Property Details

Year Built: 1956/2019
Units: 20
Price / Unit: $367,500
Price / SqFt: $474
CAP: 5.23%
GRM: 12.15

Executive Summary

The Neema Group of Marcus & Millichap is pleased to present 4959 Romaine Street, in Los Angeles, CA. 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.

The East Hollywood neighborhood continues to grow at a rapid pace and attracts high-end residents with the unparalleled access to employment opportunities and education options. The subject property has a walk score of 83 and the location allows for a quick commute to both Hollywood and Downtown Los Angeles via the 101 Freeway. The immediate area surrounding the subject property has a population of over 530,000 within a three-mile radius.

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