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Multifamily

240 Robinson St

240 Robinson St, Los Angeles, CA 90026

Listing Price: $1,800,000

Cap Rate
2.15%
Number of Units
8
Price/Unit
$225,000
Price/Gross SF
$227.96
Gross SF
7,896

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 240 Robinson Street, an eight-unit multifamily property located in the dense Historic Filipinotown neighborhood of Los Angeles, CA. Consisting entirely of large one-bedroom units, the property features spacious floorplans averaging approximately 900 square feet each. Current tenants are only paying an average of approximately $0.95 per square foot, which is well below the $2.28 per square foot rent 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 6.95% CAP Rate and 9.87 GRM for this investment. Located near the intersection of Silver Lake Boulevard and Temple Street, the property is wedged into a neighborhood that is nearly surrounded by some of the trendiest submarkets in Los Angeles. Immediately west of the building is the border of Koreatown, while Silver Lake 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 strong population 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 income is below average, more of these new residents and households will be seeking rental housing, which would bode well for apartment owners in the area.

Investment Highlights

  • Robinson Street is Within the Rapidly Improving Historic Filipinotown - Recently Named Among "World's Top Five Coolest Neighborhoods" by Time Out Magazine
  • With Rents at Market, Possible Opportunity to Achieve a 7.14% CAP Rate and 9.87 GRM
  • Potential to Increase Rents by Approximately 122% Above Current Amounts
  • One Bedroom Units Averaging Approximately 900 Square Feet Each
  • Situated Between Gentrified Silver Lake, Booming Koreatown, and Trendy Echo Park

Exclusively Listed By

Listing Price: $1,800,000

Cap Rate
2.15%
Number of Units
8
Price/Unit
$225,000
Price/Gross SF
$227.96
Gross SF
7,896

Investment Highlights

  • Robinson Street is Within the Rapidly Improving Historic Filipinotown - Recently Named Among "World's Top Five Coolest Neighborhoods" by Time Out Magazine
  • With Rents at Market, Possible Opportunity to Achieve a 7.14% CAP Rate and 9.87 GRM
  • Potential to Increase Rents by Approximately 122% Above Current Amounts
  • One Bedroom Units Averaging Approximately 900 Square Feet Each
  • Situated Between Gentrified Silver Lake, Booming Koreatown, and Trendy Echo Park

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 240 Robinson Street, an eight-unit multifamily property located in the dense Historic Filipinotown neighborhood of Los Angeles, CA. Consisting entirely of large one-bedroom units, the property features spacious floorplans averaging approximately 900 square feet each. Current tenants are only paying an average of approximately $0.95 per square foot, which is well below the $2.28 per square foot rent 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 6.95% CAP Rate and 9.87 GRM for this investment. Located near the intersection of Silver Lake Boulevard and Temple Street, the property is wedged into a neighborhood that is nearly surrounded by some of the trendiest submarkets in Los Angeles. Immediately west of the building is the border of Koreatown, while Silver Lake 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 strong population 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 income is below average, more of these new residents and households will be seeking rental housing, which would bode well for apartment owners in the area.

Exclusively Listed By

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