Sold
6079 La Prada ST
LOS ANGELES CA, 90042
$2,700,000
$227.66 per sqft
Sold
4 Beds
4 Baths
11,860 sqft
Multi-family
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
August 23, 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
50
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 |
---|---|---|
6/26/2024 | Sold | $2,700,000 |
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 8/23/2024