Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

5

Building size

2,478 sqft

Lot size

7,971 sqft

Year built

1924

Stories

1

Garage spaces

0

Heating

Wall Furnace

Cooling

None

Pool

None

View

Peek-A-Boo

Status

Active

Days on market

19

MLS #

246789738

About this property

Unmatched Value-Add Density Expansion in Boyle Heights! Located blocks from the Keck School of Medicine of USC Hospital, this unique corner-lot residential income property features 5 detached/semi-detached 1BD/1BA units on an expansive ±7,971 SF parcel. Perfect for a 1031 exchange or seasoned developer looking to skip the municipal red tape: LADBS plan checks are already completed for 2 brand-new, 2-story detached units (892 SF & 894 SF). While the 5 existing character units built in 1924 offer consistent historical occupancy under LARSO, the 2 new construction units qualify for full Costa-Hawkins exemptions—bypassing legacy rent-control caps to allow immediate market-rate cash flow. Driveway access accommodates future parking allocations seamlessly. Transform this asset from a stable 2.93% current cap into a massive 10.4% projected stabilized return. Sold "As-Is" with all plans and engineering conveyed at close.

Location

2505 Chelsea

Los Angeles, Los Angeles, CA, 90033