Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Duke Apartment Homes, an 11-unit multifamily investment opportunity located in Huntington Beach, California.
The 13,305 square foot property consists of spacious two- and three-bedroom floor plans and offers amenities including garage parking with remote control access, open parking, on-site laundry facilities, private balconies with storage, controlled access with keypad entry, and a gated dog park. Built in 1988 and renovated in 2018, the property features immaculate units with upgrades including ceiling fans, stainless steel appliances, fully equipped kitchens, quartz or granite countertops, and more. Exterior renovations include new signage and flags, new paint, new awnings, a gated dog park, and updated balconies.
The Huntington Beach rental market is among the strongest performing areas in metro Orange County, with an average occupancy of 98.68 percent (2017) and average yearly effective rent growth of 5.60 percent (from 2014 to 2018), demonstrating the strong demand for rental housing. Huntington Beach’s coastal location, strong economic growth, and unmatched local attractions have made it one of Southern California’s most desirable and versatile multifamily markets.
Given the strength of the overall apartment market within the city of Huntington Beach, the property offers an investor the ability to capture quality tenants seeking a great neighborhood with convenient access to a wide variety of activities, transportation and retail amenities. This overall demand for well-located apartments will be a key driver in the continued growth at Duke Apartment Homes.