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5380 Romaine St

Los Angeles, CA 90029
  • $2,890,000
  • STATUS: Active
  • ON SITE: 12 Days
  • ID#: 21-791600
UPDATED: 59 min ago
$2,890,000
  • 18
    BEDS
  • 0.24
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 8,760
    SQFT
  • $330
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1922
County:
Area:

School Ratings & Info

Description

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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Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-10-17T23:42:31.657. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.theparsonsrealestateteam.com/homes/122100291
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5380 Romaine St Los Angeles, CA 90029

  • Price: $2,890,000
  • Status: Active
  • Updated: 59 min ago
  • ID#: 21-791600
18
Beds
0
Baths
0
½ Baths
0.24
Acres
8,760
SQFT
$330
$/SQFT
1922
Built
Neighborhood:
Hollywood
County:
Los Angeles
Area:
Hollywood
Property Description
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.
Exterior Features

Lot Size Area 10319 Other Structures None Parking Garage Assigned Total Parking 8

Interior Features

Baths Total 14.00 Cooling Other Equipment Other Heating Other

Property Features

Assessed Total Value 1476773 Gross Income 179172 Gross Operating Income 180888 Like Units1 4 Like Units2 6 Net Operating Income 107672.00 Number Of Buildings 3 Number Of Units 10 Sale Type Standard Source Living Area Estimated Source Lot Size Area Assessor Total Annual Expense 67841 Type Of Units Residential Year Built Source Vendor Enhanced Zoning Lard1.5

Listing provided courtesy of Roderick 'Rick' Raymundo DRE#01357019 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-10-17T23:42:31.657. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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