Homes for sale - 240 Robinson St, Los Angeles, CA 90026

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 7,896 sqft

Price per Sqft $31

MLS Listing ID 25553977

Bedrooms 8

Year Built 1926

Lot Size 6,372 Sqft

Acres 0.1463

Property Sub-Type Multi-Family

Property Description

This is a rare, high-upside investment opportunity to acquire a joint tenancy interest in an 8-unit apartment building at 240 Robinson Street in Historic Filipinotown, just two blocks south of Silver Lake and minutes from Echo Park and Downtown Los Angeles. For a $250,000 all-cash contribution, you'll receive recorded ownership on title and a 50/50 share of all net profits upon resale. The building is in the final phase of a Tenancy-in-Common (TIC) conversion (TIC is pending), and the strategy is simple: bring the loan current, complete the last city-required repairs, finalize the legal TIC structure, vacate remaining tenants, and sell off individual units. All heavy lifting legal, structural, and physicalh as already been completed or is underway. The building has seen over $500,000 in renovations, with just $30,000 remaining for final permit-required items. There are only 8 open LAHD violations (down from over 500! in 2 years), and over $70,000 in REAP escrowed rents will be released by the City within 60 days of final clearance. The property is in default, and the $250,000 raise will bring the loan current and cover all remaining legal, repair, and tenant settlement costs. Notably, there's still approximately $40,000 in unused construction loan draws available. The current construction loan carries a nearly 12% interest-only rate, and our plan is to refinance and restructure the debt immediately after curing default significantly improving cash flow and position for exit. Once the building is fully vacant and TIC-approved, individual units are projected to resell for $400,000 to $450,000 each, with condo comps in the area exceeding $600,000. Estimated ARV is $3.2M to $3.6M, and net equity is approximately $1M, offering a projected return of $500,000+ to the investor within 6 to 12 months. With over 20 years of experience as a Los Angeles Realtor and 23 years as an investor managing properties across LA since the 1990s, I've personally overseen this building for more than a decade. I've worked through legal complexities, capital upgrades, tenant negotiations, and code compliance positioning the asset for a clean, lucrative exit. Showings of any or all units can be scheduled using ShowingBooker app, our official coordination platform that provides legal notice to tenants and ensures smooth, documented access. This is a well-timed, strategic investment for a buyer or investor looking to step in at the inflection point and capture significant upside in a dynamic and appreciating LA submarket. Might be a perfect opportunity for a smaller investor or someone in a 1031 exchange.

Location

State CA

County Los Angeles

Area Silver Lake - Echo Park

Zoning LARD2

Rooms

Other Rooms None

Interior

Heating None

Cooling None

Equipment None

Exterior

Parking Features None

Building

Level or Stories Two

Others

Special Listing Condition Standard