PROPERTY OVERVIEW
Discover a rare investment opportunity in one of LA’s fastest-appreciating neighborhoods. This sophisticated top-floor corner unit in the historic Robinson Residences combines timeless Spanish Revival architecture with modern, high-end renovations.
Located just two blocks south of trendy Silver Lake and minutes from Echo Park and Downtown LA, this meticulously updated residence offers 900 square feet of light-filled living space. As the inaugural offering in this exclusive TIC conversion project, this property is available at a substantial discount from its projected $500K+ valuation.
INVESTMENT HIGHLIGHTS
Ownership Structure: Currently a 1/8 co-op ownership interest being converted to Tenants in Common (TIC), with ownership control designated for Unit 5
Purchase Options: $325,000 with all-cash offer or seller financing available (30% minimum down payment)
Current Income: Tenant in place paying $2,295 monthly with option for delivery occupied or vacant
Monthly Carrying Cost: $200 HOA-equivalent fee
First-Buyer Advantage: Significant discount for the pioneering investor in this conversion project
PROPERTY FEATURES
Top-floor corner unit position providing exceptional privacy and natural light
Comprehensive renovation with designer finishes throughout
Premium kitchen with high-end appliances
Luxurious bathroom with modern fixtures
In-unit laundry (washer/dryer included) – a rare amenity in vintage buildings
High ceilings enhancing the spacious feel
Historic architectural details preserved throughout
FUTURE IMPROVEMENTS
The Robinson Residences development plan includes several upcoming enhancements:
Secured front yard area
Professional landscaping upgrades
Future rooftop deck installation offering panoramic views of:
Hollywood Sign
Griffith Park Observatory
Downtown Los Angeles skyline
Koreatown
LOCATION
Strategically positioned at the nexus of LA’s most vibrant communities, this property benefits from:
Proximity to Silver Lake’s boutique shopping and dining
Easy access to Echo Park’s entertainment venues
Quick commute to Downtown Los Angeles
Central location in Historic Filipinotown
Walking distance to numerous trendy cafes, restaurants, and cultural attractions
INVESTMENT POTENTIAL
This property represents both immediate income potential and exceptional long-term appreciation:
Current Investment: Immediate cash flow with minimal management ($2,295 monthly rental income)
Future Value: Projected after-renovation value exceeding $500,000 as a completed TIC unit
Market Position: Located in one of LA’s fastest-appreciating residential corridors
Flexibility: Suitable for investor cash flow or owner-occupant with long-term appreciation goals
UNDERSTANDING THE CONVERSION
This property is undergoing a co-op to TIC conversion with Ellis Act proceedings in process. As the first buyer, you’ll benefit from:
Full title recording at close of escrow for cash buyers
Complete documentation of ownership rights
Professional guidance through the conversion process
Established legal framework for the TIC arrangement
Note: No parking available with this unit.
For serious inquiries, private showings, or to discuss the TIC conversion process in detail, please contact us directly. This exclusive opportunity represents a limited-time entry point into one of LA’s most promising residential investments.
Frequently Asked Questions
Ownership Structure
Q: What is a co-op and how is it different from a TIC?
A: A co-op (cooperative) is an ownership structure where you own shares in a corporation that owns the building, rather than owning the real property directly. A TIC (Tenants in Common) arrangement allows you to own a percentage of the actual property with an exclusive right to occupy your specific unit. The Robinson Residences is transitioning from a co-op to a TIC structure, which typically provides more flexibility and better financing options.
Q: What exactly am I purchasing at 240 Robinson Street?
A: You’re purchasing a 1/8 ownership interest in the property with exclusive rights to Unit 5. Initially structured as a co-op ownership, this will be converted to a Tenants in Common (TIC) arrangement, giving you direct ownership of your portion of the property.
Q: Why is there a discount for the first buyer?
A: As the first buyer into this conversion project, you’re receiving a significant discount from the projected After Renovation Value (ARV). While the current offering price is $325,000, the projected value once fully converted to a TIC is $500,000+. This discount compensates for being an early adopter in the conversion process.
Ellis Act and Conversion Process
Q: What is the Ellis Act and how does it affect this property?
A: The Ellis Act is a California state law that allows landlords to exit the rental business. It’s one of the legal mechanisms being used in the conversion process from co-op to TIC. The Ellis Act paperwork is currently being prepared and filed as part of this transition.
Q: What is the timeline for the TIC conversion?
A: The conversion process is currently underway. As the first buyer, you’ll be recorded onto the title at close of escrow if paying all cash. All conversion details will be fully documented, and you’ll be kept informed throughout the process.
Q: Are there any risks associated with the conversion process?
A: While every real estate transaction involves some level of risk, we have experienced professionals handling the conversion process. The discount pricing reflects the transitional nature of the property. All legal documentation will be provided, and we encourage you to review it with your attorney.
Current Tenant Situation
Q: Is the property currently occupied?
A: Yes, there is a tenant currently paying $2,295 per month who has been living there for 6 months.
Q: Can I move in immediately if I purchase the property?
A: You have options. The property can be delivered either occupied with the current tenant in place (providing immediate rental income) or vacant if you prefer to move in yourself. The tenant is willing to vacate if necessary.
Q: If I keep the tenant, what are my responsibilities as a landlord?
A: As the property owner, you would assume standard landlord responsibilities, but the transition would be smooth as the tenant is already established. The current monthly fee of $200 covers many of the building-wide maintenance issues.
Financial Considerations
Q: What financing options are available?
A: You can purchase with all cash or take advantage of seller financing with a minimum of 30% down. We can provide more detailed financing information upon request.
Q: What is the expected return on investment?
A: With current rental income at $2,295 monthly and a purchase price of $325,000, the property offers an attractive cap rate. Additionally, the projected $500,000+ ARV represents significant potential equity growth once the TIC conversion is complete.
Q: What does the $200 monthly fee cover?
A: This HOA-equivalent monthly fee covers common area maintenance, building insurance, and contributes to planned improvements including the secured front yard, new landscaping, and eventually the rooftop deck development.
Q: Are there any additional costs I should be aware of?
A: Typical property ownership costs apply, including property taxes, insurance on your individual unit, and utilities. We can provide estimates of these costs upon request.