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Listed by Carmen Martinez, DRE #01848111 • Compass
$ 699,000
Est. payment /mo
Active
2505 Chelsea Los Angeles, CA 90033
7,971 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRAR26194839
Year Built 1924
Lot Size 7,971 Sqft
Source California Regional MLS
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.
Location
State CA
County Los Angeles
Area Boyh - Boyle Heights
Interior
Heating Wall Furnace
Cooling None
Laundry In Laundry Room
Exterior
Pool 31, None
View 30
Building
Water District - Public
Others
Tax ID 5202010020
Special Listing Condition Not Applicable
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