5380-5390 Romaine St, Los Angeles, CA 90029
10 Unit Apartment Building | $2,750,000 ($275,000/Unit) | 4.50% Cap Rate | Los Angeles, CA 90029
For Sale
Active
Asking Price $2,750,000
- Property Type
-
Multifamily
- Square Feet
- 8,760 SF
Listing Contacts
Rick Raymundo
Property Overview
Marcus & Millichap is 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. 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, Café 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.
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, Café 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.
Property Details
- Class
- C
- Year Built/Renovated
- 1922/1988
- Stories
- 2
- Lot Size (sq. ft)
- 10,454 SF
- Units
- 10
Highlights
- All Two Bedroom Units -- 40% of the Apartments Constructed in 1988
- Excellent Value-Add Opportunity – Approximately 46% in Proven Rent Upside
- Dense Melrose Hill Rental Market -- Adjacent to Hancock Park, Koreatown, and Prime Hollywood
- Assumable Interest-Only Loan Fixed at 4.47% Interest Until August 2027
- Not on LADBS Seismic Retrofit List (Buyer to Verify)
- Melrose Hill was Named Los Angeles’ Hottest Culinary Boom Town by Eater Los Angeles in January 2024
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