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Romaine Towers 8011 Romaine St 48 Unit Apartment Building $14,950,000 ($311,458/Unit) 5.85% Cap Rate Los Angeles, CA 90046
Investment Highlights
- 1st Time to be Sold Since Construction! Over 60 Years!
- 18 Units Subject to City of West Hollywood Rent Control / 30 Units Subject to City of Los Angeles Rent Control
- Approximately 40% Rental Upside
- Excellent Unit Mix Offering Studio, 1, 2 & 3 Bedroom Layouts
- Spacious Units Averaging Approx. 1058 SF Each
- Gated Subterranean Parking - 63 Spaces - Over a 1:1 Parking Ratio
Executive Summary
Introducing Romaine Towers, a rare investment opportunity in the heart of West Hollywood and Los Angeles. Offered for the first time since its original construction in 1965, this 48-unit apartment building spans approximately 50,788 square feet on a 25,639-square-foot lot. The property features a desirable unit mix of studios, one-, two-, and three-bedroom layouts, with units averaging over 1,000 square feet.
Property Facts
| Price | $14,950,000 | Apartment Style | Low-Rise |
| Price Per Unit | $311,458 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.59 AC |
| Cap Rate | 5.85% | Building Size | 50,788 SF |
| Gross Rent Multiplier | 11.53 | Average Occupancy | 94% |
| No. Units | 48 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | ||
| Zoning | LAR4 - restricted Density Multiple Dwelling | ||
| Price | $14,950,000 |
| Price Per Unit | $311,458 |
| Sale Type | Investment |
| Cap Rate | 5.85% |
| Gross Rent Multiplier | 11.53 |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.59 AC |
| Building Size | 50,788 SF |
| Average Occupancy | 94% |
| No. Stories | 3 |
| Year Built | 1965 |
| Zoning | LAR4 - restricted Density Multiple Dwelling |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 600 |
| 2+2 | 21 | - | 1,152 |
| 3+2 | 3 | - | 1,075 |
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Very walkable
80/100
Fairly drivable
50/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,983,498 | |
| Land Assessment | $341,718 | Total Assessment | $2,325,216 |
Property Taxes
Parcel Numbers
Land Assessment
$341,718
Improvements Assessment
$1,983,498
Total Assessment
$2,325,216
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Romaine Towers | 8011 Romaine St
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