1690 E Hillcrest Dr, Thousand Oaks, CA 91362

Property Description

20-unit apartment complex in the highly desirable, low turnover sale marketplace of Thousand Oaks. Now offered at only 11.3 x current rents while offering real upside. Built in 1963, the property offers a diverse unit mix of (6) 2BD/1BA units, (13)1BD/1BA units and (1) spacious 3BD/2BA unit. Improvementsof note include dual-pane windows, copper plumbing, newer exterior paint and recent upgrades to exterior 2nd story walkways. Approximately six units have been renovated with contemporary finishes, featuring updated cabinetry, quartz countertops, stainless steel sinks, luxury vinyl plank flooring,upgraded electrical subpanels, and split system HVAC systems. Each unit is separately metered for electricity and there are twowater heaters that draw power from solar panels to help offset utility costs. Additional amenities include an onsite laundryfacility with leased equipment on mo/mo agreement, tuck-under and open parking, and well-maintained common areas. Threeunits to be delivered vacant, providing an immediate value-add opportunity for a new owner to lease the units at market rents.Ideally situated near major employment centers, shopping, dining, and highly regarded schools including North Ranch ShoppingCenter, Oaks Corporate Center, Colina Middle School, and Oaks Christian School. Oak Manor Apartments is well positioned to benefit from the continued strength of the Thousand Oaksmultifamily market. Combining a desirable location, significant recent capital improvements, and meaningful upside through new lease-up the property represents a rare multifamily investment opportunity for the city of Thousand Oaks