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    240 Robinson St

    Los Angeles, CA 90026
    • $1,699,000
    • STATUS: Active
    • ON SITE: 69 days
    • MLS #: 21-761978
    UPDATED: 24 min ago
    $1,699,000
    • 8
      BEDS
    • 0.15
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 7,896
      SQFT
    • $215
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1926
    County:

    School Ratings & Info

    Description

    We are pleased to announce the opportunity to purchase 240 Robinson Street, an eight-unit multifamily property located in the dense Historic Filipinotown neighborhood of LosAngeles, CA. Consisting entirely of large one-bedroom units, the property features spacious floor plans averaging approximately 900 square feet each. Current tenants are only paying anaverage of approximately $0.95 per square foot, which is well below the $2.57 per square footrent that similar properties are achieving in the immediate area. By bringing the rents to market rates and capturing the nearly 122% rent upside, a new owner can generate a 7.64% CAP Rate and 9.31 GRM for this investment. Located near the intersection of Silver Lake Boulevard and Temple Street, the property iswedged into a neighborhood that is nearly surrounded by some of the trendiest submarketsin Los Angeles. Immediately west of the building is the border of Koreatown, while SilverLake is just two blocks north, and Echo Park is a short drive east. The Historic Filipinotown neighborhood has earned praise in recent years, even being named one of the "World's Top Five Coolest Neighborhoods" by Time Out Magazine in 2019. Tenants in the building enjoy its convenient access to the 101 Freeway, which can be entered via the Silver Lake Boulevard only a few blocks away. Mass transit is just blocks west of the property at the Vermont/Beverly Metro Station, allowing tenants easy access to Downtown Los Angeles, Union Station, Hollywood, and the San Fernando Valley. Economists expect strongpopulation growth within this Greater Downtown Los Angeles submarket over the coming years,with a possible 4.1% rise in household formation. Given that the local median household incomeis below average, more of these new residents and households will be seeking rental housing, which would bode well for apartment owners in the area.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-24T17:43:06.617. 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. Properties may or may not be listed by the office/agent presenting the information.
    www.desertarealuxuryhomes.com/homes/119412895
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    240 Robinson St Los Angeles, CA 90026

    • Price: $1,699,000
    • Status: Active
    • Updated: 24 min ago
    • MLS #: 21-761978
    8
    Beds
    0
    Baths
    0
    ½ Baths
    0.15
    Acres
    7,896
    SQFT
    $215
    $/SQFT
    1926
    Built
    Neighborhood:
    Silver Lake - Echo Park
    County:
    Los Angeles
    Area:
    Silver Lake - Echo Park
    Property Description
    We are pleased to announce the opportunity to purchase 240 Robinson Street, an eight-unit multifamily property located in the dense Historic Filipinotown neighborhood of LosAngeles, CA. Consisting entirely of large one-bedroom units, the property features spacious floor plans averaging approximately 900 square feet each. Current tenants are only paying anaverage of approximately $0.95 per square foot, which is well below the $2.57 per square footrent that similar properties are achieving in the immediate area. By bringing the rents to market rates and capturing the nearly 122% rent upside, a new owner can generate a 7.64% CAP Rate and 9.31 GRM for this investment. Located near the intersection of Silver Lake Boulevard and Temple Street, the property iswedged into a neighborhood that is nearly surrounded by some of the trendiest submarketsin Los Angeles. Immediately west of the building is the border of Koreatown, while SilverLake is just two blocks north, and Echo Park is a short drive east. The Historic Filipinotown neighborhood has earned praise in recent years, even being named one of the "World's Top Five Coolest Neighborhoods" by Time Out Magazine in 2019. Tenants in the building enjoy its convenient access to the 101 Freeway, which can be entered via the Silver Lake Boulevard only a few blocks away. Mass transit is just blocks west of the property at the Vermont/Beverly Metro Station, allowing tenants easy access to Downtown Los Angeles, Union Station, Hollywood, and the San Fernando Valley. Economists expect strongpopulation growth within this Greater Downtown Los Angeles submarket over the coming years,with a possible 4.1% rise in household formation. Given that the local median household incomeis below average, more of these new residents and households will be seeking rental housing, which would bode well for apartment owners in the area.
    Exterior Features

    Lot Size Area 6370 Other Structures None Parking Garage None Total Parking 0

    Interior Features

    Baths Total 8.00 Cooling Other Equipment Other Heating Other

    Property Features

    Assessed Total Value 1353038 Gross Income 82062 Gross Operating Income 79600 Like Units1 8 Net Operating Income 39850.00 Number Of Buildings 1 Number Of Units 8 Sale Type Standard Source Living Area Assessor Source Lot Size Area Assessor Total Annual Expense 39751 Type Of Units Residential Year Built Source Assessor Zoning Lard2

    Listing provided courtesy of Sean Rosenzweig DRE#01406343 of Marcus & Millichap.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-24T17:43:06.617. 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. Properties may or may not be listed by the office/agent presenting the information.
     
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    The Sandi Phillips Team | Compass
    74199 El Paseo, Suite 200
    Palm Desert CA, 92260