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537-545 1/2 N Orange Dr 10 Unit Apartment Building $4,995,000 ($499,500/Unit) 4.78% Cap Rate Los Angeles, CA 90036
INVESTMENT HIGHLIGHTS
- Iconic Design Meets Opportunity – Non-Rent-Controlled – Full market-rate rent potential
- Seven detached structures – Enhances privacy and curb appeal
- Separately metered gas and electric – Tenant-paid utilities
- Permitted 150 SF attic in each unit – Adds livable or functional space
- Quiet courtyard setting – Desirable layout for long-term tenants
- Premier location – Minutes to Larchmont Village, Melrose, Paramount Studios
EXECUTIVE SUMMARY
Nestled on a picturesque tree-lined street just south of Melrose and west of Highland, The Orange Drive Residences is a rare and coveted offering in the heart of historic Hancock Park. This exceptional property features 10 individually renovated units across seven charming bungalow-style structures, all arranged around a serene and beautifully manicured central courtyard on a generous 14,850 SF lot. Built in 1927 and thoughtfully reimagined in the early 2000s, each residence effortlessly blends classic architecture with modern comforts. These spacious 1-bedroom, 1-bathroom cottages offer the privacy and ambiance of a single-family home, with vaulted ceilings and versatile loft-style bonus spaces perfect for a second bedroom, creative studio, or office. Highlights of renovations include:Designer-updated kitchens and bathrooms, Stylish hardwood flooring and finishes, In-unit washer/dryers and airconditioning, Lush landscaping and private entrancesImportantly, the property is exempt from LA City rent control and AB 1482, positioning it as a rare investmentopportunity with strong in-place income and room for rent growth. Additionally, two existing garages present a value-add opportunity with ADU conversion potential, further enhancing revenue.The Orange Drive Residences is more than an income propertyit's a trophy asset that offers both timeless character and modern appeal in one of LA's most enduringly desirable neighborhoods. This property would be a a true generational asset, and a jewel in any sophisticated commercial real estate investor's portfolio.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$361,380
|
$49.10
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$361,380
|
$49.10
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$116,398
|
$15.81
|
| Net Operating Income |
$244,982
|
$33.29
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $361,380 |
| Annual Per SF | $49.10 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $361,380 |
| Annual Per SF | $49.10 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $116,398 |
| Annual Per SF | $15.81 |
| Net Operating Income | |
|---|---|
| Annual | $244,982 |
| Annual Per SF | $33.29 |
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer
- Heating
- Vaulted Ceiling
- Stainless Steel Appliances
- Garden
- Loft Layout
SITE AMENITIES
- Courtyard
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | $3,300 | 763 |
1 1
Walk Score®
Walker's Paradise (94)
PROPERTY TAXES
| Parcel Number | 5525-019-002 | Improvements Assessment | $1,342,428 (2025) |
| Land Assessment | $4,350,952 (2025) | Total Assessment | $5,693,380 (2025) |
PROPERTY TAXES
Parcel Number
5525-019-002
Land Assessment
$4,350,952 (2025)
Improvements Assessment
$1,342,428 (2025)
Total Assessment
$5,693,380 (2025)
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537-545 1/2 N Orange Dr
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