Oak Manor Apartments 1690 E Hillcrest Dr 20 Unit Apartment Building $6,450,000 ($322,500/Unit) 5.30% Cap Rate Thousand Oaks, CA 91362

1690 E Hillcrest Dr, “Oak Manor Apartments,” is a well-maintained 20-unit apartment complex in the highly desirable, low turnover sale marketplace of Thousand Oaks. 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. Improvements of note include dual-pane windows, copper plumbing, newer exterior paint and recent balcony upgrades. 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 two water heaters that draw power from solar panels to help offset utility costs. Additional amenities include an onsite laundry facility with leased equipment on mo/mo agreement, tuck-under and open parking, and well-maintained common areas. Three units 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 regardd schools including North Ranch Shopping Center, Oaks Corporate Center, Colina Middle School, and Oaks Christian School. Oak Manor Apartments is well positioned to benefit from the continued strength of the TO multifamily 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.