- Address: 240 Robinson Street, Los Angeles, CA 90026
- Description: 8-Unit Apartment Building
- Neighborhood: Historic Filipinotown (adjacent to Silver Lake)
- Minimum Investment: $200,000
- Investor Preferred Return: 10.0%
- Estimated Return: 24.24%
- Estimated Yield: 12.12% (based on 2-year hold)
- Time Frame: 18-24 Months
BRE Investment, LLC is brokering the acquisition of 240 Robinson Street, Los Angeles, CA 90026 on behalf of 240 Robinson Flats, LLC. This 8-unit apartment building is located just south of the highly desirable neighborhood of Silver Lake, Los Angeles, California.
Silver Lake is a neighborhood long known as an artistic and creative professional epicenter, and has a wide variety of desirable retail options, low crime rates, extremely high rents and extremely high condo and home prices.
We’re going to purchase the property for $2,000,000 and then convert these eight one-bedroom apartments into two-bedroom Tenants-in-Common (TIC) units, using the Ellis Act over the course of 18-24 months.
We anticipate that each conversion from start to finish will cost about $70,000. This includes paperwork, relocation costs for existing tenants and actual renovations costs. Once the conversions and renovations are completed, we will then sell the units for at least $400,000 each. This pricing is strategically well below the market rate for condos in the area, because we need to compensate for no lack of parking and the fact that our units are TICs.
Because TICs are very popular now, but not completely main stream, we need to discount our units to draw in as many condo buyers as possible. When selling our TIC units, we will be nearly 20.0% more affordable than competing condos and 50% more affordable than homes in the area.
Once we sell all the units, our total disposition price will be $3,200,000. This means our investors will receive a 24%+ total cash-on-cash return within 18-24 months.
Our investment group 240 Robinson Flats, LLC, which I am forming with this Private Placement Memorandum, will be made of close family and friends.
Please let me know if you’re interested.
Realtor David Bramante