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537 N Orange Dr 10 Unit Apartment Building $4,538,387 ($453,839/Unit) 5.26% Cap Rate Los Angeles, CA 90036
Investment Highlights
- Prime Hancock Park location near Melrose Avenue and Highland Avenue with excellent walkability.
- Beautifully landscaped central courtyard offering a private and tranquil setting.
- Exempt from LA City rent control and AB 1482, providing long-term operational flexibility.
- Ten fully renovated one-bedroom units featuring designer kitchens, updated bathrooms, and hardwood flooring.
- Strong in-place income with additional upside through rent growth and ADU conversion potential.
- Close to major employment centers, cultural attractions, and convenient freeway access.
Executive Summary
537 North Orange Drive presents a rare investment opportunity in the heart of historic Hancock Park, one of Los Angeles’ most desirable neighborhoods. This boutique multifamily property features 10 individually renovated units arranged around a beautifully landscaped central courtyard, creating a serene and highly appealing living environment. Originally built in 1927 and thoughtfully reimagined in the early 2000s, the property blends classic architectural charm with modern upgrades, including designer kitchens, updated bathrooms, and stylish hardwood flooring. Each unit offers one bedroom and one bathroom, with in-unit washer/dryer hookups and air conditioning, enhancing tenant comfort and retention.
The property’s prime location just south of Melrose Avenue and west of Highland Avenue provides immediate access to premier dining, shopping, and entertainment destinations. Tenants benefit from proximity to major employment hubs, cultural attractions, and convenient transportation routes, including the 101 Freeway. With strong in-place income and additional upside through rent growth, this asset offers both stability and long-term appreciation potential. Two existing garages present an opportunity for ADU conversion, further increasing revenue. Exempt from LA City rent control and AB 1482, this property is positioned as a generational asset and a cornerstone for any sophisticated investor’s portfolio.
The property’s prime location just south of Melrose Avenue and west of Highland Avenue provides immediate access to premier dining, shopping, and entertainment destinations. Tenants benefit from proximity to major employment hubs, cultural attractions, and convenient transportation routes, including the 101 Freeway. With strong in-place income and additional upside through rent growth, this asset offers both stability and long-term appreciation potential. Two existing garages present an opportunity for ADU conversion, further increasing revenue. Exempt from LA City rent control and AB 1482, this property is positioned as a generational asset and a cornerstone for any sophisticated investor’s portfolio.
Property Facts
| Price | $4,538,387 | Building Class | C |
| Price Per Unit | $453,839 | Lot Size | 0.35 AC |
| Sale Type | Investment | Building Size | 7,360 SF |
| Cap Rate | 5.26% | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1927/2006 |
| Property Subtype | Apartment | Parking Ratio | 0.54/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RD1.5 - Restricted Density Multiple Dwelling | ||
| Price | $4,538,387 |
| Price Per Unit | $453,839 |
| Sale Type | Investment |
| Cap Rate | 5.26% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 7,360 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1927/2006 |
| Parking Ratio | 0.54/1,000 SF |
| Zoning | RD1.5 - Restricted Density Multiple Dwelling |
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 |
|---|---|---|---|
| 2+1 | 10 | - | 613 |
Walk Score®
Walker's Paradise (94)
Property Taxes
| Parcel Number | 5525-019-002 | Improvements Assessment | $1,342,428 |
| Land Assessment | $4,350,952 | Total Assessment | $5,693,380 |
Property Taxes
Parcel Number
5525-019-002
Land Assessment
$4,350,952
Improvements Assessment
$1,342,428
Total Assessment
$5,693,380
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537 N Orange Dr
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