2505 Chelsea, Los Angeles, CA 90033
- $699,000
- List Price
- $699,000
- Status
- ACTIVE
- MLS#
- AR26194839
- Year Built
- 1924
- Lot Size
- 7,971
- Acres
- 0.18
- Days on Market
- 20
- Property Type
- Multifamily
- Property Sub Type
- Studio
Property Description
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.
Additional Information
- Pool Description
- None
- Heat
- Wall Furnace
- Cooling Description
- None
- View
- Peek-A-Boo
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Attached
- Number Of Units Total
- 5
Listing courtesy of Listing Agent: Carmen Martinez (CarmenSellsDreams@gmail.com) from Listing Office: Compass.
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Based on information from California Regional Multiple Listing Service, Inc. as of . 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.