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1741 Park Avenue

1741 Park Avenue,Long Beach, CA 90815

52

Unit

$21,000,000

Price

Property Details

Price Per Unit

$403,846

Price per SF

$433

Current Cap Rate

4.75%

Market Cap Rate

5.11%

Current GRM

13.39

Market GRM

12.74

1741 Park Avenue

1741 Park Avenue,Long Beach, CA 90815

$21,000,000

Price

Property Details

Price per SF

$433

Price Per Unit

$403,846

Price per SF

$433

Current Cap Rate

4.75%

Market Cap Rate

5.11%

Unit

52

Current GRM

13.39

Market GRM

12.74

Description

Park Tower Apartments is a meticulously renovated 52-unit investment asset located at 1741 Park Avenue in the Traffic Circle submarket of Long Beach.  The seller’s renovations and management provide a new buyer with a nearly brand new condition property that is currently 100%-occupied at robust rents.

The sizable building offers an attractive unit mix of twenty-three (23) 2BD / 2BA units – including two (2) penthouse units) – five (5) 2BD/1BA units, and twenty-four (24) 1BD/1BA units surrounding a courtyard with gated pool and pool deck. The property also offers on-site laundry facilities, an expansive gym and ample secure subterranean parking.

Capital expenditures totaling over $3 million include significant upgrades to electrical and plumbing systems. Designer-quality interior renovations include new double-pane windows, key-less entry doors, hardwood laminate flooring, custom shaker-style cabinets, quartz countertops, stainless steel appliances, new bathroom tile and modern lighting, ceiling fans and fixtures throughout.

Park Tower Apartments is strategically located in one of the most popular rental markets in Long Beach. Traffic Circle is in close proximity to strong rental market drivers such as California State University Long Beach, with a student population of nearly 37,500 and employed faculty of over 2,000.

Traffic Circle is just two miles to the Douglas Park employment hub and four miles to Downtown Long Beach with over 40,000 job. Additionally, located just a mile from the 405-Freeway, residents can access over a million jobs within a 30-minute commute in the the Southbay, Orange County, Silicon Beach and Downtown Los Angeles.

Highlights

  • Currently 100%-Occupied with Robust Rents
  • Turnkey Property with 52 Units, On-Site Pool, and Gym
  • Over $3 Million in CapEx
  • Designer-Quality Unit Interior Renovations
  • Excellent Unit Mix of One and Two-Bedrooms, Including Two Penthouse Units
  • Extensive Plumbing and Electrical Upgrades
  • Ample Secure Subterranean Parking
  • Desirable Traffic Circle Location with Close Proximity to Cal State Long Beach

Map

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