Los Angeles, CA 90029 5380 Romaine St
$2,750,000
12 more
Presented By: Roderick 'Rick' Raymundo with Marcus & Millichap
Home Details
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.
Presented By: Roderick 'Rick' Raymundo with Marcus & Millichap
Interior Features for 5380 Romaine St
Bedrooms
Total Bedrooms20
Bathrooms
1/4 Baths0
3/4 Baths0
Full Baths
Half Baths
Total Baths16
Other Interior Features
Total Stories2
General for 5380 Romaine St
Cap Rate4.5
CityLos Angeles
CountyLos Angeles
Days on Market8
DirectionsWe 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.
Gross Income203916
HOA / Comm AssnNo
LevelsTwo
Lot Size Square Feet10319
Lot Size UnitsSquare Feet
MLS AreaC20 - Hollywood
Net Operating Income123804
New ConstructionNo
NumberOfUnitsTotal10
Property TypeResidential Income
Senior Community Y/NNo
Standard StatusActive
StatusActive
Stories2
Year Built1922
ZoningLARD1.5
Exterior for 5380 Romaine St
Building Area Total8760
Lot Size Acres0.2369
Lot Size Area10319
Lot Size SourceAssessor
Number of Buildings3
Total Parking8
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480