Park Villa Apartment Homes

1761 Park Avenue, Long Beach, CA 90815

Sale Price

$8,250,000

Investment Overview

Units

18

Year Built

1963

Price Per SF

$2,000

Price Per Unit

$433,333

Current Cap Rate

4.45%

Market Cap Rate

4.56%

Current GRM

14.48

Market GRM

14.22

The Offering

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 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.

The Traffic Circle location is a popular rental market due to its convenient access to over 360,000 square feet of prime retail amenities as well as its proximity to employment hubs and commuter thoroughfares.

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 projected 6.0% year one cash-on-cash return.

Investment Highlights

  • 6.0% Year One Cash-on-Cash Return
  • 100% Occupied Asset Achieving Robust Rents
  • Extensive Renovations Totaling over $50,000 per Unit
  • New Double Pane Windows, Electrical and Plumbing Systems
  • Turnkey Property with Mix of Large One, Two and Three Bedroom Units
  • Desirable Traffic Circle Location in Close Proximity to Retail Amenities