Updated almost 9 years ago on .
Investment going great.
La Habra, CA
MFR - 111 Units
Stories - 2
Year Built - 1969
Building Size - 93,310 SF
Cap rate - 4.66%
NOI - $1,467,900
Asking - $31.5M + Buyer's Fees
Description
This is a unique and rare opportunity to acquire an institutionally sized asset with proven value-add potential in North Orange County.
Recently upgraded, with over $1.5 million spent by current ownership over the last three years with a focus on common area enhancements new ownership will have the opportunity to achieve greater revenue upside through the continuation of the comprehensive interior renovation program. As proven by the 24 units recently renovated to Tier 3 specifications (defined on page 16), modernizing the apartment interiors will elevate the apartments to a higher standard of rental living, and yield investors up to a $265 monthly premium.
La Habra enjoys a strong resident base of highly educated, high-income wage earners with an average household income in excess of $86,000 a year. Moreover, the combination of highly regarded public schools, proximity to employment centers, and a widening home affordability gap in the marketplace has led to the development of a new class A apartment community in the city. Accordingly, the submarket is expected to continue to attract the discerning renter priced out of coastal Orange County. As a result of rising demand, and the relative scarcity of new supply in the submarket, Axiometrics projects average rent growth of 4.4 percent over the next five years, while occupancy levels are estimated to average 96.1 percent over this same period.
Highlights
Exceptional Value-Add Opportunity Through The Continued Execution Of A Proven Unit Interior Renovation Program
Current Owner Has Infused Over $1.5 Million In Capital Improvements Since 2013 To Improve Common Areas And Enhance Unit Interiors
Walking Distance To Over 1.3 Million Square Feet Of Brand Name Retailers, Including Grocers, Pharmacies, Banks, And Entertainment
Well-Designed Floor Plans, Ranging From One-Bedroom Flats To Four-Bedroom Townhomes, Averaging Approximately 841 Square Feet
Luxury Amenity Package With Resort-Style Swimming Pool, Jacuzzi, Modern Furnished Sundeck, Fitness Center, and Lush Courtyards With Water Features.
Unit Mix Information
DescriptionNo. UnitsSq. Ft.
1 Bed/1 Bath42710
2 Bed/1 Bath48880
2 Bed/1.5 Bath TH201,000
4 Bed/2 Bath TH
11,250
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Serious Inq Only
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Buyer Pays All Closing Cost