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4959 Romaine St

Los Angeles, CA 90029
  • $7,300,000
  • STATUS: Active
  • ON SITE: 65 Days
  • MLS #: 22-137507
UPDATED: 11 min ago
$7,300,000
  • 21
    BEDS
  • 0.36
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 15,520
    SQFT
  • $470
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1956
County:
Area:

School Ratings & Info

Description

4959 Romaine Street is a 20-unit turn-key investment opportunity located in Los Angeles'East Hollywood neighborhood, just south of Santa Monica Boulevard between North Normandie Avenue and North Alexandria AvenueThe subject property features an impressive unit mix of 18 one-bedrooms, and two two bedrooms all; all spacious units with meticulous renovations including hardwood flooring, brand-new countertops and appliances, and new windows; every unit has its own washer and dryer; additionally, five units have patios and six units have private balconiesThe property will be delivered with RTI plans in-place to convert the existing community laundry room into a 1+1 500 SF ADU.In addition to the extensive interior renovations, 4959 Romaine Street has low operating expenses as the building is separately metered for gas and electric and has a RUBS program in place;; there are eighteen parking spaces with no soft-story work requiredThis offering presents an investor the opportunity to purchase a newly renovated asset with strong in-place cash flow to provide long term passive income; at the asking price, the CAPrate is 4.56% on current income with an additional 19% rental upsideThe subject property offers residents a very high walk score of 86 and is located just 0.3miles west of Los Angeles City College; 4959 Romaine Street sits just off the 101 Freeway, giving residents and easy commute to Hollywood and Downtown Los AngelesRare opportunity to acquire a turn-key, stabilized investment offering in the emerging submarket of East Hollywood, a densely populated rental submarket that continues to show increasing rents year over year

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-23T10:42:43.49. 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.markwiseproperties.com/homes/126854722
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4959 Romaine St Los Angeles, CA 90029

  • Price: $7,300,000
  • Status: Active
  • On Site: 65 Days
  • Updated: 11 min ago
  • MLS #: 22-137507
21
Beds
0
Baths
0
½ Baths
0.36
Acres
15,520
SQFT
$470
$/SQFT
1956
Built
Neighborhood:
Hollywood
County:
Los Angeles
Area:
Hollywood
Property Description
4959 Romaine Street is a 20-unit turn-key investment opportunity located in Los Angeles'East Hollywood neighborhood, just south of Santa Monica Boulevard between North Normandie Avenue and North Alexandria AvenueThe subject property features an impressive unit mix of 18 one-bedrooms, and two two bedrooms all; all spacious units with meticulous renovations including hardwood flooring, brand-new countertops and appliances, and new windows; every unit has its own washer and dryer; additionally, five units have patios and six units have private balconiesThe property will be delivered with RTI plans in-place to convert the existing community laundry room into a 1+1 500 SF ADU.In addition to the extensive interior renovations, 4959 Romaine Street has low operating expenses as the building is separately metered for gas and electric and has a RUBS program in place;; there are eighteen parking spaces with no soft-story work requiredThis offering presents an investor the opportunity to purchase a newly renovated asset with strong in-place cash flow to provide long term passive income; at the asking price, the CAPrate is 4.56% on current income with an additional 19% rental upsideThe subject property offers residents a very high walk score of 86 and is located just 0.3miles west of Los Angeles City College; 4959 Romaine Street sits just off the 101 Freeway, giving residents and easy commute to Hollywood and Downtown Los AngelesRare opportunity to acquire a turn-key, stabilized investment offering in the emerging submarket of East Hollywood, a densely populated rental submarket that continues to show increasing rents year over year
Exterior Features

Lot Size Area 15600 Other Structures None Parking Garage Covered Parking Total Parking 0

Interior Features

Baths Total 21.00 Cooling Other Equipment WasherDryerRefrigeratorRange/Oven Heating Natural Gas

Property Features

Assessed Total Value 7426146 Gross Income 525592 Gross Operating Income 499312 Like Units1 19 Like Units2 1 Like Units3 1 Net Operating Income 333071.00 Number Of Buildings 1 Number Of Units 21 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Source Lot Size Dimensions Vendor Enhanced Total Annual Expense 166241 Type Of Units Apartments Year Built Source Vendor Enhanced Zoning Lar3

Listing provided courtesy of Neema Ahadian DRE#01346750 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-23T10:42:43.49. 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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Mark Wise | Bennion Deville Homes
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