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5380 Romaine St, Los Angeles, CA 90029
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5380 Romaine St Los Angeles, CA 90029

$2,750,000
  • 20 Beds
  • 16 Baths
  • 8,760 Sq.Ft.
For Sale
$2,750,000 Get Pre-Qualified
Map preview of 5380 Romaine St, Los Angeles, CA 90029

Property Overview: 5380 Romaine St Los Angeles, CA has 20 bedrooms, 16 bathrooms, 8,760 living square feet and 10,319 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: 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.

Listed by Roderick 'Rick' Raymundo | BRE #01357019 | Marcus & Millichap
Last checked: 13 minutes ago | Last updated: April 10th, 2024 | Source CRMLS | DOM: 24
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Home details

Lot Sq. Ft
10,319
HOA Dues
$0/mo
Year built
1922
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
24375779
City
Los Angeles
County
Los Angeles
Time on Site
28 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 10
  • Total # of Buildings: 3
Unit Breakdown 1
  • # of Units: 4
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,445
  • Total Rent: $5,781
  • Pro Forma/Market Rent: $9,580
Unit Breakdown 2
  • # of Units: 6
  • # of Beds: 2
  • # of Baths: 2
  • Furnishing: Unfurnished
  • Actual Rent: $1,835
  • Total Rent: $11,012
  • Pro Forma/Market Rent: $14,970
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.5%
  • Gross Rent Multiplier: 13.49
  • Gross Scheduled Income: --
  • Net Operating Income: $123,804
  • Gross Operating Income: $197,871
Annual Expense Breakdown
  • Total Operating Expense: --

Open Houses for 5380 Romaine St

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Property Details for 5380 Romaine St

Interior Features
Kitchen Information
  • Has Appliances
Interior Features
  • Levels: Two
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 8
  • Has Parking
Lot Information
  • Lot Size Source: Assessor
Property Information
  • Total # of Units: 10
  • Parcel Number: 5535021010
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • 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.
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Local Los Angeles Agent

Sale History for 5380 Romaine St

Last sold for $2,400,000 on June 28th, 2022

  • April, 2024

  • Apr 2, 2024

    Date

    Active

    CRMLS: 24375779

    $2,750,000

    Price

  • June, 2022

  • Jun 28, 2022

    Date

    Sold

    CRMLS: 22132429

    $2,400,000

    Price

  • Mar 1, 2022

    Date

    Active

    CRMLS: 22132429

    $2,530,000

    Price

  • Listing provided courtesy of CRMLS

    The large 10,319 square foot lot contains all two bedroom units, spread over three separate buildings. While six of those units were constructed in 1922, four units were added in 1988 and allow higher annual rent increases as a result (Buyer to verify). The investment provides an excellent opportunity to add value and continually improve annual returns, as current rents are approximately 63% below market levels. It may be possible to eventually achieve a 8.95% CAP Rate if all units are set to market rents in the future. Located near the intersection of Santa Monica Boulevard and Western Avenue, the property sits 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 neighborhood has seen an influx of optimistic capital from large investment groups, including the aforementioned The Blackstone Group, Hudson Pacific Properties, and Netflix. The long-awaited Hollywood Target store opened in late-2020 just a few blocks directly north at the corner of Western Avenue and Sunset Boulevard. New mixed-use developments are also planned just south of the property, with several projects breaking ground along Melrose Avenue.

  • April, 2022

  • Apr 2, 2022

    Date

    Canceled

    CRMLS: 21791600

    $2,890,000

    Price

  • Oct 4, 2021

    Date

    Active

    CRMLS: 21791600

    $2,890,000

    Price

  • Listing provided courtesy of CRMLS

    The large 10,319 square foot lot contains all two bedroom units, spread over three separate buildings. While six of those units were constructed in 1922, four units were added in 1988 and allow higher annual rent increases as a result (Buyer to verify). The investment provides an excellent opportunity to add value and continually improve annual returns, as current rents are approximately 63% below market levels. It may be possible to eventually achieve a 7.37% CAP Rate if all units are set to market rents in the future. Located near the intersection of Santa Monica Boulevard and Western Avenue, the property sits 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 neighborhood has seen an influx of optimistic capital from large investment groups, including the aforementioned The Blackstone Group, Hudson Pacific Properties, and Netflix. The long-awaited Hollywood Target store opened in late-2020 just a few blocks directly north at the corner of Western Avenue and Sunset Boulevard. New mixed-use developments are also planned just south of the property, with several projects breaking ground along Melrose Avenue.

  • October, 2020

  • Oct 16, 2020

    Date

    Expired

    CRMLS: 20605860

    $2,795,000

    Price

  • Sep 14, 2020

    Date

    Withdrawn

    CRMLS: 20605860

    $2,795,000

    Price

  • Aug 24, 2020

    Date

    Price Change

    CRMLS: 20605860

    $2,795,000

    Price

  • Jul 27, 2020

    Date

    Active

    CRMLS: 20605860

    $2,890,000

    Price

  • Listing provided courtesy of CRMLS

    10 units, all two-bdrms, located just South Santa Monica Blvd. Large 10,319 SF lot. Significant value-add opportunity to investors, as current rents are 56% below market value. Please note, 4 of the units were built in 1988.

  • December, 2013

  • Dec 31, 2013

    Date

    Sold (Public Records)

    Public Records

    $1,317,513

    Price

  • November, 2005

  • Nov 9, 2005

    Date

    Sold (Public Records)

    Public Records

    --

    Price

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Tax History for 5380 Romaine St

Assessed Value (2020): $1,476,773
Year Land Value Improved Value Assessed Value
2020 $896,713 $580,060 $1,476,773

Home Value Compared to the Market

This property vs the competition

5380 Romaine St is listed 124.49% higher than the median list price for the city of Los Angeles which has a median list price of $1,225,000. The median price per/sqft for Los Angeles is $774 and this home is listed at $313.93 per/sqft which puts the price per square foot 59.44% lower than the median price per square foot for the city of Los Angeles.

About 5380 Romaine St

Detailed summary of property

5380 Romaine St is a multi family located in Los Angeles, CA 90029 and is currently for sale. This multi family property offers 20 bedrooms, 16 bathrooms, roughly 8,760 living square feet, and sits on an approximately 10,319 square foot lot. 5380 Romaine St was first listed on ArdentRealEstateGroup.com on April 3, 2024. The homeowner is currently asking $2,750,000. The median priced home in Los Angeles is $1,225,000 with a median price per square foot of $774. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 124.49% higher than the median priced home. Local competing homes currently for sale include 1425 N Normandie Ave, 1610 Hobart and 203 N Oxford Ave. While the average home in Los Angeles, CA is selling in 96 days, 5380 Romaine St has a days on market of 24 days. There are currently 3485 homes for sale in the Los Angeles real estate market and 2372 of them are single family homes while 1013 of them are condos and 94 are townhomes. For more information on this home for sale at 5380 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 5380 Romaine St

Public county record property details
Beds
18
Baths
14
Year built
1922
Sq. Ft.
8,760
Lot Size
10,319
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
10,11
APN
5535-021-010

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
$1,199,000
Median List Price/Sq.Ft.
$802
Median Sold Price
$1,049,000
Median Sold Price/Sq.Ft.
$1,042
Total Inventory
33
Median Sale to List Price %
95.36%
Avg Days on Market
38
Loan Type
Conventional (60%), FHA (0%), VA (0%), Cash (0%), Other (0%)

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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.

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