5380 Romaine Street

Los Angeles, CA 90029

$2,750,000
Price
20
Beds
16
Baths
8,760 Sq. Ft.
$314 / Sq. Ft.
8,760
Sq. Ft.
$314
per Sq. Ft.

Description

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...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.
  1. Listed by Roderick 'Rick' Raymundo • DRE #01357019 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 5380 Romaine Street

Zoning
LARD1.5
Parcel Number
5535021010
Total Units
10.0
Living Area
8760
Source Living Area
Vendor Enhanced
Area
Hollywood (C20)
Vacancy Rate
1
Lot Size Area
10319

Location

Listing Courtesy of Marcus & Millichap, Roderick 'Rick' Raymundo, DRE #01357019
Add your commute
LISTING UPDATED: 04/10/2024 12:01 AM

Property Details for 5380 Romaine Street

StatusActive
MLS #24-375779
Days on Market31
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1922
Lot Size0.24 AC / 10,319 SF
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Roderick 'Rick' Raymundo, DRE #01357019
Add your commute

Building Information for 5380 Romaine Street

Stories2Residences-Year Built1922Building Size-Lot Size0.24 AC / 10,319 SF

Payment Calculator

$17,578 per month

30 year fixed, 7.25% Interest

Principal and Interest

$15,008

Property Taxes

$2,570

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 5380 Romaine Street

Community / Development
Community / Development
  • Number Of Units: 10
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 3
  • Type Of Units: Residential
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $197,871
  • Net Operating Income: $123,804.00
  • Gross Income: $203,916
  • Cap Rate: 4.50%
  • Gross Rent Multiplier: $13.49
  • Total Annual Expense: 74067
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.2365
  • Lot Size Square Feet: 10319
Parking Details
Parking Details
  • Parking Garage: Other
  • Total Parking: 8
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Other
Lease Terms
Lease Terms
  • Entry Date: 04-03-2024
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,445.00
  • Unit Actual Rent: $5,781.00
  • Unit Projected Rent: $9,580.00
  • Like Units: 4
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $1,835.00
  • Unit Actual Rent: $11,012.00
  • Unit Projected Rent: $14,970.00
  • Like Units: 6
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $1,020,000.00
  • Assessed Improvement Percent: 41.67
  • Assessed Land Value: $1,428,000.00
  • Assessed Land Percent: 58.33
  • Assessed Total Value: $2,448,000.00

Property History for 5380 Romaine Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 5380 Romaine Street

Taxable ValueLand$1,428,000Additions$1,020,000Total$2,448,000
Tax Record2023$30,840 ($2,570 / month)
Home Facts
Total Finished SqFt8,760 SqFtAbove Grade Finished SqFt8,760 SqFtLot Size10,319 SqFtStyleMulti-Family Res (5+ Units)Year Built1922ZoningLARD1.5CountyLOS ANGELESAPN5535-021-010

Schools near 5380 Romaine Street

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Kingsley Elementary School
PublicK to 5

Joseph Le Conte Middle School
Public6 to 8

STEM Academy at Bernstein High
Public9 to 12

Helen Bernstein High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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5380 Romaine Street is a multi-family home for sale in Los Angeles, CA 90029. This property was listed for sale on April 2, 2024 by Marcus & Millichap, it's currently listed at $2,750,000. It has been on the market for a total of 31 days and was last sold on June 28, 2022. This listing's school district is Los Angeles Unified School District. Nearby schools include Kingsley Elementary School, Joseph Le Conte Middle School and STEM Academy at Bernstein High. 5380 Romaine Street is a 20-bed, 16-bath, 8,760 sqft multi-family home built in 1922.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Roderick 'Rick' Raymundo, DRE #01357019

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.