Multifamily

The Nirvana

1775 N Orange Dr, Los Angeles, CA 90028

Listing Price: $49,000,000

Cap Rate
4.46%
Number of Units
125
Price/Unit
$392,000
Price/Gross SF
$532.97
Gross SF
91,937

Investment Overview

The Azzi Group at Marcus & Millichap is pleased to present a once-in-a-decade offering to acquire 125 units across 4 adjacent parcels on the most desirable residential street in Old Hollywood.

Investment Highlights

  • Luxury Hotel or Furnished Extended Living Opportunity: The Nirvana Hotel & Residences Includes Zoning Rights for Both Short- and Long-Term Stays.
  • 1775 North Orange Drive has a Certificate of Occupancy Issued in 2019 for a 45-Unit Apartment Hotel With R-1 (Transient) Occupancy Group.
  • Majority of Portfolio Currently Currently Rented Out on Extended Stay (month-to-month furnished) Basis.
  • Two Out of the Four Parcels Offer Prime Development Opportunities in One of Los Angeles's Most Iconic Neighborhoods!
  • Potential to Significantly Increase Income Since 3 out of the 4 Properties Have 2 Entrances to Each Unit (For Co-Living, e.g.).
  • Gaw Capital Partners and DJM Capital is Reportedly Investing $100 Million to Makeover the Hollywood & Highland Mall on the Corner of the 1700 North Orange Drive Block – Rebranded as the Ovation Hollywood.
  • Excellent Mix of Hotel residences, Studios, 1-Bedroom and 2-Bedroom Units.
  • PROPERTY TAXES NOT EXPECTED TO INCREASE SIGNIFICANTLY ON 3 out of the 4 PROPERTIES due to MILLS ACT in Place for THE NIRVANA. Only Expected Material Increase is on 7000 Franklin (14 units).

Exclusively Listed By

Listing Price: $49,000,000

Cap Rate
4.46%
Number of Units
125
Price/Unit
$392,000
Price/Gross SF
$532.97
Gross SF
91,937

Investment Highlights

  • Luxury Hotel or Furnished Extended Living Opportunity: The Nirvana Hotel & Residences Includes Zoning Rights for Both Short- and Long-Term Stays.
  • 1775 North Orange Drive has a Certificate of Occupancy Issued in 2019 for a 45-Unit Apartment Hotel With R-1 (Transient) Occupancy Group.
  • Majority of Portfolio Currently Currently Rented Out on Extended Stay (month-to-month furnished) Basis.
  • Two Out of the Four Parcels Offer Prime Development Opportunities in One of Los Angeles's Most Iconic Neighborhoods!
  • Potential to Significantly Increase Income Since 3 out of the 4 Properties Have 2 Entrances to Each Unit (For Co-Living, e.g.).
  • Gaw Capital Partners and DJM Capital is Reportedly Investing $100 Million to Makeover the Hollywood & Highland Mall on the Corner of the 1700 North Orange Drive Block – Rebranded as the Ovation Hollywood.
  • Excellent Mix of Hotel residences, Studios, 1-Bedroom and 2-Bedroom Units.
  • PROPERTY TAXES NOT EXPECTED TO INCREASE SIGNIFICANTLY ON 3 out of the 4 PROPERTIES due to MILLS ACT in Place for THE NIRVANA. Only Expected Material Increase is on 7000 Franklin (14 units).

Investment Overview

The Azzi Group at Marcus & Millichap is pleased to present a once-in-a-decade offering to acquire 125 units across 4 adjacent parcels on the most desirable residential street in Old Hollywood.

Exclusively Listed By

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