4959 ROMAINE ST

LOS ANGELES, CA, 90029

$7,300,000

$470 per ft²
$7,300,000
$470 per ft²
Active
Active
 - For Sale
beds
21 Beds
baths
21 Baths
carpenters-square
15,520 ft²
property_type
Multi-family
calendar
Built 1956
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
MLS® ID:
22-137507
Listed:
1/26/22
Updated:
7/3/22

Interior Features

Total Bedrooms
21
Total Bathrooms
21
Cooling
Other
Heating
Natural Gas

Exterior/Building Features

Lot Size
0.36 acres lot

Other Property Details

Garage
No
Parking
Covered Parking
View
N
County
Los Angeles
Pool
No
Zoning
LAR3

Property History

Date
Event
Price
Value
4/26/22
Price Change
$7,300,000
-5%

 

Courtesy of Neema Ahadian, Marcus & Millichap

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Rory Posin shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2022 Combined L.A./Westside MLS. All rights reserved.

Data last updated 7/3/22

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