$4,495,000

We're is delighted to showcase 5433 Abbott Place, a beautifully maintained bungalow court complex in the vibrant neighborhood of Highland Park. Constructed in 1926 in the classic Spanish Colonial Revival architectural style, the property spans an 18,886-square-foot parcel, which has been extensively renovated yet retains its original charm. Tucked away at the end of a cul-de-sac and surrounded by mostly single-family homes, the property offers a setting that feels both private and communal. The building features an appealing unit mix of 18 one-bedroom, one-bath units, which have been thoughtfully upgraded to create modern and welcoming rental spaces. Some of the interior enhancements include recessed LED lighting, porcelain stone tile baths, stainless steel appliances, custom cabinets, quartz countertops, and hardwood floors. The current ownership has extensively renovated the building, with upgraded electrical (approved 200 Amp service with 19 subpanels permitted in 2006) and upgraded plumbing, new furnaces and wall heaters (all permitted since 2019), and a voluntary seismic retrofit, resulting in a truly turn-key investment. A new owner can immediately benefit from strong existing cash flow, with the potential for approximately 22% in rental upside as units turn over and rents increase. Rental demand for this property is extremely strong. Tenants enjoy living in one of the most dynamic neighborhoods in all of Los Angeles, which continues to gentrify. The property is less than a mile from York Blvd and Figueroa Street, the two main thoroughfares in the submarket, teeming with trendy restaurants, lively bars, cafes, and unique retailers. The Gold Line Metro Station is also within walking distance, allowing residents to commute to major employment hubs in Los Angeles and the San Gabriel Valley without a car. Additionally, the property is just a short drive from the 110 freeway, providing direct access to nearby Pasadena and Downtown Los Angeles.