234 N Chicago St
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234 N Chicago St
22 Unit Apartment Building $3,025,000 ($137,500/Unit) 7.15% Cap Rate Los Angeles, CA 90033
Investment Highlights
- Attractive assumable loan at 3.325% fixed until July 2026 with a loan amount of $1,760,000
Executive Summary
This 22-unit apartment building in Boyle Heights is a great value add opportunity. Fill the current vacancies with Section 8 vouchers and there is approximately 63% rent upside! The unit mix of Bachelors, Singles and 1 bedroom units are separately metered for electricity and master metered for gas.
There is an attractive assumable loan at 3.325% fixed until July 2026 with a loan amount of $1,760,000.
There is an attractive assumable loan at 3.325% fixed until July 2026 with a loan amount of $1,760,000.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$377,973
|
$28.12
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$11,274
|
$0.84
|
| Effective Gross Income |
$366,699
|
$27.28
|
| Taxes |
$31,813
|
$2.37
|
| Operating Expenses |
$102,195
|
$7.60
|
| Total Expenses |
$134,008
|
$9.97
|
| Net Operating Income |
$232,691
|
$17.31
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $377,973 |
| Annual Per SF | $28.12 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $11,274 |
| Annual Per SF | $0.84 |
| Effective Gross Income | |
|---|---|
| Annual | $366,699 |
| Annual Per SF | $27.28 |
| Taxes | |
|---|---|
| Annual | $31,813 |
| Annual Per SF | $2.37 |
| Operating Expenses | |
|---|---|
| Annual | $102,195 |
| Annual Per SF | $7.60 |
| Total Expenses | |
|---|---|
| Annual | $134,008 |
| Annual Per SF | $9.97 |
| Net Operating Income | |
|---|---|
| Annual | $232,691 |
| Annual Per SF | $17.31 |
Property Facts
| Price | $3,025,000 | Property Subtype | Apartment |
| Price Per Unit | $137,500 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.15% | Lot Size | 0.21 AC |
| Gross Rent Multiplier | 8.17 | Building Size | 13,440 SF |
| No. Units | 22 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1928 |
| Price | $3,025,000 |
| Price Per Unit | $137,500 |
| Sale Type | Investment |
| Cap Rate | 7.15% |
| Gross Rent Multiplier | 8.17 |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 13,440 SF |
| No. Stories | 2 |
| Year Built | 1928 |
Unit Amenities
- Heating
- Kitchen
Site Amenities
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 16 | $818.00 | 400 - 450 |
| 1+1 | 6 | $1,421 | 650 - 790 |
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Walk Score ®
Walker's Paradise (93)
Transit Score ®
Excellent Transit (74)
Bike Score ®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 5183-003-022 | Total Assessment | $2,257,336 |
| Land Assessment | $928,467 | Annual Taxes | $31,813 ($2.37/SF) |
| Improvements Assessment | $1,328,869 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5183-003-022
Land Assessment
$928,467
Improvements Assessment
$1,328,869
Total Assessment
$2,257,336
Annual Taxes
$31,813 ($2.37/SF)
Tax Year
2024
zoning
| Zoning Code | R4, Los Angeles |
| R4, Los Angeles |
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234 N Chicago St
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