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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.

Attachments

7U - Brochure

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
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
Walk Score ®
Very Walkable (74)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

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)
  • Listing ID: 33589803

  • Date on Market: 2024-10-21

  • Last Updated:

  • Address: 16972 Lynn Ln, Huntington Beach, CA 92649

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