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
Courtesy of: Marcus & Millichap Office phone: 310-909-5500 Based on information from CRISNet MLS all data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Updated: 13th August, 2022 5:36 AM (UTC)
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