705 S Chicago Street Los Angeles, CA 90023

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.