1761 Park Avenue $7,800,000

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    1761 Park Avenue Long Beach, CA 90815

    • 0 Beds
    • 0 Baths
    • 15,918 sq. ft.
    • Multi-Family
    • MLS# PW21002861
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    Views: 85 Days On Market: 53

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    Property Details

    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.

    • General Features
      • Number Of Separate Water Meters 1
      • Number Of Separate Electric Meters 18
      • Number Of Separate Gas Meters 18
      • Number Of Units Total 18
      • Year Built 1963
      • Subdivision Name Circle (CA)
      • County Or Parish Los Angeles
      • Number Of Buildings 1
      • Community Features Urban
    • Building Features
      • Laundry Features Common Area
    • Property Features
      • Lot Size Acres 0.37
      • Lot Features 16-20 Units/Acre
      • Pool Private Y/N 0
      • Pool Features None
      • Parking Total 20.00

    Contact

    Matt  Cox

    Matt Cox

    Global Real Estate Advisor

    DRE# 02076282

    Malaga

    Mobile Phone: 903-815-3088

    Neighborhood

    90815 (Long Beach) Demographics

    39 Median Age
    5,593 Population Density (per sq. mile)
    55% College Educated
    $79,809 Estimated Median Income
    9,606 Estimated Total Home Owners
    4,737 Estimated Total Renters
    67% / 33% Estimated Owner / Renter Divide
    3 Estimated Average Household Size
    39,822 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $827,000 Median Sales Price
    33 Homes Sold
    47 New On Market

    Average Days on Market

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- Current Price Source New Value: $7,800,000
        2/23/2021 2:47:52 PM Price Reduced Source New Value: $7,800,000 -5.45%
        1/6/2021 2:27:00 PM New in Database Source New Value: $8,250,000

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        **Assumes 3.5% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.
        Based on information from California Regional Multiple Listing Service, Inc. as of 2/28/2021 4:23:10 AM. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.