La Prada Vista: 2 New 1 Bed/1 Bath ADUs – RSO Exempt

Highlights:

• Two new 1-bedroom + 1-bath ADU’s not subject to RSO
• Attractive 5.11% Cap Rate at asking price
• New roof and copper plumbing
• Over 60% of the building consists of 2-bedroom units
• Select units offer remodeled island kitchens and modern baths
• All new Siemens electrical panels and meters
• Resurfaced driveway, parking lot decking, & freshly painted
• Garage parking spaces at the rear of the property
• Trash service is included in LADWP and billed to tenants
• New owned solar panels servicing the ADU units reducing overall utility expenses
• Charming & beautifully maintained apartment community
• Strong Rental Market: Highland Park has seen year-over-year rental growth of over ±7.5% brought on by low inventory and increased demand.
• Low Vacancy Rates: Units in Highland Park typically rent within 10–15 days, ensuring high occupancy and reduced downtime between tenants
• Desirable Tenant Demographic: The area draws young professionals, creatives, and entrepreneurs—ideal tenants for stabilized, long-term occupancy
• Prime Location: Located only a few miles from Downtown Los Angeles, Pasadena & Glendale, making Highland Park a desired location for young professionals
• Transit Connected: Situated within close proximity to the Metro Gold Line, which route spans from Highland Park, to DTLA, and to Azusa
• Investor Friendly: Rising rents, low vacancy rates the ideal and public improvements create an ideal environment for multifamily investors
• High Walkability: Boasting a Walk Score of 84, residents enjoy easy access to cafes, restaurants, parks, and local amenities, promoting a strong live-work-play lifestyle
• Surrounded by Thriving Submarkets: Bordering vibrant neighborhoods such as Pasadena, Eagle Rock, Glassell Park, and Downtown LA, adding extended demand and further rent growth potential

Description:

Lucrum Real Estate Group is proud to present La Prada—Vista, a beautifully maintained, value-added multifamily investment opportunity located in the highly coveted submarket of Highland Park, Los Angeles.

This charming apartment community features the original apartment building consisting of six units built in 1955 and a new detached structure in the rear of the lot consisting of two new Accessory Dwelling Units (ADUs) built in 2024. The unit mix includes:

Unit Mix:

(2) 1-Bedroom + 1-Bath: (ADUs)
(1) 1-Bedroom + 1-Bath
(5) 2-Bedroom + 1-Bath

Construction is wood frame with freshly painted stucco exterior and pitched roof. The two structures total ±6,048 square feet on a single parcel lot totaling ±9,195 square feet, zoned LARD1.5.

Most units are tastefully updated with renovated bathrooms, kitchens, attractive laminate flooring, new counter-tops, backsplash, cabinets and include spacious floorplans, closets and storage cabinets. Each unit is individually metered for gas and electricity. Trash service is included in LADWP and billed to tenants. Select units have highly upgraded island kitchens with new modern bathrooms, with recessed lighting throughout the unit.

Recent upgrades that were completed in 2024, coinciding with the ADU construction, include new roof, new Siemens electrical systems and new meters throughout. The solar accompanying the ADU units are owned outright. The driveway rear parking lot and decking has recently been resurfaced, and the property has been upgraded with copper plumbing.

While significant upgrades have been completed, La Prada Vista still offers considerable value-add potential and opportunity to capture substantial untapped rental income. This makes it an exceptional acquisition for investors seeking a well-located asset in a consistently appreciating market.

Nestled just seven miles northeast of Downtown Los Angeles, Highland Park is one of the city’s most exciting and fastest-evolving neighborhoods, offering multifamily investors a rare opportunity to capitalize on historically rising rents and strong appreciation. Once a working-class enclave, this storied neighborhood has transformed into a vibrant, culturally rich community that artfully blends historic charm with modern urban appeal.

Highland Park’s rental market is surging, driven by limited housing supply, ongoing gentrification, and strong demand from young professionals, creatives, and entrepreneurs. Rental rates have increased by 7.5% year-over-year, with most vacancies filled within 10 to 15 days—underscoring a high-demand environment ideal for stable occupancy and consistent cash flow.

This walkable neighborhood boasts a Walk Score of 84 and is defined by tree-lined streets, Craftsman bungalows, Spanish-style homes, and a growing collection of contemporary infill developments. Its central corridors—Figueroa Street and York Boulevard—serve as cultural and commercial hubs, alive with indie bookstores, vintage boutiques, contemporary art galleries, and acclaimed restaurants like Kitchen Mouse Café and Villa’s Tacos. Iconic destinations like Highland Park Bowl and the Lodge Room further enhance the neighborhood’s draw as a lifestyle-centric community.

Beyond its vibrant cultural scene, Highland Park has emerged as a hub for L.A.’s creative economy. Proximity to downtown, an influx of co-working spaces, and over $20 million in public investments toward infrastructure and parks have made it a magnet for startups, remote workers, and small business owners.

Transportation access is another key asset with direct service via the Metro Gold Line, residents enjoy seamless connections to downtown and beyond, bolstering the area's appeal for renters who seek a car-free lifestyle. In addition, Highland Park is surrounded by other prime submarkets such as Pasadena, Eagle Rock, Glassell Park, and Downtown LA.

Whether you're seeking a stabilized asset or a value-add opportunity, Highland Park offers the rare combination of historic character, urban energy, and investment fundamentals. With rising rents, strong occupancy, and deep cultural roots, this neighborhood is positioned for continued growth, and for those looking to invest in the future of Los Angeles, Highland Park is a market to invest in.

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