Address
240 Robinson Street Los Angeles, CA
Price
$ 1,699,000
Property Attributes
  • MLS#21761978
  • TypeIncome
  • CountyLOS ANGELES
  • CityLos Angeles
  • AreaSilver Lake
  • Zip90026
  • Style
  • Price$ 1,699,000
  • Bedrooms8
  • Full Bathrooms8
  • Half Bathrooms0
  • Sqr Footage7896
  • Lot Size6,370 SqFt
Listing Provided Courtesy Of:
Sean Rosenzweig with Marcus & Millichap
Data Source:
Combined LA/Westside MLS (CLAW) - 318 - CA
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.

Price History
7/17/2021 Listed $1,699,000

General Features

Co-Listing Agent State License # 01357019
Co-listing Agent Roderick 'Rick' Raymundo - BRE#01357019
Listing Agent Sean Rosenzweig - BRE#01406343
Listing Agent State License 01406343
Lot Size Square Feet 6370
MLS Area 671 - Silver Lake
Property Type Residential Income
Senior Community Y/N No
Special Listing Conditions Standard
Status Active
Total Units 8
Zoning LARD2

Exterior Features

Lot Size Acres 0.14
Lot Size Area 6370
Lot Size Source Assessor
Lot Size Units Square Feet
Number of Buildings 1
Parking Features None

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Income Average in 90026

Price
AVG $1.7M
$1.7M
Visits
AVG 37
3
Year Built
AVG 1930
1926
Walkscore
AVG 84
86
Data Provided by Walkscore ® not using MLS data

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