Hawaiian Terrace Apartments
101 Unit Apartment Building | $26,000,000 ($257,426/Unit) | 4.21% Cap Rate | Hawaiian Gardens, CA 90716
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $26,000,000
- Property Type
-
Multifamily
- Square Feet
- 91,779 SF
Listing Contacts
Doug Rodermund
Verified Profile
Rick Applebaum
Verified Profile
Paul Espinosa
Verified Profile
- Property Info
Property Overview
Morgan Skenderian is pleased to present the Hawaiian Terrace Senior Apartments, a 101-unit, active adult senior apartment building (for the 55+ community) in the city of Hawaiian Gardens. Built in 1990 and situated on almost 2.5 acres of land, the property is comprised of one and two-bedroom floor plans. Property amenities include controlled access, laundry facilities, a leasing office, a clubhouse, elevators and an expansive courtyard area. Units are newly renovated and amenities include stainless steel appliances, vinyl plank flooring, ceiling fans, and a private patio or balcony. Driven by an aging population and through the continued modernization of the remaining units and increases on current rent levels that are projected to be approximately 31% below market, the Hawaiian Terrace Senior Apartments has phenomenal growth potential and exceptional future cash-on-cash returns.
Ideally located in the city of Hawaiian Gardens and given its close proximity to Los Alamitos, Long Beach, Cypress and La Palma, residents have access to an endless amount of dining, shopping, and entertainment options. Additionally, the property is located near Highway 39 (Beach Boulevard), State Route 605 (San Gabriel River Freeway) State Route 91 (Riverside Freeway) and State Route 405 (San Diego Freeway), allowing for ease of access to regional employment hubs in Los Angeles and Orange Counties.
Ideally located in the city of Hawaiian Gardens and given its close proximity to Los Alamitos, Long Beach, Cypress and La Palma, residents have access to an endless amount of dining, shopping, and entertainment options. Additionally, the property is located near Highway 39 (Beach Boulevard), State Route 605 (San Gabriel River Freeway) State Route 91 (Riverside Freeway) and State Route 405 (San Diego Freeway), allowing for ease of access to regional employment hubs in Los Angeles and Orange Counties.
Property Details
- Class
- B
- Year Built
- 1990
- Stories
- 3
- Lot Size (sq. ft)
- 107,593 SF
- Units
- 101
Highlights
- Active Adult Senior Apartments for the 55 and Over Community
- Built in 1990
- Attractive Unit Mix of One- & Two-Bedroom Floor Plans
- Value-Add Opportunity with Significant Rental Upside
- Desirable Unit Features Include Private Patios/Balconies, Ceiling Fans, Dishwashers, Central Heat & A/C & More
- Prime Hawaiian Gardens Location Adjacent to Los Alamitos, Long Beach, Cypress and La Palma
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