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2505 Chelsea Street

2505 Chelsea Street, Los Angeles, CA, USA

For Sale

$875,000

Property Description

Marcus and Millichap is pleased to present a five (5) unit apartment building located at 2505 Chelsea Street in Los Angeles, California. The subject property is situated in a quiet Northeast Los Angeles location, north of Marengo Street and east of North Soto Street.

Formerly known as a quiet, sleepy part of the city, Northeast Los Angeles has a growing interest as a destination for recreation, trendy dining, eclectic arts, and a variety of lifestyles. It is a well-connected transportation hub with access to light rail service and the Los Angeles County Metropolitan Transportation Authority (Metro), and a new line is scheduled to run from North Hollywood through Eagle Rock to Pasadena. It is a densely populated, youthful area with many prospective tenants looking for an entry point into Downtown. This spillover from Downtown has marked the submarket as up-and-coming, with many new business developments and employment opportunities on the rise. The Northeastern region stands to benefit from the city’s $1.6-billion Los Angeles River revitalization project. The project will restore habitat, widen the river, create wetlands, and provide access points and bike trails along an eleven (11) mile stretch of the Los Angeles River that runs from Downtown through Glassell Park.

Built in 1924, this property contains a streamlined unit mix of five (5) studio / one-bathroom units with potential to add at least one (1) ADU on a large 7,968 square foot lot. The units are split between three (3) bungalow style buildings with two (2) water meters. Property is separately metered for gas and electric. Along with ample on-site parking available from the entrance on Ricardo Street, the property features a large yard with endless value-add possibilities. Residents will love being in a quiet residential pocket with plenty of street parking available, just two (2) blocks away from the USC medical center. The USC Health & Sciences campus is also within walking distance, along with all the upscale retail, restaurant, and entertainment amenities that come with it. Outdoor recreation is available one (1) block away at Kira field & recreation center.

Situated in a quiet Northeast Los Angeles location, this offering presents an excellent opportunity for any investor to capitalize on over 135% rental upside potential with potential to add up to two (2) ADU units in a residential pocket of Los Angeles, two (2) blocks from the USC medical center.

Contact Agent

Jason Tuvia / Kian Maronde

818.212.2735

Unit Mix

Five (5) Studio / 1-Bathroom Units

Property Type

Multifamily

Submarket

Price

Size

2,478 SF

Total Units

Year Built

1924

Property Location

2505 Chelsea Street, Los Angeles, CA, USA

Property Description

Marcus and Millichap is pleased to present a five (5) unit apartment building located at 2505 Chelsea Street in Los Angeles, California. The subject property is situated in a quiet Northeast Los Angeles location, north of Marengo Street and east of North Soto Street.

Formerly known as a quiet, sleepy part of the city, Northeast Los Angeles has a growing interest as a destination for recreation, trendy dining, eclectic arts, and a variety of lifestyles. It is a well-connected transportation hub with access to light rail service and the Los Angeles County Metropolitan Transportation Authority (Metro), and a new line is scheduled to run from North Hollywood through Eagle Rock to Pasadena. It is a densely populated, youthful area with many prospective tenants looking for an entry point into Downtown. This spillover from Downtown has marked the submarket as up-and-coming, with many new business developments and employment opportunities on the rise. The Northeastern region stands to benefit from the city’s $1.6-billion Los Angeles River revitalization project. The project will restore habitat, widen the river, create wetlands, and provide access points and bike trails along an eleven (11) mile stretch of the Los Angeles River that runs from Downtown through Glassell Park.

Built in 1924, this property contains a streamlined unit mix of five (5) studio / one-bathroom units with potential to add at least one (1) ADU on a large 7,968 square foot lot. The units are split between three (3) bungalow style buildings with two (2) water meters. Property is separately metered for gas and electric. Along with ample on-site parking available from the entrance on Ricardo Street, the property features a large yard with endless value-add possibilities. Residents will love being in a quiet residential pocket with plenty of street parking available, just two (2) blocks away from the USC medical center. The USC Health & Sciences campus is also within walking distance, along with all the upscale retail, restaurant, and entertainment amenities that come with it. Outdoor recreation is available one (1) block away at Kira field & recreation center.

Situated in a quiet Northeast Los Angeles location, this offering presents an excellent opportunity for any investor to capitalize on over 135% rental upside potential with potential to add up to two (2) ADU units in a residential pocket of Los Angeles, two (2) blocks from the USC medical center.

Contact Agent

Jason Tuvia / Kian Maronde

818.212.2735

(818) 448-4415

CalBRE #01772495

Unit Mix

Five (5) Studio / 1-Bathroom Units

Property Details

Property Type

Multifamily

Submarket

Northeast Los Angeles

Price

$875,000

Price per Unit

$175,000

Price per SF

$353.11

Status

For Sale

Size

2,478 SF

Total Units

5

Year Built

1924

Property Location

2505 Chelsea Street, Los Angeles, CA, USA

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