Yorktown Apartments, an 18-unit multifamily property in Huntington Beach, was purchased by a private investor from nearby Newport Beach in a $7.4 million deal. This was the first time on the market in over 30 years for the property, located at 7701 Yorktown Ave, between Main Street and Beach Boulevard.
The property comprises one studio and 17 two-bedroom units, totaling approximately 15.9k sf of rentable space across two buildings constructed in 1973 and 1974. The 0.7-acre site includes a community courtyard, picnic area, and private patios or balconies in select units, with 35 total parking spaces (17 garage spaces and 18 open-space parking). Recent improvements include new exterior paint, garage roofs, stairs, upper-level walkways, and washers and dryers.
CBRE’s Dan Blackwell and Mike O’Neill represented the all-cash buyer and the seller, who was in a 1031 exchange. Blackwell notes that the listing generated considerable interest and garnered eight competitive offers.
The property closed in 66 days and sold for 97% of the list price, equating to $411,111 per unit and $465 per square foot. The buyer achieved a cap rate of 4.5% at closing, with the property offering approximately nine percent upside in current rents and the potential to add two accessory dwelling units (ADUs).
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
