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Backup Offers

705 S Chicago St, Los Angeles, CA, 90023

$975,000

Home List Price

$10,000*

Closing Credit

0 Baths
Condo
Schools Nearby

Location

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705 S Chicago St, Los Angeles$975,000

Buyer Closing Credits

$10,000*

1.25% Loan Amount

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Property Highlights

Home TypeCondominium
ParkingDoor-Single, Driveway, Garage, Shared Driveway, On Street
Garage2 spaces
Year Built1912
HeatingNatural Gas
CoolingNone
FireplaceNone
Private PoolYes
MLS #P1-15332
Lot Size0.13 Acres
StatusAccepting Backup Offers
(Active Under Contract)

About 705 S Chicago St

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.

Property Details

Property Features

Property Information:

  • Year Built: 1912
  • Stories: 2

Listing Office:

  • Office Name: Coldwell Banker Realty
  • Office Email: adam@propertybyadam.com
  • Listing Agent: Adam Bray-Ali

Interior Features

Interior Information:

  • Fireplace: None

Exterior Features

Exterior Information:

  • Private Pool: Yes

Parking Information:

  • Garage Space: 2 spaces
  • Parking: Door-Single, Driveway, Garage, Shared Driveway, On Street

Lot Features

Lot Information:

  • Lot: Front Yard, Garden
  • Lot Size: 0.13 Acres

Utilities

Utilities Information:

  • Heating: Natural Gas
  • Cooling: None

School Info

Assigned Schools Information:

  • School of Communications, New Media and Technology at Roosevelt High School, Public District Grades 9-12
  • Math, Science, & Technology Magnet Academy at Roosevelt High School, Public Magnet Grades 9-12
  • Daniel Pearl Journalism & Communications Magnet, Public Magnet Grades 9-12
  • Hollenbeck Middle School, Public Magnet Grades 6-8
  • Studio, Public District Grades 6-8
  • Soto Street Elementary School, Public District Grades KG-6
  • Melrose Avenue Elementary School, Public Magnet Grades KG-6
  • Point Fermin Elementary School, Public Magnet Grades KG-5

Other

Directions Information:

  • 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.

Price Information

Listing Price Info

Price Summary:

  • List Price: $975,000

Tax Information:

  • Annual Amount: $5,655
  • Tax Year: 2021
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Housing Market Comparison

See how this home compares to others in Los Angeles, CA.

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Los Angeles, CA

City

Med. Sold Price

$975.9K

Med. Price/SqFt

$628

Avg. Days On Market

34

# of Sold Homes

1403

705 S Chicago St vs Los Angeles

202 DAYS ON ROCKET

+168 Days

$975,000

-$970 Less

KEY TAKEAWAY

This property is $970 less than the Median Sold Price in Los Angeles, CA.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Name: CRMLS
  • MLS Number: #P1-15332

Listing Office:

  • Office Name: Coldwell Banker Realty
  • Office Email: adam@propertybyadam.com
  • Listing Agent: Adam Bray-Ali

IDX Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) 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. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 4/27/2024, 2:25:18 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

Property Sales & Tax

Listing History

Dec 04, 2009Home Sold
$345,000

Tax History

YEARPROP. TAXASSESSMENT
2021$5,655$411,409
2020$5,514$407,191
2019$5,456$399,207
2018$5,303$391,381
2017$5,303$383,708

History based on county public records data.

Payment Calculator

$4,934

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$2,990

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Schools

Schools Nearby

The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.

Elementary School

school-card-donut-1303260
5
/10

  • Soto Street Elementary School

  • 1020 S Soto St

  • 0.36 miles

  • Public District Grades KG-6

school-card-donut-1303261
8
/10

  • Melrose Avenue Elementary School

  • 731 N Detroit St

  • 8.01 miles

  • Public Magnet Grades KG-6

school-card-donut-1303262
6
/10

  • Point Fermin Elementary School

  • 3333 S Kerckhoff Ave

  • 22.67 miles

  • Public Magnet Grades KG-5

Middle School

school-card-donut-1303263
6
/10

  • Hollenbeck Middle School

  • 2510 E 6th St

  • 0.29 miles

  • Public Magnet Grades 6-8

school-card-donut-1303264
4
/10

  • Studio

  • 2211 W Avenue 30

  • 4.80 miles

  • Public District Grades 6-8

High School

school-card-donut-1303265
2
/10

  • School of Communications, New Media and Technology at Roosevelt High School

  • 456 S Mathews St

  • 0.33 miles

  • Public District Grades 9-12

school-card-donut-1303266
8
/10

  • Math, Science, & Technology Magnet Academy at Roosevelt High School

  • 456 S Mathews St

  • 0.33 miles

  • Public Magnet Grades 9-12

school-card-donut-1303267
8
/10

  • Daniel Pearl Journalism & Communications Magnet

  • 6649 Balboa Blvd

  • 19.45 miles

  • Public Magnet Grades 9-12

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $35,190. Typical income of Los Angeles, CA residents is less than $35k annually. The majority of families are single, no kids. Residents of this area typically have high school diploma education.

All data provided by Home Junction and Claritas

Frequently Asked Questions About 705 S Chicago St

What is the listing price of this property?

The listing price of 705 S Chicago St property is $975,000.

What type of property is this?

The property 705 S Chicago St is a condo located in Los Angeles, California, 90023.

Is this property for sale now?

Accepting Backup Offers: 705 S Chicago St is Accepting Backup Offers (Active Under Contract), there is still a chance to have your real estate agent submit an offer.

What are the assigned schools for this property?

The assigned schools for 705 S Chicago St are:
Soto Street Elementary School: GreatSchools Rating 5/10
Melrose Avenue Elementary School: GreatSchools Rating 8/10
Point Fermin Elementary School: GreatSchools Rating 6/10
Hollenbeck Middle School: GreatSchools Rating 6/10
Studio: GreatSchools Rating 4/10
School of Communications, New Media and Technology at Roosevelt High School: GreatSchools Rating 2/10
Math, Science, & Technology Magnet Academy at Roosevelt High School: GreatSchools Rating 8/10
Daniel Pearl Journalism & Communications Magnet: GreatSchools Rating 8/10

What is the annual property tax for this property?

According to the records, the last property tax for 2021 is $5,655 (source: MLS/based on county public records data).

When was this property sold last time and for how much?

The last sale was on December 4, 2009 for $345,000. (source: MLS/tax record).

Which year was this property built?

The year of construction for 705 S Chicago St is 1912.

Rocket Homes›California›Los Angeles County›Los Angeles›90023›705 S Chicago St

This home is located at 705 S Chicago St in Los Angeles, CA and zip code 90023 in the Boyle Heights neighborhood. This home, which was built in 1912, sits on a 0.13 acre lot. It has been listed on Rocket Homes since October 08, 2023 and is currently priced at $975,000.

Los Angeles, CA housing market in March 2024 saw over 628 listings sold above listed price, more than 196 sold at listed price and over 579 sold below. The number of homes for sale in Los Angeles, CA increased by 10.8% between February 2024 and March 2024. In March 2024, listings were on the market for 34 days. During the same period, the median list price in this real estate market was $975,970.

From Rocket Homes Real Estate and based on county public records data.

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