Description
We're proud to announce the exclusive sale of 240 Robinson Street, Los Angeles, CA 90026, an 8-unit apartment building located in the up-and-coming neighborhood of Historic Filipinotown two blocks south of Silver Lake.This listing is an incredible opportunity to invest in a large and unique property. The building showcases 1920s Spanish revival architecture and offers spacious one-bedroom/one-bathroom apartments, each approximately 1,000 SF. While the property requires some attention, it has the potential to be a true gem in the heart of LA.Located just a few blocks south of the thriving community of Silver Lake and seconds from the 101-freeway, this property offers easy access to the city's most exciting destinations. Despite its convenient location, the building is situated in a peaceful and rapidly-growing neighborhood, making it an ideal option for tenants seeking an escape from the hustle and bustle of the city.Currently, the rents are significantly below market rates, presenting enormous potential for investors with pro forma rents estimated to be $2,250+ per month, per unit, in current condition and use. During the last month of marketing, several tenants have expressed their willingness to accept "cash for keys" in order to relocate. The tenant in unit 5 has already signed an agreement to vacate and this unit will be delivered vacant by April 1, 2023. We already have a wait-list for prospective tenants at $2,250. No major upgrades have been made to the property, except for unit 8 which remodeled and released just before the COVID pandemic. Rent was around $300 per month originally, but after the light-remodel the rent is $1,854 per month. Even this rent is below market because of the general condition of the property and common areas. Prospective buyers should verify all information and conduct thorough due diligence, as the property is being sold as-is and where-is. Investing in this property is a smart move for those seeking a long-term, stable return on investment.Please note that parking spaces are not included with the property and street parking is the only available option. All tenants are up to date on their rent payments with no delinquencies. Given the low rents, rent collection at this property has never been an issue.
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8BEDS
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0.15ACRES
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0BATHS
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01/2 BATHS
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7,896SQFT
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$184$/SQFT
School Ratings & Info
Description
We're proud to announce the exclusive sale of 240 Robinson Street, Los Angeles, CA 90026, an 8-unit apartment building located in the up-and-coming neighborhood of Historic Filipinotown two blocks south of Silver Lake.This listing is an incredible opportunity to invest in a large and unique property. The building showcases 1920s Spanish revival architecture and offers spacious one-bedroom/one-bathroom apartments, each approximately 1,000 SF. While the property requires some attention, it has the potential to be a true gem in the heart of LA.Located just a few blocks south of the thriving community of Silver Lake and seconds from the 101-freeway, this property offers easy access to the city's most exciting destinations. Despite its convenient location, the building is situated in a peaceful and rapidly-growing neighborhood, making it an ideal option for tenants seeking an escape from the hustle and bustle of the city.Currently, the rents are significantly below market rates, presenting enormous potential for investors with pro forma rents estimated to be $2,250+ per month, per unit, in current condition and use. During the last month of marketing, several tenants have expressed their willingness to accept "cash for keys" in order to relocate. The tenant in unit 5 has already signed an agreement to vacate and this unit will be delivered vacant by April 1, 2023. We already have a wait-list for prospective tenants at $2,250. No major upgrades have been made to the property, except for unit 8 which remodeled and released just before the COVID pandemic. Rent was around $300 per month originally, but after the light-remodel the rent is $1,854 per month. Even this rent is below market because of the general condition of the property and common areas. Prospective buyers should verify all information and conduct thorough due diligence, as the property is being sold as-is and where-is. Investing in this property is a smart move for those seeking a long-term, stable return on investment.Please note that parking spaces are not included with the property and street parking is the only available option. All tenants are up to date on their rent payments with no delinquencies. Given the low rents, rent collection at this property has never been an issue.
Based on information from the Combined LA/Westside Multiple Listing Service as of 2023-03-24T16:43:11.307. 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.