7949 Romaine Street, a 12-unit value-add investment property located in one of the trendiest neighborhoods of West Hollywood. Located 1/2 block south of Santa Monica Boulevard, the property is adjacent to some of the most popular shopping, dining and nightlife destinations along Santa Monica Blvd. and Fairfax Ave. Constructed in 1955, the 9,592 SF two-story building is comprised of (2) 2-bdrm. and 1-bath units and (10) one-bdrm. and one-bath units. Please note, 2 units will be delivered vacant upon COE. The units present a significant value-add opportunity to investors, as current rents are approx. 90% below market value for nicely remodeled units in the area. 7949 Romaine allows investors to acquire a phenomenal multifamily building in a prime location of one of LA’s hottest rental markets, while having substantial financial upside.
12 Value-Add Units in West Hollywood
7949 Romaine Street, West Hollywood
Property Details
Price $3,690,000
Year Built 1955
# of Units 12
Price P/ Unit $307,500
Sq. ft. 9,592 SF
Price p/ Sq. ft. $385
Current Cap Rate 2.57%
Proforma Cap Rate 6.98%
Lot Size 6,202 SF
Zoning WDR3C
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