5380 Romaine Street
Los Angeles, CA, 90029 $ 2,750,000
Bedrooms20 Baths16.0 Sq 8,760 Monthly Estimate*
$ 19,210
Listed by Marcus & Millichap
for $2,750,000 with 20 bedrooms and 16 full baths. This 8,760 square foot home was built in 1922 on a lot size of 0.2369.
Spread over three buildings on one large 10,319 parcel, the property contains exclusively two-bedroom apartments. While six of those units were constructed in 1922, four units were added in 1988. A new investor may be able to continue the current program of upgrading unit interiors, which has established rent benchmarks at $2,383- $2,495. In total, there may be approximately 46% rent upside among the remaining below-market units. Situated near the intersection of Santa Monica Boulevard and Western Avenue, the property lies just east of Paramount Studios and the Hollywood Forever Cemetery. The exclusive Hancock Park neighborhood is only a few blocks southwest, while Koreatown and the Hollywood Walk of Fame are both nearby as well. The new 14-story ICON office tower, primarily leased to Netflix, was recently completed at the nearby Sunset Bronson Studios, while additional new construction is scheduled for Sunset Gower Studios, just one mile from the property. There, a joint venture between Hudson Pacific Properties and The Blackstone Group will be expanding the studio and office space, adding 620,000 square feet to the studio campus. The Melrose Hill neighborhood was recently named Los Angeles' Hottest Culinary Boom Town by Eater Los Angeles. Several exciting dining options have recently debuted in the immediate area, including Etra, Kuya Lord, Ggiata, Cafe Telegrama, and Le Coupe. Tenants can look forward to even more culinary options in the near future, as Little Fish, Bar Etoile, and Holy Basil are slated to open as well.
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FeaturesGeneralZoning LARD1.5
Year Built 1922
Stories 2
Levels Two
Gross Income 203916.0
County Los Angeles
Net Operating Income 123804.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N N
Special Listing Conditions Standard
Status Active
Directions We are pleased to announce the opportunity to purchase 5380-5390 Romaine Street a 10-unit multifamily property located in the Melrose Hill district of Hollywood CA.
City Los Angeles
View Y/N N
Senior Community Y/N N
Total Units 10
MLS Area C20 - Hollywood
Lot Size Square Feet 10319.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Street Name Romaine
Property Attached Y/N N
Land Lease Y/N N
Home Warranty Y/N N
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 8
Standard Status Active
Cap Rate 4.5
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ExteriorTotal Parking 8.0
Lot Size Area 10319.0
Number of Buildings 3
Spa N
Building Area Total 8760.0
Lot Size Acres 0.2369
Lot Size Units SquareFeet
Lot Size Source Assessor
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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InteriorTotal Stories 2
Basement (Y/N) N
Air Conditioning Y/N N
Heating Y/N N
Fireplace Y/N N
Full Baths 0
Half Baths 0
1/4 Baths 0
3/4 Baths 0
Street Suffix Street
Total Bedrooms 20
Electric On Property Y/N N
Total Baths 16
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* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $19,210
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Los Angeles, CA
Average List Price $1,993,562
Percent of Sale Price 28%
About Los Angeles, CA 3,920,026 Population
6% Since 2002
$ 55,057 Median Income
36.82 Median Age
27% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
4/4/2024 | $2,750,000 | | Listed Price |