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4959 Romaine St Los Angeles, CA 90029

$7,000,000 Sold Price as of 08/09/2022

23 Beds
22 Baths
15,520 Sq.Ft.

Sold

$7,000,000 Sold Price as of 08/09/2022 Refinance Your Mortgage

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Map preview of 4959 Romaine St, Los Angeles, CA 90029

Property Overview: 4959 Romaine St Los Angeles, CA has 23 bedrooms, 22 bathrooms, 15,520 living square feet and 15,600 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 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

Listed by Neema Ahadian | BRE #01346750 | Marcus & Millichap

Last checked: 2 minutes ago | Last updated: June 6th, 2023 | Source CRMLS | DOM: 133

Home details

Lot Sq. Ft: 15,600
HOA Dues: $0/mo
Year built: 1956
Garage: --
Property Type:: Multi Family

Status: Sold
MLS#: 22137507
City: Los Angeles
County: Los Angeles
Time on Site: 790 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 21
Total # of Buildings: 1

Unit Breakdown 1

# of Units: 19
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,027
Total Rent: $26,487
Pro Forma/Market Rent: $42,525

Unit Breakdown 2

# of Units: 1
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,649
Total Rent: $2,649
Pro Forma/Market Rent: $2,800

Unit Breakdown 3

# of Units: 1
# of Beds: 2
# of Baths: 2
Furnishing: Unfurnished
Actual Rent: $2,694
Total Rent: $2,694
Pro Forma/Market Rent: $3,000

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 4.56%
Gross Rent Multiplier: 13.89
Gross Scheduled Income: --
Net Operating Income: $333,071
Gross Operating Income: $499,312

Annual Expense Breakdown

Total Operating Expense: --

Property Details for 4959 Romaine St

Interior Features

Heating Information

Has Heating
Natural Gas

Laundry Information

Has Laundry
Washer Included, Dryer Included

Kitchen Information

Has Appliances
Refrigerator

Lot Details / Garage and Parking

Parking/Garage Information

Has Parking
Parking Features: Covered

Property Information

Total # of Units: 21
Parcel Number: 5538003011

Homeowners Association, Utilities, Taxes / Assessments

Homeowners Association

Is Not Part of Association

Location / Neighborhood

Location Information

Directions: Just south of Santa Monica Boulevard between North Normandie Avenue and North Alexandria Avenue

View more facts & features

Local Los Angeles Agent

Sale History for 4959 Romaine St

Last sold for $7,000,000 on August 9th, 2022

August, 2022
Aug 9, 2022

Date

Sold

CRMLS: 22137507

$7,000,000

Price
Jan 27, 2022

Date

Active

CRMLS: 22137507

$7,750,000

Price
July, 2020
Jul 23, 2020

Date

Sold

CRMLS: 19530150

$7,350,000

Price
Dec 26, 2019

Date

Active Under Contract

CRMLS: 19530150

$7,500,000

Price
Nov 14, 2019

Date

Active

CRMLS: 19530150

$7,500,000

Price
Listing provided courtesy of CRMLS

Built in 1956, this 20-unit property is located on a 15,599 SF lot in the East Hollywood neighborhood of Los Angeles. The two-story building features 18 one-bedroom units and two three-bedrooms units, all with spacious floor plans and sophisticated interior finishes.All the units have undergone extensive renovations, including in-unit washers and dryers, hardwood flooring, custom cabinetry as well as high-end appliances. The property is separately metered for gas and electric and has eighteen parking spaces.This offering presents an investor the opportunity to purchase a stabilized asset with market rents and extensive renovations, providing passive income in a market that has shown consistent growth in population and rents year over year. There are no long-term tenants as all of the units have been leased within the past twelve months.

