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.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
