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Park Manor Apartments

1720-40 Park Avenue,Long Beach, CA 90815

40

Unit

$10,995,000

Price

Property Details

Price Per Unit

$261,786

Price per SF

$352

Current Cap Rate

4.65%

Market Cap Rate

6.87%

Current GRM

12.51

Market GRM

9.61

Park Manor Apartments

1720-40 Park Avenue,Long Beach, CA 90815

$10,995,000

Price

Property Details

Price per SF

$352

Price Per Unit

$261,786

Price per SF

$352

Current Cap Rate

4.65%

Market Cap Rate

6.87%

Unit

40

Current GRM

12.51

Market GRM

9.61

Description

VALUE-ADD OPPORTUNITY – 38% UPSIDE
Park Manor Apartments is comprised of two adjacent buildings with a total of 42 units. Both buildings have new roofs (2020) and are 100% electric.  Located in the highly popular Traffic Circle submarket of Long Beach, this is value-add opportunity with 38% rental upside.

1720 Park Avenue
21 units surrounding a landscaped common courtyard. Built in 1962, the building offers a mix of (12) 2BD / 1BA units and (9) 1BD /1BA units, as well as (14) individual garages and onsite laundry facilities.

1740 Park Avenue
21 units around a landscaped common courtyard. Built in 1964, this building offers a mix of (11) 2BD / 1BA units and (10) 1BD / 1BA units, as well as (14) individual garages and onsite laundry facilities.

 

ADU POTENTIAL
Park Manor Apartments features (20) stand-alone garages along the rear of the property, which could potentially be converted into 10 studio ADUs, providing a new owner with an additional $17,500 in monthly rent, $210,000 annually. (Buyer to verify)

EXCELLENT LOCATION NEAR CSU LONG BEACH
Park Manor Apartments is located just over one mile from California State University Long Beach, with a student population of nearly 37,500 and employed faculty of over 2,000.

CONVENIENT ACCESS TO EMPLOYMENT HUBS
Traffic Circle is just two miles to the Douglas Park employment hub and four miles to Downtown Long Beach with over 40,000 jobs. 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

  • 2 Adjacent Properties in Highly Desirable Traffic Circle, Just One Mile to CSU Long Beach
  • Excellent Unit Mix of One- and Two-Bedroom Units
  • 28 Garages (14 Garages Each Building)
  • New Roof on Both Buildings in 2020
  • 100% Electric Buildings
  • 38% Total Rental Upside Potential / ADU Opportunities Present Additional Upside
  • 6.8% Market Cap Rate

Map