1775 N Orange Dr
Multifamily | 43 Units | $284,884/unit
Marketing description
1775 N Orange Dr, known as The Nirvana, is a 43-unit historic apartment-hotel located at the base of the Hollywood Hills in one of Los Angeles’ most supply-constrained and culturally significant rental corridors. Built in 1925 and designed by architect E.M. Erdaly, the property is a designated Historic-Cultural Monument and one of the few remaining operational apartment-hotels in Los Angeles.
The asset blends stabilized multifamily income with permitted legacy use, offering investors operational flexibility while benefiting from Mills Act property tax incentives. With its iconic Oriental Revival architecture, restored historic interiors, and curated resident experience, The Nirvana represents a rare opportunity to acquire a true legacy asset priced as apartments yet differentiated by experiential and hospitality-driven appeal.
This property may also be acquired individually or as part of a three-property Hollywood Foothills portfolio totaling 91 units across 1769 N Orange Dr, 1775 N Orange Dr, and 7000 Franklin Ave, offered at an aggregate price of $26,100,000.
Investment highlights
Designated Historic-Cultural Monument with Mills Act Tax Benefits
The property benefits from a Mills Act contract, providing meaningful property tax savings in exchange for preserving the building’s historic architectural elements. This materially enhances net operating income while protecting long-term asset value.Rare Apartment-Hotel / Legacy Use Status
1775 N Orange Dr operates as an apartment-hotel under permitted legacy use, offering operational optionality within the current regulatory framework. Investors may maintain a stabilized apartment model while retaining flexibility to selectively activate hospitality-style revenue streams where permitted by law.Iconic Architecture & Irreplaceable Character
The Nirvana is a rare example of Oriental Revival architecture, featuring a pagoda-style roofline, copper dragon and seahorse friezes, Chinese Chippendale window latticework, and restored 1920s murals. Interior finishes include original hardwood floors, vintage cabinetry, crown moldings, and soaring ceiling heights, creating a resident experience that cannot be replicated today.Stabilized Income with Upside Through Select Renovation
The property offers steady in-place cash flow with additional upside through continued interior upgrades, turnover-driven rent growth, and refinement of common areas. The unit mix caters to Hollywood’s creative and professional renter base seeking authenticity and location over generic new construction.Prime Hollywood Foothills Location
Situated steps from Franklin Avenue, the Hollywood/Highland Metro Station, Runyon Canyon, and the Magic Castle, the property offers a walkable, transit-oriented lifestyle in one of Los Angeles’ most coveted micro-markets. The surrounding neighborhood is defined by high-income renters priced out of nearby homeownership.
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