1761 Park Avenue,Long Beach, CA 90815
Long Beach, CA 90815
Description
STUDENT HOUSING OPPORTUNITY - 64 BEDS + 8 BEDS = 72 MAX BEDS. 7.47% CURRENT CAP, WITH MARKET CAP RATE AT 8.63%-9.14%! Park Villa Apartments, an 18-unit / 64-bed off-campus student housing asset serving California State University, Long Beach (CSULB). The property operates under a "by-the-bed" leasing model commonly used in purpose-built student housing, offering furnished individual beds rather than leasing entire units. This structure provides students greater flexibility while generating higher effective rents per unit and diversified cash flow for ownership. Park Villa Apartments features (4) 3BD/2BA, (2) 2BD/2BA, (10) 2BD/1BA and (2) 1BD/1BA units surrounding a landscaped courtyard, along with on-site laundry, eight garages and 12 tandem surface parking spaces. Comprehensive renovations completed in 2023 include upgraded electrical and plumbing systems, new dual-pane windows, laminate flooring, shaker-style cabinetry, quartz countertops, stainless steel appliances, updated bathrooms, modern lighting, ceiling fans and fixtures throughout. The property is located near Long Beach's Traffic Circle, providing walkable access to extensive retail, dining and everyday services. Its proximity to CSULB and the 405 Freeway also provides convenient connectivity throughout Long Beach, the South Bay and Orange County. CSULB has 3,500 on-campus beds serving more than 42,000 students-an on-campus housing saturation rate of approximately 8%-leaving the overwhelming majority of students reliant on the private housing market. Demand is further supported by record enrollment and approximately 84,000 applications in the most recent admissions cycle, the highest applicant volume in the 23-campus CSU system. This persistent supply-demand imbalance provides Park Villa Apartments with a deep, recurring renter pool. Combined with annual lease resets, recurring new-student demand and approximately 25% tenant retention, the property's by-the-bed model provides a compelling foundation for stable occupancy, income growth and long-term student housing demand.
Details
| MLS # | PW26215271 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1963 |
| Days On Site | 26 |
| Listing Provided By | Keller Williams Realty Downey | Robert Stepp |
Features
| SQ Feet | 15,918 |
|---|---|
| Garage | 8 |
| Story(s) | 2 |
| Units | 18 |
| Building(s) | 1 |
| Zoning | LBR4R |
| Acreage | 0.37 |
Exterior
| Lot Features | Sixteen To Twenty Units Acre |
|---|
Parking
| Parking Features | Garage, Tandem, Uncovered |
|---|---|
| Garage Yes / No | Yes |
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Urban |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90815 |
| Area | 3 Eastside | Circle Area |
| Community Name | Circle (CA) |
| Listing VS Median (in Circle (CA)) | |
Price: $8,000,000 low | high Med: $498,000 sqft: 15,918 low | high Med: 1,023 $ / sqft: $503 low | high Med: $487 On site: 26 low | high Med: 16 | |
Market Activity 90815
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90815 |
| Area | 3 Eastside | Circle Area |
| Community Name | Circle (CA) |
| Listing VS Median (in Circle (CA)) | |
Price: $8,000,000 low | high Med: $498,000 sqft: 15,918 low | high Med: 1,023 $ / sqft: $503 low | high Med: $487 On site: 26 low | high Med: 16 | |