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

About the Property

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.

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