Under Contract

6079 La Prada ST

LOS ANGELES CA, 90042

$3,310,000


$279.09 per sqft

Under Contract

4 Beds

4 Baths

11,860 sqft

Condo

Built in 1985

6079 La Prada Street is a unique, one-of-a-kind 13-unit apartment community located a few blocks north of the intersection at York Boulevard and N. Figueroa Street in Highland Park. Built by the current ownership in 1985, the property is not fully subject to LA s Citywide Rent Control Measures. (Annual rent increases of 8-10% are allowable, according to CA AB 1482) 6079 La Prada Street consists of a 3-story residential building measuring 11,860 SF in building area, sitting upon nearly 11,560 SF of land. The unit mix includes 10 large studio units with plentiful closet/shelf storage, windows/balconies providing natural light, and full kitchens, 2 comfortably spacious 1B/1B units with balconies, and a 3B/2B ground-level unit w/ a private patio which faces La Prada Street to the south. In total, the property includes 10 parking spaces (6 Surface, 4 Garage) in the rear. This property presents a new owner/investor with a unique value-add opportunity to maximize income and value through a robust rehab/renovation strategy. 6079 La Prada Street is separately metered for Gas and Electricity and Earthquake Emergency Shutoff Valves have been installed on all gas meters. The lower level contains the ground-level unit, which has rear access to a spacious lounge area fully renovated in 2020, a communal laundry facility with coin-operated machines (units do not have in-unit laundry hookups), and a small bonus room which may be used for storage. The lounge, which currently has a working sink, opens into the garage, and may carry ADU conversion potential. (Buyer to Verify) The property has been well maintained by the current ownership throughout a nearly 40-year hold period, with some units having been partially renovated. No units have been brought up to top-of-market condition for 2024-2025 so the property holds tremendous upside potential. Copper plumbing has been installed throughout 6079 La Prada St. The proforma cap rate is 5.07% and the proforma GRM is 12.94 post-rehab/renovation. The current ownership is a Non-Profit Organization but 6079 La Prada St. can operate as a traditional market-rate apartment complex (w/ regular rental unit registration, SCEP inspections, etc.) It can be purchased individually or together with 2 adjacent parcels: 6817-6819 N. Figueroa St. (21-Unit Apt. Constr. 1954-1955) & 6801 N. Figueroa St. (4-Suite Corner Retail Constr. 1974) Altogether, the portfolio covers just over 1 Acre of contiguous residential land in Highland Park.

AR24039531MR

MLS ID

February 26, 2024

Listed

June 13, 2024

Updated

Map

6079 La Prada ST
LOS ANGELES CA, 90042

Interior Features

Total Stories

3


Bedrooms

4


Total Bathrooms

4


Laundry Description

Laundry Area


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.26 Acres


Sewer

Public Sewer

Other Property Details

Area Name

Highland Park


Days on Market

108


Garage

Yes


Garage Spaces

4


Parking

Garage, Unassigned


Parking Total

10


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

LARD1.5

Listing History

Date

Event

Price

4/16/2024

Under Contract

Listed by Evan Monroe with Growth Investment Group Pasade
Listing Contact: 626-340-3826 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Vanessa Withers shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 6/13/2024

Powered byLuxury Presence