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    1761 Park Avenue

    Long Beach, CA 90815
    • $8,250,000
    • STATUS: Active
    • ON SITE: 12 days
    • MLS #: PW21002861
    UPDATED: 48 min ago
    $8,250,000
    • 0
      BEDS
    • 0.37
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 15,918
      SQFT
    • $518
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1963
    County:

    School Ratings & Info

    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 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 surrounding 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 5.5% year one cash-on- cash return.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-01-19T21:30:43.627. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Desert Area Homes For Sale | Premier Properties. Licensed in the State of California, USA.

    www.desertareahomesforsale.com/homes/113051886
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    1761 Park Avenue Long Beach, CA 90815

    • Price: $8,250,000
    • Status: Active
    • Updated: 48 min ago
    • MLS #: PW21002861
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.37
    Acres
    15,918
    SQFT
    $518
    $/SQFT
    1963
    Built
    Neighborhood:
    Circle (Ca)
    County:
    Los Angeles
    Area:
    3 - Eastside, Circle Area
    Property 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 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 surrounding 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 5.5% year one cash-on- cash return.
    Exterior Features

    Garage Spaces 8.00 Lot Features 16-20 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Features GarageTandem Uncovered Parking Total 20.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN Yes Uncovered Spaces 12.00

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features Common Area

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Community Features Urban Country Us Elevation Units Feet Gross Income 500232.00 Gross Scheduled Income 526560.00 Insurance Expense 7959.00 Land Lease YN No Laundry YN Yes Net Operating Income 340147.00 New Construction YN No New Taxes Expense 102319.00 Number Of Separate Electric Meters 18 Number Of Separate Gas Meters 18 Number Of Separate Water Meters 1 Operating Expense 160085.00 Professional Management Expense 24007.00 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Circle (Ca) Total Expenses 160085.00 Trash Expense 2250.00 Water Sewer Expense 2250.00 Water Source Public Year Built Source Assessor Zoning Lbr4r

    Listing provided courtesy of Robert Stepp of Keller Williams - Santa Monica


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-01-19T21:30:43.627. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Desert Area Homes For Sale | Premier Properties. Licensed in the State of California, USA.

     
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