Property Description

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

This charming apartment complex features both a well-maintained original building with six units and two recently constructed detached Accessory Dwelling Units (ADUs). The unit mix includes:

Unit Mix

(2) 1-Bedroom + 1-Bath – (ADU)

(1) 1-Bedroom + 1-Bath

(5) 2-Bedroom + 1-Bath

Constructed of wood frame, pitched roof, and stucco exterior, the main building was completed in 1955, while the ADUs received their Certificate of Occupancy in 2024. The property encompasses a substantial ±6,048 square feet of building space on a single parcel of ±9,195 square feet, zoned LARD1.5.

The updated units are spacious, comprising (3) one-bedroom + one-bath units and (5) impressive two-bedroom + one-bath units, each unit is individually metered for gas and electricity. Select units have highly upgraded island kitchens with new modern bathrooms, with recessed lighting throughout.

Recent upgrades completed in 2024, coinciding with the ADU construction, include new Siemens electrical systems and meters throughout, along with solar panels for the ADU’s, as well as exterior painting, decking, and a resurfaced driveway and rear lot.

While significant upgrades have been completed, La Prada Vista Apartments still offers considerable value-add potential and the 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.

Location Description

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 both steady rental income and long-term property 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 a Transit Score of 54 and 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-optional lifestyle.

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 watch.

Property Highlights

•  All reasonable offers will be considered
• 2 newly constructed 1-bedroom + 1-bath ADU’s not subject to RSO
• Over 60% of the building consists of 2-bedroom units
• Selected units offer remodeled island kitchens and modern baths
• All new Siemens electrical panels and meters
• Resurfaced driveway, rear lot and decking & exterior paint
• Garage parking spaces at the rear of the property
• New solar panels servicing the rear units reducing overall utility expenses

Location Highlights

• 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 rout 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