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 east of Paramount Studios and the Hollywood Forever Cemetery. The exclusive Hancock Park neighborhood is 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, one mile from the property. There, a joint venture be tween Hudson Pacific Properties and The Blackstone Group will be expanding the studio and office space, adding 620, 000 square feet t 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.

Request Information
on 5380 Romaine St
in Los Angeles, CA
Presented by Roderick 'Rick' Raymundo at
Marcus & Millichap.


Property MLS #24-375779 from TheMLSCLAW

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+ Bedrooms

Bedrooms: 20

+ Bathrooms

Total Bathrooms: 16
Full Bathrooms: 16

+ Land Info

Lot Size Acres: 0.2368916
Lot Size Source: Assessor
Lot Size Square Feet: 10319

+ Garage and Parking

Parking Total: 8

+ Homeowners Association

Association: No
Calculated Total Monthly Association Fees: 0

+ Multi-Unit Info

Number of Buildings: 3
Number of Units: 10
Unit Features: 1 BedsTotal: 2, 1 BathsTotal: 1, 1 SquareFeet: 9580, 2 BedsTotal: 2, 2 BathsTotal: 2, 2 SquareFeet: 14970

+ Other Property Info

Source Listing Status: Active
County: Los Angeles
Cap Rate: 4.5
Directions: We 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.
Source Property Type: Residential Income
Area: Hollywood
Source Neighborhood: Hollywood
Parcel Number: 5535-021-010
Postal Code Plus 4: 3283
Zoning: LARD1.5
Source System Name: C2C
+ Reveal Property Sale History

Listed 2024-04-03
$2,750,000
TheMLSCLAW

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Sold 2022-06-28
$2,400,000
TheMLSCLAW

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Listing removed 2015-10-23
$2,299,900
TheMLSCLAW

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Listed 2015-09-26
$2,299,900
TheMLSCLAW

+ Commercial Info

Net Operating Income: 123804

+ Building and Construction

Total Square Feet Living: 8760
Year Built: 1922
Levels: Two Level
Living Area Source: Vendor Enhanced
Property Age: 102
Levels or Stories: 2
Building Total Stories: 2
Year Built Source: Vendor Enhanced

+ Display Complete School Details

Kingsley Elementary School is a public elementary school located approximately 0.4 miles away.
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Helen Bernstein High School is a public high school located approximately 0.6 miles away.
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Joseph Le Conte Middle School is a public middle school located approximately 0.7 miles away.
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Harvard Preschool & Kindergarten is a private elementary school located approximately 0.5 miles away.
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