Exclusive Listings

Chicago Street Suites

Address:
352 N Chicago St
Los Angeles, CA 90033
Price:
$1,080,000
Status:
Available
Type:
Apartment
# Units:
5
Year Built:
1903
Building Size:
5,915
Lot Size:
6,392
CAP Rate:
5.8%
GRM:
11.63x
Price/Unit:
$216,000
Price/SqFt:
$183,000

INVESTMENT HIGHLIGHTS         

  • Value-Add opportunity with excellent unit-mix of 3 Bed and 2Bed Units
  • One (1) unit of 3 Bedroom + 2 Baths able to be delivered vacant
  • Three (3) new developments on same street including next door!
  • Located in historic Boyle Heights sub-market of Los Angeles
  • Low price per square foot and HIGH proforma Cap Rate for the area
  • Superb location off Soto Street, near Cesar Chavez Avenue and FWY 5
  • Commuter friendly with easy access to FWY’s 5, 10, 101, 110 and 710
  • Rapidly gentrifying area of Los Angeles
  • Tenants pay their own utilities (water, sewer, trash, electric and gas)
  • Walking distance to White Memorial Hospital of Los Angeles
  • Close to Downtown L.A., Arts District, Little Tokyo, Chinatown, Cal State L.A. and USC Keck Medical Center
  • Conveniently located short distance to a variety of amenities such as: Mariachi Plaza, Grand Central Market, El Mercadito, Art Walk DTLA, Union Station, Little Tokyo Marketplace and much more.
  • Close to schools: Keck School of Medicine of USC, Cal State L.A., Sheridan Elementary, Bridge Street Elementary, Roosevelt High and more.

 

PROPERTY HIGHLIGHTS

  • Extremely large units with majority being three bedroom and two baths
  • Private balcony on both upstairs units overlooking Downtown Los Angeles
  • Private 3-bedroom back house with enclosed yard
  • Each unit separately metered for electricity and gas
  • Individual water heaters for each unit
  • Sub Metered for Water/Sewer (tenants pay all their own utilities)
  • Low price per square foot with excellent upside potential
  • New exterior smooth stucco on entire front building
  • New roof on front building within last few years
  • Some units feature authentic oak hardwood floors
  • Complete remodel and rehab on back house prior to new tenancy
  • Easy to maintain asset with minimal landscaping


EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer 352 N Chicago Ave, a 5-unit apartment property in the highly desirable sub-market of Boyle Heights within the city of Los Angeles, California. This property is comprised of two buildings totaling 5,915 square feet featuring three (3) 3Bedroom+2Bathroom units and two (2) 2Bedroom+1Bathroom units. Each unit is extremely large with designated dining area and living room area and both upstairs units have a spectacular view of downtown provided by a private balcony. This investment is a value-add opportunity with one unit currently vacant making it perfect for an investor looking to acquire an apartment property and maximize its income potential. With being situated in the Boyle Heights sub-market of L.A., the investment maintains excellent proximity to Downtown L.A., Arts District, Little Tokyo, and Chinatown as well as enjoying the benefits of a rapidly improving area with limited inventory. The property is conveniently located near Cesar Chavez Avenue in between Soto Street and the 5 FWY close to many amenities such as Mariachi Plaza, Grand Central Market, El Mercadito, Art Walk DTLA, Union Station, Little Tokyo Marketplace and much more. It is within walking distance to White Memorial Hospital of Los Angeles and USC Keck Medical Center while offering superb access to FWY 5, 10, 101, 110 & 710.

The front building has new smooth stucco around the entire building was recently replaced with a new roof as well. The back house prior to recent tenancy had been completely upgraded and rehabbed and contains a privately enclosed yard. Each tenant pays their own utilities such as water, trash, electric, gas and sewer making this investment very easy to maintain. 

LOCATION AMENITIES AND ACCESS

The property is in the prestigious city of Los Angeles with all its appropriate amenities, suitable dining and fashionable shopping. The property is situated on Chicago Avenue, a quiet residential street walking distance to White Memorial Hospital nestled in between Soto street and the 5 fwy north of Cesar Chavez and south of the 10 fwy. It’s located in the Boyle Heights sub-market, close to the Arts District, Downtown L.A., Chinatown and Little Tokyo while enjoying all the benefits L.A has to offer.


Due Diligence


Broker Contact

Matthew Guerra
Direct: 626.898.9740
[email protected]


Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: [email protected]
Copyright © 2018 GIG Real Estate, Inc. dba. Growth Investment Group - Corp. ID 02021933
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