Properties | 542 N. Orange Dr

542 N. Orange Dr

A Vacant Triplex in Prestigious Hancock Park

542 N. Orange Dr | Los Angeles, CA

Offering Price: $1,800,000

Units: 3

Price per Unit: $600,000

Price per Sq. Ft.: $524.32

Current CAP: N/A

Current GRM: N/A

Market CAP: N/A

Market GRM: N/A

Year Built: 1931

Lot Size Sq. Ft.: 6,000

Gross Bldg. Sq. Ft.: 3,433

Net Rentable Sq. Ft.: 3,815

 Situated in the center of Los Angeles’ exciting urban  landscape lies the historic neighborhood of Hancock Park. Recognized as one of Los Angeles’ most affluent and recognizable neighborhoods, Hancock Park is home to many of the regions most expensive homes and a roster of high-profile residents that include A-list celebrities, entertainment executives, and other Hollywood heavyweights.  With  its neatly manicured tree-lined streets of historic single family homes and ideal proximity to the La Brea Retail District and  Larchmont Village, Hancock Park is the premier neighborhood for real estate investment.

 
THG Advisors, as exclusive listing agent, is pleased to present the opportunity to purchase 542 N. Orange Drive, a triplex situated on a 6,000 square foot parcel of land zoned RD1.5 in Hancock Park. The asset possesses unique architectural features and most units include working fireplaces and private patios which provide the feel of separate individual homes. 
 
542 N. Orange Drive offers a rare opportunity to acquire a vacant triplex in one of Los Angeles’ most desirable neighborhoods. Upon closing escrow, an investor has the flexibility to either began an extensive value-add program by blending the gorgeous Spanish-style design with modern finishes or developing the property into four small lot homes.  
    • Property will be delivered vacant; units can be immediately renovated with high-end fixtures and finishes to appeal to the large resident pool that wants to live in Hancock Park but has been priced out.  
    • Redevelopment potential into 4 small-lot subdivision homes. 
    • Small lot homes in comparable locations selling for $1.1-$1.6 million.
      • Walking distance to “Restaurant Row” which includes award-winning restaurants such as Providence, Osteria Mozza, Chi Spacca, and Petit Trois.
      • Just two blocks from LA’s hottest retail corridor along La Brea Avenue which includes the recently developed 90,000 square foot storefront “District La Brea”.
      • Over 40 million SF of office space surround the property creating incredible demand drivers for 542 N. Orange. 
      • Surrounding median home prices are over $1,800,000. 
        • Property is vacant which eliminates costs and legal challenges associated with relocating existing residents.
        • Zoned RD1.5 - 1 unit per 1,500 SF of land. 
        • Attractive Unit Mix of (1) 1 bed + 1 bath, (1) bed + 1.25 baths + bonus room, and (1) 2 bed + 1.75 baths.  
        • Most units have individual patios and working fireplaces.