311 Apartment Homes

La Habra is a vibrant community located in northeastern Orange County, CA with a population of approximately 62,000. La Habra is bordered by the cities of Brea, Fullerton, and Whittier. Major employers in the submarket include Beckman Coulter, Raytheon, St. Jude Medical Group, California State University Fullerton, and the City of La Habra. With average household incomes of over $110,000 and average home values exceeding $850,000, La Habra is an affluent and sought-after community. The Property is in close proximity to numerous retail, grocery, and restaurant amenities in the La Habra Town Center, located at the intersection of N Idaho Street and Whittier Blvd. Additionally, residents enjoy convenient access to public transportation via several OCBUS stops along N Idaho Street, Whittier Blvd., and La Habra Blvd. Further, the highly rated local elementary and high schools are both conveniently located within walking distance of the property. The Property is located in close proximity to Beach Boulevard, Imperial Highway, and Whittier Boulevard, which provide easy access to the 5, 91, 57, and 605 freeways, thereby facilitating access to much of Orange County and Los Angeles County. This freeway accessibility gives residents the ability to quickly drive to various employment and entertainment hubs throughout metro. This small yet vibrant city’s claim to fame to the annual Corn Festival which has been going strong for 65 years! La Habra celebrates the arts and culture as well as their open outdoor spaces with over 20 parks. La Habra is also where the Hass avocado originated in the 1920s.311 Apartment Homes (the “Property”) is located at 311 North Idaho Street in La Habra, CA. The Property consist of 9 low density garden style units in two single story buildings. The asset features an excellent unit mix consisting of seven (7) 1 bedroom / 1 bathroom units and two (2) newly constructed 3 bedroom / 2 bathroom units on a spacious 23,724 square foot parcel. The property includes 12 assigned parking spaces, is separately metered for gas and electric, and residents enjoy large private yards. 311 Apartment Homes has recently undergone a comprehensive renovation program with over $1.1 million invested into upgrading the property. As such, residents are provided a high quality living experience and a new owner will enjoy a truly turn-key investment property. Property improvements completed include, but are not limited to, complete unit interior renovation to all units (addition of in-suite laundry, plank vinyl flooring, new cabinets, quartz countertops, new bathtub and shower surrounds, new electrical subpanels, upgraded lighting package, fresh paint, central AC and heat, stainless steel appliances and modern finishes), new windows, new unit entry doors, new fencing, complete landscaping replacement, concrete replacement & repair, roof repair, stucco repair & exterior paint, asphalt repair / replacement and new exterior lighting. 311 Apartment Homes is conveniently located between two large shopping centers, La Habra Gateway and La Habra Marketplace, both of which provide a variety of dining, shopping and entertainment opportunities. The Property is located near Beach Boulevard and Imperial Highway , making for a easy commute to the greater Orange County and Los Angeles County metros. Given the scope of the renovations, the current rents being achieved, and the ancillary income produced, this is an amazing turnkey, stabilized multifamily asset in a strong performing market.