505 Chicago StLos Angeles, CA 90033

This exceptional 5-unit apartment building, located at 505 S. Chicago Street in Los Angeles, CA 90033, presents a compelling investment opportunity. The property, built in 1905 and totaling 4,902 square feet, comprises two separate two-story structures constructed of wood frame and stucco on a raised foundation. Situated on a 7,500 square foot lot, the building has undergone reinforcement and upgrades to meet current city codes. The unit mix includes three 2+1.5 units and two 2+1 units, all currently 100% occupied and subject to Los Angeles rent control. Each unit features spacious floor plans, and the property offers five on-site parking spaces. Individual gas and electric meters are installed for efficient utility management. The asking price is $1,050,000, reflecting a 6.06% cap rate and a 12x gross rent multiplier (GRM) based on the current gross monthly income of $7,130. Significant upside potential exists, estimated at approximately 45%, through rental increases. This property offers an attractive combination of strong current income, potential for future growth, and a desirable location in the Boyle Heights submarket, making it an ideal investment for discerning buyers seeking substantial returns.