Listing provided courtesy of Marcus & Millichap - MLS# 24375779MLS Provider

5380 Romaine StreetLos Angeles, CA 90029

Multi-Family · 20 Beds · 8,760 Sq. ft. | 0.24 Acres

$2,750,000 Active

Overview

Time on Site:
11 days
Visits:
0

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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Facts & Features

  • Type Multi-Family
  • Sq. ft. 8,760
  • Price/Sq.ft. $313
  • Lot 0.24 Acres

General

Association/HOA
  • Association: No
Income/Expenses
  • Gross Income: 203916.0
  • Net Operating Income: 123804.0
Building Information
  • New Construction: No
  • Year Built: 1922
Location/Region
  • Country: US
  • County Or Parish: Los Angeles
  • MLS Area Major: C20 - Hollywood
General Information
  • Parcel Number: 5535021010
  • Property Type: Residential Income
  • Senior Community: No
  • Special Listing Conditions: Standard
  • Zoning: LARD1.5

Interior

Beds/Baths
  • Bathrooms Full: 0
  • Bathrooms Half: 0
  • Bathrooms One Quarter: 0
  • Bathrooms Three Quarter: 0
  • Bathrooms Total: 16
  • Bedrooms Total: 20
Building Interior
  • Building Area Total: 8760.0
General Information
  • Levels: Two
  • Living Area: 8760.0
  • Stories: 2
  • Stories Total: 2

Exterior

Parking Information
  • Parking Total: 8.0
Lot Information
  • Lot Size Acres: 0.2369
  • Lot Size Area: 10319.0
  • Lot Size Source: Assessor
  • Lot Size Square Feet: 10319.0
  • Lot Size Units: Square Feet
  • Number Of Buildings: 3
General Information
  • Number Of Units Total: 10

Neighborhood

Community

90029 (Los Angeles) Demographics
36
Median Age
26,529
Population Density (per sq. mile)
39%
College Educated
$45,004
Estimated Median Income
1,442
Estimated Total Home Owners
12,185
Estimated Total Renters
11% / 89%
Estimated Owner / Renter Divide
3
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

Elementary Schools
2
Public
Kingsley Elementary
  • Grades: KG - 5
  • Enrollment: 365
2
Public
Lockwood Avenue Elementary
  • Grades: KG - 6
  • Enrollment: 393
1
Public
Ramona Elementary
  • Grades: KG - 6
  • Enrollment: 435
Middle Schools
2
Public
Lockwood Avenue Elementary
  • Grades: KG - 6 /
  • Enrollment: 393
1
Public
Ramona Elementary
  • Grades: KG - 6 /
  • Enrollment: 435
4
Public
Thomas Starr King Middle School Film and Media Magnet
  • Grades: 6 - 8 /
  • Enrollment: 2,098
High Schools
School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

Monthly Cost

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$ %
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$
$
* Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.

Market Data

Based on the last 30 days in this zip code

$1,324,848
Median Sales Price
$758
Median Price per Square Foot
18
Properties Sold
15
New on Market
70
Average Days on Market
27
Properties for Sale
Calculations provided by Reliance Network

History

Date Event Value Agent
4/3/2024Source: bridgeMLS Added to Database
April 03, 2024
4/3/2024Source: CRMLS Added to Database
April 03, 2024
4/3/2024Source: TheMLS (CLAW) Added to Database
April 03, 2024
9/13/2022Source: CRMLS Added to Database
September 13, 2022
8/4/2022Source: TheMLS (CLAW) Added to Database
June 22, 2022