Solteros Apartments

17300-17301 Keelson Ln., Huntington Beach, CA 92647

Overview

Property Offered at $29,950,000
Number of Units: 118
Year Built: 1968 & Renovations in 2015-2020

• 5% CAP Rate on Market Rents
• 5% Cash Flow Current / Over 7% at Market Rents
• Long Term Ownership / Significant Cap-X Improvements Completed
• Located in Huntington Beach’s Only Qualified Opportunity Zone
• Seller will entertain a package deal for the entire 135-unit Keelson portfolio, which includes 4 adjacent parcels comprising 17 additional units

 

Call agent to set up a tour, please do not disturb management or residents
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Investment Opportunity

 Triqor Group is pleased to present its newest investment opportunity, Solteros Apartments, a well maintained 118-unit apartment community in the highly desirable coastal City of Huntington Beach. Solteros has been owned and professionally managed for almost 50-years by a local Orange County family that has always taken pride in maintaining the property and its grounds for its residents. Solteros’ central Huntington Beach location is in close proximity to retail stores, shopping centers, as well as the city’s beautiful beaches and pier.

This coastal investment opportunity offers an astute investor the ability to purchase a well-run apartment complex with leverage to a new loan at historically low interest rates. After a 40% down payment, the property has the potential to offer in excess of 5% cash flow on current rents. After touring the property, a buyer will recognize the upside in growing rents by taking the interior upgrades to the next level with the addition of modern vinyl wood floors, high baseboards and modernized kitchen countertops and appliances. With current rent levels significantly below other comparable units in Huntington Beach, moving rents to market allows the opportunity to increase cash on cash return to over 7% per annum.

The property has had significant capital improvements over the past 6 years including new roofs, replacement of all windows and sliders, garage door replacement along with a major pool and deck renovation including all pool related plumbing. A RUBS program has also been implemented, offsetting utility costs reducing overall expenses. Huntington Beach and its coastal neighbors Costa Mesa and Newport Beach are of the strongest rental markets in Orange County. They have seen overall rent growth well over 50% since 2010.

As an added bonus, Solteros is located in a designated Qualified Opportunity Zone, the only such area in the City of Huntington Beach. This designation provides potential tax benefits; however, the buyer should consult with an attorney with expertise in this area.

An investor has the opportunity to purchase an additional 4 adjacent parcels comprising 17-units on Keelson Lane. Seller will entertain a package deal for the entire 135-unit Keelson Portfolio. Upon request, agent will provide a separate Offering Memorandum for each of the 4 additional properties.