Student Housing Apartment
New
For Sale
$8,000,000
1761 Park Ave, Long Beach, CA 90815
An 18-unit property uses individual-bed leasing and includes a landscaped courtyard, on-site laundry, garages, and tandem parking.
Property Size15,918 SF
Days on Market4
Property Features for 1761 Park Ave
General Information
Standard status
Active
Size
15,918 SF
Total Parking Spaces
20
Property subtype
Investment
Units
Unit Mix
4 x 3BD/2BA, 2 x 2BD/2BA, 10 x 2BD/1BA, 2 x 1BD/1BA
Multifamily Units
18
Additional Details
Cap Rate
7.47%
Highway Access
Yes
Amenities
on-site laundry
Building Details
Building Size
15,918 SF
Year Built
1963
Year Renovated
2023
Units
18
Tenancy
Multi
Listing Agency:
Stepp Commercial
Listed By:
Robert Stepp · License #01456379
(310) 774-3740
Source:
Elliman
Added: Oct 7
Last Checked: Oct 9 at 11:03PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Stepp Commercial
Investment Insights
Based on property information with market context.
Park Villa Apartments is an 18-unit off-campus student housing property with 64 beds and capacity for up to 72. Its unit mix comprises four 3-bedroom/2-bathroom apartments, two 2-bedroom/2-bathroom apartments, ten 2-bedroom/1-bathroom apartments, and two 1-bedroom/1-bathroom apartments. Beds are leased individually rather than by whole apartment. The site includes a landscaped courtyard, laundry, eight garages, and 12 tandem surface parking spaces. Renovations completed in 2023 included electrical and plumbing upgrades, dual-pane windows, laminate flooring, shaker-style cabinetry, quartz countertops, stainless steel appliances, bathroom updates, lighting, ceiling fans, and fixtures.
The property is near Long Beach’s Traffic Circle, with retail, dining, and everyday services within walking distance. California State University, Long Beach and the 405 Freeway are also nearby. Reported walk, bike, and transit scores are 79, 74, and 48, respectively.
The current cap rate is 7.47%; the stated market cap rate range is 8.63%–9.14%.
The property is near Long Beach’s Traffic Circle, with retail, dining, and everyday services within walking distance. California State University, Long Beach and the 405 Freeway are also nearby. Reported walk, bike, and transit scores are 79, 74, and 48, respectively.
The current cap rate is 7.47%; the stated market cap rate range is 8.63%–9.14%.
Key Highlights
- 18‑unit student housing property with 64 beds and capacity for up to 72
- Unit mix: four 3BD/2BA, two 2BD/2BA, ten 2BD/1BA, and two 1BD/1BA apartments
- 2023 renovations included electrical and plumbing upgrades, new windows, kitchens, bathrooms, flooring, lighting, and fixtures
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$254,635
Cap Rate
3.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,092,700
$5.1M
Cap Rate 7%
$3,637,643
$3.6M
Cap Rate 9%
$2,829,278
$2.8M
Market Conditions
NOI Build-Up for 15,918 SF
Gross rent
$483.3K $30.36/SF
− Vacancy
−$20.3K −$1.28/SF
EGI
$463.0K $29.08/SF
− OpEx
−$208.3K −$13.09/SF
NOI
$254.6K $16.00/SF
Area
ZIP 90815
Vacancy
4.20%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,092,700
Cap Rate 7%
$3,637,643
Cap Rate 9%
$2,829,278
Alternative Uses
Best Use
Apartment 5plus
$3.64M
$3.18M – $4.24M
NOI $254,635 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.00M
$4.37M – $5.83M
NOI $349,880 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
18
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,013
Businesses Nearby
Explore this area
Business Placement
Demographics for 90815, CA
41,837
Population
15,908
Households
2.6
Avg Household Size
38
Median Age
53%
College-Educated
95%
High-School Grad
7.1 sq mi
ZIP Area
5,893
Density / Sq Mi
$116,567
Median Household Income
$66,669
Median Earnings
$2,263
Median Rent
$890,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - An 18-unit property uses individual-bed leasing and includes a landscaped courtyard, on-site laundry, garages, and tandem parking.
Where is this apartment building located?
The property is located at 1761 Park Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: 18‑unit student housing property with 64 beds and capacity for up to 72; Unit mix: four 3BD/2BA, two 2BD/2BA, ten 2BD/1BA, and two 1BD/1BA apartments; 2023 renovations included electrical and plumbing upgrades, new windows, kitchens, bathrooms, flooring, lighting, and fixtures
