are occupied, providing immediate income stability (please do not disturb tenants). Five off-street parking spaces serve the six units, adding a valuable amenity in this high-demand area. With projected market rents supporting a 10%+ cap rate and an impressive 8.15 Gross Rent Multiplier (GRM), the property represents a prime opportunity for substantial income growth and long-term appreciation.Additionally, the property is located in a Tier 3 Transit-Oriented Communities (TOC) zone, allowing the possibility to increase the bedroom count within the existing units without the requirement to provide additional parkingan attractive advantage for future development potential (buyer to verify).Situated in Boyle Heights, this property benefits from proximity to the Arts District and Downtown Los Angeles, providing residents with seamless access to top dining, cultural, and entertainment venues. The recently completed 6th Street Bridge enhances connectivity, making it easier than ever for residents to commute and enjoy the neighboring Arts District. Boyle Heights is in the midst of an exciting revitalization, adding further value to the property's future appreciation potential.Boyle Heights is celebrated for its strong sense of community, rich cultural heritage, and diverse dining scene. Residents enjoy easy access to popular Arts District restaurants, such as Bestia, Bavel, Damian, Yangban, and Camphor, all of which contribute to the area's thriving culinary scene. The property's central location also offers excellent public transit and major freeway access, making it especially attractive to tenants seeking both convenience and community.This property is being sold at a price below replacement cost, presenting an immediate value advantage for investors and owner-users. The combination of high income potential, with a 10%+ cap rate and 8.15 GRM at market rents, and its desirable unit mix with modern amenities make this an excellent opportunity. With one vacant unit and an advantageous location, this property is ideal for owner-users looking to capture immediate income and long-term appreciation while residing in a dynamic, growing community.445 S Chicago St. is a rare opportunity to acquire a multifamily asset in one of Los Angeles' most promising neighborhoods, offering current income stability, significant appreciation potential, and immediate value due to its below replacement cost pricing. This property is perfect for investors seeking a sound addition to their portfolio or for an owner-user looking to enjoy both financial returns and a thriving community.

Details

Mls24463921
Listing TypeFor Sale
BuildingnameChicago Street Apartments
SubtypeResale
StatusActive
Year1926
Days On Site17
Listing Provided ByRaakel Real Estate 818-648-7465 | Brenden Dohs

Features

Sq Feet5,576
Storys2
Units6
Buildings2
ZoningLARD1.5
Acreage0.17

Market Activity 90033

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the California Regional MLS.

Request A Showing

Request A Showing

Loading Form
Listings Checked: 2 minutes ago
StateCA
CountyLos Angeles
CityLos Angeles
Zip Code90033
AreaBOYH Boyle Heights
Listing VS Median (in 90033)
Price:
$1,399,000
low | high
Med:
$899,000
85.739814152966% of Average
SqFt:
5,576
low | high
Med:
2,436
100% of Average
$ / SqFt:
$251
low | high
Med:
$369
2.908540113687% of Average
On Site:
17
low | high
Med:
111.000000
15.315315315315% of Average
Sourced by Back At You
Listing Updated: December 5, 2024 at 3:08:11 PM PST