7

5380 ROMAINE ST Los Angeles, CA 90029

$2,890,000

Bedrooms

Total Baths

Full Baths

8,760

Square Feet

0.24

Acres

1922

Year Built

16 days

On Website

Active

Status

The large 10,319 square foot lot contains all two bedroom units, spread over three separate buildings. While six of those units were constructed in 1922, four units were added in 1988 and allow higher annual rent increases as a result (Buyer to verify). The investment provides an excellent opportunity to add value and continually improve annual returns, as current rents are approximately 63% below market levels. It may be possible to eventually achieve a 7.37% CAP Rate if all units are set to market rents in the future. Located near the intersection of Santa Monica Boulevard and Western Avenue, the property sits 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 neighborhood has seen an influx of optimistic capital from large investment groups, including the aforementioned The Blackstone Group, Hudson Pacific Properties, and Netflix. The long-awaited Hollywood Target store opened in late-2020 just a few blocks directly north at the corner of Western Avenue and Sunset Boulevard. New mixed-use developments are also planned just south of the property, with several projects breaking ground along Melrose Avenue.

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Details


Interior
Living Area
8,760 SqFt.

Building And Construction
Number Of Units Total
10
Property Sub Type
Multi Family
Property Type
Residential Income
Year Built
1922

Exterior And Lot
Lot Size Acres
0.23
Lot Size Square Feet
10319
Lot Size Units
Square Feet
Zoning
LARD1.5

Area And Schools
City
Los Angeles
County Or Parish
Los Angeles

Financial Info
Buyer Agency Compensation
2.25%

Listing By Marcus & Millichap – Roderick 'Rick' Raymundo

MLS# 21791600

Data Last Updated 11:12AM - 10/20/2021

California Regional MLS

The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. "CRMLS" and is protected by all applicable Copyright© 2021 laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional. Information deemed reliable but not guaranteed. Copyright© 2021 California Regional Multiple Listing Service, Inc. All rights reserved.

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