Lynn Lane Apartments | 16972 Lynn Ln
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Lynn Lane Apartments 16972 Lynn Ln
7 Unit Apartment Building $4,670,564 CAD ($667,223 CAD/Unit) 3.96% Cap Rate Huntington Beach, CA 92649
Investment Highlights
- Excellent Pride of Ownership & Turn-Key Investment Opportunity, Plus New Roof in 2020
- Ample Parking Which Includes 12 Spots: 6 Single Car Garages Plus 6 Surface Spots
- Highly Desirable Huntington Harbor Location, Within One Mile of Local Huntington Beaches, Pacific Coast Highway & Retail Attractions
- Substantial Interior & Exterior Renovations Include: New Flooring, New Kitchen Cabinets, New Bathroom Vanities, New Interior Paint & New Windows
- Private Patios & Balconies, On-Site Laundry Room, and Separately Metered for Gas & Electricity
- Excellent Location Within Walking Distance to Trader Joe’s, Bank of America, Chase Bank, and Huntington Harbor Medical Center
Executive Summary
We are pleased to present 16972 Lynn Lane located in beautiful Huntington Beach, CA. Built in 1976, this garden style two story walkup is well-located in a highly desirable Coastal location of Huntington Harbor. The asset has great curb appeal with nice landscaping, including well-maintained trees and other greenery. The property has an excellent unit mix of one 2 bed / 1 bath, five 1 bed / 1 bath units and a studio apartment. All units have all been renovated with new hardwood floors, new kitchen cabinets, new bathroom tile flooring, and new interior paint.
Additional building upgrades include a new roof installed in February 2020, and new windows and exterior paint. The property has ample parking, including six secure single car garages, six assigned on-site spaces, and additional open street parking. The tenants enjoy private patios and balconies, on-site community laundry room, and each unit is separately metered for gas and electric.
A key driver in the desirability of this asset is its prime Huntington Beach coastal location, just a mile away from the beach. Within 0.25 miles of the asset includes a Trader Joe’s, Bank of America, Chase Bank, and the Huntington Harbor Medical Center. The property is also conveniently located a mile from Huntington Harbor, Bolsa Chica State Beach, Sunset Beach, and Pacific Coast Highway.
Additional building upgrades include a new roof installed in February 2020, and new windows and exterior paint. The property has ample parking, including six secure single car garages, six assigned on-site spaces, and additional open street parking. The tenants enjoy private patios and balconies, on-site community laundry room, and each unit is separately metered for gas and electric.
A key driver in the desirability of this asset is its prime Huntington Beach coastal location, just a mile away from the beach. Within 0.25 miles of the asset includes a Trader Joe’s, Bank of America, Chase Bank, and the Huntington Harbor Medical Center. The property is also conveniently located a mile from Huntington Harbor, Bolsa Chica State Beach, Sunset Beach, and Pacific Coast Highway.
Financial Summary (Actual - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
---|---|---|
Gross Rental Income | $266,354 | $31.49 |
Other Income | $615 | $0.07 |
Vacancy Loss | $5,327 | $0.63 |
Effective Gross Income | $261,642 | $30.93 |
Taxes | $50,910 | $6.02 |
Operating Expenses | $25,765 | $3.05 |
Total Expenses | $76,675 | $9.07 |
Net Operating Income | $184,967 | $21.87 |
Financial Summary (Actual - 2024)
Gross Rental Income (CAD) | |
---|---|
Annual | $266,354 |
Annual Per SF | $31.49 |
Other Income (CAD) | |
---|---|
Annual | $615 |
Annual Per SF | $0.07 |
Vacancy Loss (CAD) | |
---|---|
Annual | $5,327 |
Annual Per SF | $0.63 |
Effective Gross Income (CAD) | |
---|---|
Annual | $261,642 |
Annual Per SF | $30.93 |
Taxes (CAD) | |
---|---|
Annual | $50,910 |
Annual Per SF | $6.02 |
Operating Expenses (CAD) | |
---|---|
Annual | $25,765 |
Annual Per SF | $3.05 |
Total Expenses (CAD) | |
---|---|
Annual | $76,675 |
Annual Per SF | $9.07 |
Net Operating Income (CAD) | |
---|---|
Annual | $184,967 |
Annual Per SF | $21.87 |
Property Facts
Price | $4,670,564 CAD | Apartment Style | Low Rise |
Price Per Unit | $667,223 CAD | Building Class | C |
Sale Type | Investment | Lot Size | 0.19 AC |
Cap Rate | 3.96% | Building Size | 8,458 SF |
Gross Rent Multiplier | 17.54 | Average Occupancy | 100% |
No. Units | 7 | No. Stories | 2 |
Property Type | Multifamily | Year Built/Renovated | 1976/2020 |
Property Subtype | Apartment | Parking Ratio | 2.57/1,000 SF |
Price | $4,670,564 CAD |
Price Per Unit | $667,223 CAD |
Sale Type | Investment |
Cap Rate | 3.96% |
Gross Rent Multiplier | 17.54 |
No. Units | 7 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.19 AC |
Building Size | 8,458 SF |
Average Occupancy | 100% |
No. Stories | 2 |
Year Built/Renovated | 1976/2020 |
Parking Ratio | 2.57/1,000 SF |
Unit Amenities
- Balcony
- Cable Ready
- Disposal
- Microwave
- Heating
- Ceiling Fans
- Kitchen
- Granite Countertops
- Hardwood Floors
- Range
- Tub/Shower
- Dining Room
- Double Pane Windows
- Family Room
- Patio
- Vinyl Flooring
Site Amenities
- Laundry Facilities
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
2+1 | 1 | $3,898 CAD | 826 |
1+1 | 5 | $2,912 CAD | 700 |
Studios | 1 | $2,764 CAD | 344 |
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Walk Score ®
Very Walkable (74)
PROPERTY TAXES
Parcel Number | 178-261-08 | Total Assessment | $2,489,910 CAD (2023) |
Land Assessment | $1,638,943 CAD (2023) | Annual Taxes | $50,910 CAD ($6.02 CAD/SF) |
Improvements Assessment | $850,967 CAD (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
178-261-08
Land Assessment
$1,638,943 CAD (2023)
Improvements Assessment
$850,967 CAD (2023)
Total Assessment
$2,489,910 CAD (2023)
Annual Taxes
$50,910 CAD ($6.02 CAD/SF)
Tax Year
2024
zoning
Zoning Code | R2 (Multifamily) |
R2 (Multifamily) |
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Lynn Lane Apartments | 16972 Lynn Ln
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