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6079 La Prada Street

Los Angeles (City), CA 90042
  • $3,310,000
  • STATUS: Active Under Contract
  • ON SITE: 112 Days
  • ID#: AR24039531
Under Contract
UPDATED: 167 min ago
$3,310,000
  • 0
    BEDS
  • 0.26
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1985
County:

School Ratings & Info

Listing Agent(s): Evan Monroe of Growth Investment Group Pasade (626-594-4900) and Justin Mccardle of Growth Investment Group Pasade(626-594-4900)


Description

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 LAs 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.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-18T00:33:16.533. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
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6079 La Prada Street Los Angeles (City), CA 90042

  • Price: $3,310,000
  • Status: Active Under Contract
  • On Site: 112 Days
  • Updated: 167 min ago
  • ID#: AR24039531
0
Beds
0
Baths
0
½ Baths
0.26
Acres
1985
Built
Neighborhood:
632 - Highland Park
County:
Los Angeles
Area:
632 - Highland Park
Property Description
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 LAs 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.
Exterior Features

Construction Materials StuccoWood SidingCopper Plumbing Entry Level 1 Entry Location La Prada St. Lot Features 11-15 Units/Acre Number Of Separate Electric Meters 14 Open Parking Spaces 6 Parking Features GarageUnassigned Parking Total 10 Pool Features None Pool Private YN No Property Attached YN Yes Spa Features None Spa YN No

Interior Features

Common Walls 1 Common Wall

Property Features

Additional Parcels YN No Cap Rate 5.07 Common Interest Community Apartment Community Features FoothillsUrban Current Financing None Electric Expense 0 Fuel Expense 2969 Garage YN Yes Gross Income 288619 Gross Scheduled Income 288619 Insurance Expense 8000 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash to New Loan Net Operating Income 189454 New Construction YN No Number Of Separate Gas Meters 14 Number Of Separate Water Meters 1 Number Of Units Leased 4 Operating Expense 90507 Possession Close Of Escrow Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Trash Expense 3910 Utilities Electricity AvailableNatural Gas AvailableWater Available Water Sewer Expense 13814 Water Source Public Zoning LARD1.5



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-18T00:33:16.533. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
 
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Team Tami | Palm Realty Boutique
323 Culver Blvd.
Playa del Rey CA, 90293
Listing Agent(s): Evan Monroe of Growth Investment Group Pasade (626-594-4900) and Justin Mccardle of Growth Investment Group Pasade(626-594-4900)