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1761 Park Avenue, Long Beach, CA 90815
8
beds
6
baths
15918
ft2
· 16234
ft2 lot
$7,800,000
$490 / ft2
Listing provided courtesy of Robert Stepp, Keller Williams - Santa Monica.
Source CRMLS.
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.
HOA
$—/month
On market
3 months
Year built
1963
Property type
Multi-Family
Parking
20
MLS
PW21002861
Price / Sq.Ft.
$490 / ft2
Status
Active
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Property Details
Interior Features & Layout
Appliances
•   
Laundry Details: Common Area
•   
Laundry: 1
Rooms Info
•   
Average3 Bed Area Units: Square Feet
•   
Average Studio Area Units: Square Feet
•   
Average2 Bed Area Units: Square Feet
•   
Average1 Bed Area Units: Square Feet
Interior Size
•   
Building Area Total: 15918.00
Property, Lot, Community & Exterior Features
Parking Info
•   
Parking Available: 1
•   
Parking Features: Garage, Tandem Uncovered
•   
Garage Spaces: 8.00
•   
Uncovered Spaces: 12.00
Building Info
•   
Building Area Units: Square Feet
•   
Zoning: LBR4R
•   
Year Built Source: Assessor
Lot Info
•   
Lot Features: 16-20 Units/Acre
•   
Lot Size Source: Assessor
•   
Elevation Units: Feet
•   
Lot Size Acres: 0.3727
•   
Lot Size Area: 16234.0000
•   
Lot Size Units: Square Feet
Community Info
•   
Number Of Buildings: 1
•   
Total Units: 18
Property Features
•   
Common Walls: 2+ Common Walls
Property Type
•   
Common Interest: Community Apartment
Utilities & Other Information
Utilities
•   
Number Of Separate Electric Meters: 18
•   
Number Of Separate Gas Meters: 18
•   
Number Of Separate Water Meters: 1
Water & Sewer Info
•   
Water Source: Public
•   
Sewer: Public Sewer
Listing Details, Costs & Financing Information
Financial Info
•   
Water Sewer Expense: 3375.00
•   
Other Expense Description: Reserves
•   
Other Expense: 3600.00
•   
Licenses Expense: 1400.00
•   
Maintenance Expense: 9900.00
•   
Pest Control Expense: 1000.00
•   
Fuel Expense: 3375.00
•   
Trash Expense: 3375.00
•   
New Taxes Expense: 96874.00
•   
Insurance Expense: 7959.00
•   
Professional Management Expense: 29473.00
•   
Total Expenses: 164906.00
•   
Gross Scheduled Income: 538770.00
•   
Operating Expense: 164906.00
•   
Gardener Expense: 1200.00
•   
Rent Control Yn: 1
Tax/Assessment Info
•   
Gross Income: 511832.00
•   
Tax Year: 2019
•   
Taxes: 19065.0
Lease Info
•   
Net Operating Income: 346925.00
Listing Info
•   
Status: Active
Other
•   
Electric Expense: 3375.00
Multi Unit Information
Unit 3 Information
•   
Unit 3 Bedrooms: 2
•   
Unit 3 Actual Rent: 2295.00
•   
Unit 3 Total Units: 10
•   
Unit 3 Furnished Units: Unfurnished
•   
Unit 3 Garage Spaces: 0.00
•   
Unit 3 Bathrooms: 1
•   
Unit 3 Total Rent: 22950.00
Unit 2 Information
•   
Unit 2 Actual Rent: 2395.00
•   
Unit 2 Bedrooms: 2
•   
Unit 2 Total Units: 2
•   
Unit 2 Furnished Units: Unfurnished
•   
Unit 2 Bathrooms: 2
•   
Unit 2 Garage Spaces: 0.00
•   
Unit 2 Total Rent: 4790.00
Unit 1 Information
•   
Unit 1 Bedrooms: 3
•   
Unit 1 Total Units: 4
•   
Unit 1 Furnished Units: Unfurnished
•   
Unit 1 Garage Spaces: 0.00
•   
Unit 1 Bathrooms: 2
•   
Unit 1 Actual Rent: 2920.00
•   
Unit 1 Total Rent: 11680.00
Unit 4 Information
•   
Unit 4 Actual Rent: 2188.00
•   
Unit 4 Total Units: 2
•   
Unit 4 Furnished Units: Unfurnished
•   
Unit 4 Total Rent: 4376.00
•   
Unit 4 Bathrooms: 1
•   
Unit 4 Garage Spaces: 0.00
•   
Unit 4 Bedrooms: 1
Multi Unit Information
•   
# Of Units: 4
School Neighborhood & Directions
Location
•   
Other Subdivision Name: Circle (CA)
•   
Subdivision: Circle (CA)
•   
Community Features: Urban
School Info
•   
Directions: E Atherton St & Clark Ave
Other
Calculation
•   
Dom: 48
•   
Cdom: 48
The information contained in this listing has not been verified by Flyhomes and should be verified by the buyer.

Data last updated: Apr 16, 2021 6:24am
Neighborhood snapshot
53
Properties for sale
6
Median days on market
$541.68
Median sold price/sqft
101.78%
Sold/List %
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Property History
02/23/2021
02/23/2021
CRMLS #PW21002861
active
CRMLS #PW21002861
$7,800,000
--5.45%
01/06/2021
01/06/2021
CRMLS #PW21002861
active
CRMLS #PW21002861
$8,250,000
--61.65%
07/24/2019
07/24/2019
Public Record
sold
Public Record
$21,512,500
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