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$ 1,399,000
Est. payment /mo
Active
445 S Chicago St Los Angeles, CA 90033
6 Beds
6 Baths
5,576 SqFt
UPDATED:
11/18/2024 05:19 PM
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,576 sqft
Price per Sqft $250
MLS Listing ID 24-463921
Bedrooms 6
Year Built 1926
Tax Year 2024
Lot Size 7,530 Sqft
Acres 0.1729
Property 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.
Location
State CA
County Los Angeles
Area Boyle Heights
Zoning LARD1.5
Interior
Heating Wall Gas
Laundry In Unit, Other
Exterior
Garage Spaces 5.0
Roof Type Asphalt
Building
Story 2
Water District
Structure Type Stucco
Others
Special Listing Condition Standard
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The information provided is 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. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
Listed by Raakel Real Estate
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