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1761 Park Avenue

1761 Park Avenue,Long Beach, CA 90815

18

Unit

$7,450,000

Price

Property Details

Price Per Unit

$413,889

Price per SF

$468

Current Cap Rate

4.94%

Market Cap Rate

5.30%

Current GRM

13.25

Market GRM

12.61

1761 Park Avenue

1761 Park Avenue,Long Beach, CA 90815

$7,450,000

Price

Property Details

Price per SF

$468

Price Per Unit

$413,889

Price per SF

$468

Current Cap Rate

4.94%

Market Cap Rate

5.30%

Unit

18

Current GRM

13.25

Market GRM

12.61

Description

Park Villa is a meticulously renovated 18-unit investment property located at 1761 Park Avenue in the Traffic Circle submarket of Long Beach. The asset is fully stabilized, achieving robust rents for all units.

The seller’s renovations and management provide a new buyer with a nearly brand new condition property that is 100% occupied at robust rents with over 8.0% year one cash-on-cash return.

The sizable building offers an attractive unit mix of four 3BD / 2BA units, two 2BD / 2BA units, ten 2BD/1BA units and two 1BD/1BA units surroundng a landscaped courtyard. The property also offers onsite laundry, ample parking with eight garages and twelve tandem surface spaces.

Capital expenditures totaling over $900K include new electrical and plumbing systems, new double-pane windows throughout, hardwood laminate flooring, custom shaker-style cabinets, quartz countertops, stainless steel appliances, new bathroom tile and modern lighting, ceiling fans and fixtures throughout.

 

Highlights

  • Assumable Financing Available at 3.10%
  • Over 8.0% Year One Cash-on-Cash Return
  • Extensive Renovations Totaling over $50,000 per Unit
  • New Double Pane Windows, Electrical and Plumbing Systems

Map

measure area map

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