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705 S Chicago St, Los Angeles, CA 90023
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705 S Chicago St Los Angeles, CA 90023

$975,000
  • 5 Beds
  • 5 Baths
  • 3,135 Sq.Ft.
Back Up Offer
$975,000 Get Pre-Qualified
Map preview of 705 S Chicago St, Los Angeles, CA 90023

Property Overview: 705 S Chicago St Los Angeles, CA has 5 bedrooms, 5 bathrooms, 3,135 living square feet and 5,719 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: 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.

Listed by Adam Bray-Ali | BRE #01859026 | Coldwell Banker Realty
Last checked: 3 minutes ago | Last updated: April 19th, 2024 | Source CRMLS | DOM: 204
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Home details

Lot Sq. Ft
5,719
HOA Dues
$0/mo
Year built
1912
Garage
2 Car
Property Type:
Apartment
Status
Back Up Offer
MLS#
P1-15332
City
Los Angeles
County
Los Angeles
Time on Site
207 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 5
  • Total # of Buildings: 2
  • # of Leased Units: 5
  • # of Electric Meters: 5
  • # of Gas Meters: 5
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: --
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,550
  • Total Rent: $1,550
  • Pro Forma/Market Rent: $1,600
Unit Breakdown 2
  • # of Units: --
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,068
  • Total Rent: $1,068
  • Pro Forma/Market Rent: $1,654
Unit Breakdown 3
  • # of Units: --
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,654
  • Total Rent: $1,654
  • Pro Forma/Market Rent: $1,654
Unit Breakdown 4
  • # of Units: --
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,504
  • Total Rent: $1,564
  • Pro Forma/Market Rent: $1,654
Unit Breakdown 5
  • # of Units: --
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $798
  • Total Rent: $798
  • Pro Forma/Market Rent: $1,654
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.48%
  • Gross Rent Multiplier: 11.7
  • Gross Scheduled Income: $78,148
  • Net Operating Income: $53,387
  • Gross Operating Income: --
  • # of Rented Garages: 0
Annual Expense Breakdown
  • Total Operating Expense: $24,761
  • Licenses: $550
  • New Taxes: $10,500
  • Trash: $0
  • Gardener: $600
  • Insurance: $3,500
  • Professional Management: $3,600
  • Water/Sewer: $3,000

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Property Details for 705 S Chicago St

Interior Features
Cooling Information
  • No Cooling
  • None
Heating Information
  • Has Heating
  • Natural Gas
Laundry Information
  • No Laundry
  • None
Fireplace Information
  • No Fireplace
  • None
Kitchen Information
  • No Appliances
  • None
Interior Features
  • Levels: Two
Exterior Features
Exterior Information
  • Roof: Shingle
  • Has Fence
  • Chain Link, Wood
  • No Spa
  • Spa Features: None
Exterior Features
  • Has Pool
  • Pool Features: See Remarks
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 2
  • # of Parking Spaces: 2
  • Has Parking
  • Parking Features: Garage - Single Door, Driveway, Shared Driveway, Street
Lot Information
  • Lot Features: Front Yard, Garden
  • Lot Size Source: Public Records
Property Information
  • Has View
  • Common Walls: No Common Walls
  • Total # of Units: 5
  • Parcel Number: 5183022027
  • Year Built Source: Public Records
  • Entry Level: 12
  • Property is not Attached
  • Offered With Property: Seller owned appliances and equipment stored at the property.
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
  • Utilities: Cable Available, Water Connected, Sewer Connected, Natural Gas Connected, Electricity Connected
Assessment Information
  • No Assessments
  • Assessments: None
Location / Neighborhood
Location Information
  • Subdivision Name: Not Applicable
  • Directions: Located just north of Whittier. From Downtown LA, east on 6th Street Viaduct and then left on Soto, left of 6th and left on Chicago. Property located on West Side of Street. Front building is a fourplex, rear apartment built over the garage.
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
Neighborhood Information
  • Community Features: Lake, Sidewalks, Suburban, Street Lights, Storm Drains
View more facts & features

Local Los Angeles Agent

Sale History for 705 S Chicago St

Last sold for $345,000 on December 4th, 2009

  • April, 2024

  • Apr 19, 2024

    Date

    Back Up Offer

    CRMLS: P1-15332

    $975,000

    Price

  • Oct 8, 2023

    Date

    Active

    CRMLS: P1-15332

    $975,000

    Price

  • December, 2009

  • Dec 4, 2009

    Date

    Sold (Public Records)

    Public Records

    $345,000

    Price

Show More

Tax History for 705 S Chicago St

Assessed Value (2020): $407,191
Year Land Value Improved Value Assessed Value
2020 $182,940 $224,251 $407,191

Home Value Compared to the Market

This property vs the competition

705 S Chicago St is listed 21.12% lower than the median list price for the city of Los Angeles which has a median list price of $1,236,000. The median price per/sqft for Los Angeles is $773 and this home is listed at $311 per/sqft which puts the price per square foot 59.77% lower than the median price per square foot for the city of Los Angeles.

About 705 S Chicago St

Detailed summary of property

705 S Chicago St is a apartment located in Los Angeles, CA 90023 and is currently in escrow to be sold. This apartment offers 5 bedrooms, 5 bathrooms, roughly 3,135 living square feet, and sits on an approximately 5,719 square foot lot. 705 S Chicago St was first listed on ArdentRealEstateGroup.com on October 8, 2023. The homeowner is currently asking $975,000. The median priced home in Los Angeles is $1,236,000 with a median price per square foot of $773. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 21.12% lower than the median priced home. Local competing homes currently for sale include 673 N Boyle Ave, 459 Forest Ave and 2809 Folsom St. While the average home in Los Angeles, CA is selling in 96 days, 705 S Chicago St has a days on market of 204 days. There are currently 3487 homes for sale in the Los Angeles real estate market and 2373 of them are single family homes while 1015 of them are condos and 93 are townhomes. For more information on this home for sale at 705 S Chicago St Los Angeles, CA 90023 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 705 S Chicago St

Public county record property details
Beds
5
Baths
5
Year built
1912
Sq. Ft.
3,135
Lot Size
5,718
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
43,44
APN
5183-022-027

The source for these homes facts are from public records.

90023 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$599,000
Median List Price/Sq.Ft.
$679
Median Sold Price
$660,000
Median Sold Price/Sq.Ft.
$448
Total Inventory
18
Median Sale to List Price %
99.25%
Avg Days on Market
6
Loan Type
Conventional (0%), FHA (60%), VA (0%), Cash (20%), Other (0%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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