With vacancy at 4.0 percent (2Q 2018) and year-over-year rent growth of 5.6 percent (2016) and 3.1 percent (2017), the La Habra submarket is well-positioned for continued growth. In addition, a vast majority of households are priced out of single family home ownership in La Habra as the average monthly mortgage payment on median priced single family homes exceeds average rent in the area by $1,546.
Built in 1961, Maple Street Apartments offers investors a rare opportunity to acquire 11 units in the highly desirable city of La Habra. Situated on a 0.33-acre lot, the 7,874 square foot property consists of six, one-bedroom units, four, two-bedroom units and one, three-bedroom unit. A new owner will have the opportunity to capitalize on strong market trends by increasing in-place rents to market rental rates.
Given the strong demographics and unique appeal of the subject property, Maple Street Apartments is well suited to provide investors with strong returns and value appreciation over the long term investment horizon.