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    1761 Park Avenue

    Long Beach, CA 90815
    • $7,800,000
    • STATUS: Active
    • ON SITE: 126 days
    • ID#: PW21002861
    UPDATED: 79 min ago
    $7,800,000
    • 0
      BEDS
    • 0.37
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 15,918
      SQFT
    • $490
      $/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 6.0% year one cash-on- cash return.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-13T17:39:28.44. 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 Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
    www.playavistaliving.com/homes/113051886
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    1761 Park Avenue Long Beach, CA 90815

    • Price: $7,800,000
    • Status: Active
    • Updated: 79 min ago
    • ID#: PW21002861
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.37
    Acres
    15,918
    SQFT
    $490
    $/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 6.0% year one cash-on- cash return.
    Exterior Features

    Lot Features 16-20 Units/Acre Number Of Separate Electric Meters 18 Open Parking Spaces 12 Parking Features GarageTandemUncovered Parking Total 20 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Common Walls 2+ Common Walls

    Property Features

    Additional Parcels YN No Common Interest Community Apartment Community Features Urban Electric Expense 3375 Fuel Expense 3375 Garage YN Yes Gross Income 511832 Gross Scheduled Income 538770 Insurance Expense 7959 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan Maintenance Expense 9900 Net Operating Income 346925 New Construction YN No New Taxes Expense 96874 Number Of Separate Gas Meters 18 Number Of Separate Water Meters 1 Operating Expense 164906 Other Expense 3600 Pest Control Expense 1000 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 3375 Water Sewer Expense 3375 Water Source Public 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 2021-05-13T17:39:28.44. 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 Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
     
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