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February, 2020
Feb 27, 2020

Date

Sold (Public Records)

Public Records

$7,350,000

Price
November, 2017
Nov 8, 2017

Date

Sold (Public Records)

Public Records

$3,825,000

Price
October, 2017
Oct 2, 2017

Date

Canceled

CRMLS: 17265928

$4,000,000

Price
Aug 31, 2017

Date

Active

CRMLS: 17265928

$4,000,000

Price
Listing provided courtesy of CRMLS

4959 Romaine St, a twenty unit apartment building, located in the heart of Los Angeles' East Hollywood neighborhood. Built in 1951, the building consists of nineteen (19) one-bedroom/one-bathroom units and one two-bedroom/one and three-quarters bath unit. Separately metered for gas and electric, the property conveniently offers thirteen(13) on-site parking tuck under spaces. This is a true value-add opportunity for an investor to acquire a mid-sized asset that can potentially yield over thirty-five percent (35%) rental upside with unit and property upgrades, meeting the strong market rents in an emerging and densely populated rental market.

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August, 2017
Aug 29, 2017

Date

Active

CRMLS: 17265552

$4,000,000

Price
Listing provided courtesy of CRMLS

Please contact Neema Ahadian, [email protected], for any further questions or to request the marketing package.4959 Romaine St, a twenty unit apartment building, located in the heart of Los Angeles' East Hollywood neighborhood. Built in 1951, the building consists of nineteen (19) one-bedroom/one-bathroom units and one two-bedroom/one and three-quarters bath unit. Separately metered for gas and electric, the property conveniently offers thirteen(13) on-site parking tuck under spaces. This is a true value-add opportunity for an investor to acquire a mid-sized asset that can potentially yield over thirty-five percent (35%) rental upside with unit and property upgrades, meeting the strong market rents in an emerging and densely populated rental market.

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Tax History for 4959 Romaine St

Assessed Value (2020): $3,980,890

Year	Land Value	Improved Value	Assessed Value
2020	$2,418,930	$1,561,960	$3,980,890

Home Value Compared to the Market

This property vs the competition

4959 Romaine St sold on August 9, 2022 for 513.45% higher than the current median sold price for the city of Los Angeles which is $1,190,000. The median sold price per/sqft for Los Angeles is $755 and this home is sold at $470.36 per/sqft which puts the price per square foot 37.7% lower than the current median sale per square foot for the city of Los Angeles.

About 4959 Romaine St

Detailed summary of property

4959 Romaine St is a multi family that recently sold in Los Angeles, CA 90029. This multi family property offered 23 bedrooms, 22 bathrooms, roughly 15,520 living square feet, and sits on an approximately 15,600 square foot lot. 4959 Romaine St was first listed on ArdentRealEstateGroup.com on March 18, 2022. The homeowner sold the property for $7,000,000. Home in Los Angeles are selling for a median price of $1,190,000 and a median price per square foot of $755. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 513.45% higher than the current median priced home. Local homes that are currently for sale include 3704 Glendon Ave, 1600 Camden Ave and 11666 Mayfield Ave. While the average home in Los Angeles, CA is selling in 94 days, 4959 Romaine St has a days on market of 133 days. There are currently 3654 homes for sale in the Los Angeles real estate market and 2456 of them are single family homes while 1102 of them are condos and 90 are townhomes. For more information on this home for sale at 4959 Romaine St Los Angeles, CA 90029 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 4959 Romaine St

Public county record property details

Beds: --
Baths: --
Year built: 1956
Sq. Ft.: 15,520
Lot Size: 15,599
Stories: --

Type: Apartment House (5+ Units)
Pool: Yes
Spa: No
County: Los Angeles
Lot#: 41,42
APN: 5538-003-011

The source for these homes facts are from public records.

90029 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$1,200,000

Median List Price/Sq.Ft.

$794

Median Sold Price

$1,049,000

Median Sold Price/Sq.Ft.

$1,042

Total Inventory

Median Sale to List Price %

95.36%

Avg Days on Market

Loan Type

Conventional (60%), FHA (0%), VA (0%), Cash (0%), Other (0%)

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(714) 706-1823

Homes for Sale Near 4959 Romaine St

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.