Investment Overview

Marcus & Millichap is proud to present the Parkside Apartments located at 36200 Giffen Drive in Huron, California. The subject is a 50-unit community entirely comprised of single-story apartments. Built in 1978, the property is made up of two, three, and four-bedroom apartments with square footage ranging from 877 to 1,506. The property has a Project-Based Section 8 HAP Contract that was renewed in August 2019 and expires in August 2024. 49 out of the 50 units are receiving HAP subsidization. Parkside had a Joe Serna Jr. Farmworker Grant that was issued in 2002, but the Grant expired May 2022. There are currently 18 Farm Labor Families at the property with an additional four Retired Farm Labor Families from this grant. Buyer must provide a long-term use plan that meets Seller's goal of: Intention and ability to pursue a tax credit award that allows for significant rehabilitation work and long-term affordability restrictions (Rehab minimum of $35K/unit and 55-Year LURA). Parkside Apartments is located next to Keenan Park, Huron Community Park, and Chestnut Park. Chestnut Park includes a community swimming pool, picnic areas, a playground and a ball field. Keenan Park contains a community center, basketball courts, a playground, a fitness center, and a gym. Founded as a railroad town in 1888, Huron quickly became an agricultural hub, producing most of the country's wool. Today, with a population of around 7,000, it is still a rural area with agriculture as its primary industry. Huron's location in the heart of the valley allows residents to take day-trips to several popular cities: San Jose is about two hours northwest via I-5, Santa Barbara is about three hours southwest via the 101, and the beaches of Morro Bay are an hour away.