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1603 Electric AVE Seal Beach, CA 90740
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Key Details
Sold Price $3,850,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 3,089 sqft
Price per Sqft $1,246
Subdivision Old Town (Oldt)
MLS Listing ID OC22080644
Sold Date 06/02/22
Style Bungalow,Cottage
Construction Status Turnkey,Updated/Remodeled
HOA Y/N No
Year Built 1939
Lot Size 6,098 Sqft
Acres 0.14
Property Sub-Type Apartment
Property Description
Rare opportunity to purchase one of the finest 7-unit income properties in Old Town Seal Beach. These fully remodeled beach bungalows offer a strong cap rate in a spectacular location just a few blocks from the beach and downtown. The current owner took these units down to the studs in 2017 and painstakingly renovated the entire complex from top to bottom while keeping the charming feel of the original beach bungalows. During the renovation, almost everything was replaced including electrical, plumbing, roof, heating system, water heater, drywall, insulation, windows, doors, and outdoor hardscape and softscape. The interior of the units retained the Beach House feel and offer completely remodeled kitchens with new appliances, quartz countertops, cabinets, sinks and fixtures. All bathrooms were renovated with new toilets, vanities, cabinets, fixtures, and tile work. Other improvements include high-quality gray-wash laminate flooring throughout, new paint, light fixtures, garage doors, laundry room, cable and CAT-5 wiring. Electric Avenue is one of the most popular streets in Seal Beach and features a park in the center median. It is only a few blocks to the crashing waves, pier, downtown shopping, restaurants, and activities. These are remarkable units, and there is nothing else like them in Seal Beach. Once the remodel was completed, all units were fully leased within the first 10 days which demonstrates the demand for quality units. The units are currently fully occupied, and there have been no extended vacancies since the remodel was completed. All financial information in this package represents current leases in place and historical expenses as represented by the Seller. These units may be financed separately to take advantage of multi-family interest rates, but the owner requires both units to be purchased together. This remarkable property is priced at a true 3.6% cap with income upside potential located a few blocks from the beach and fully renovated Hard to beat this combination!
Location
State CA
County Orange
Area 1A - Seal Beach
Rooms
Other Rooms All Bedrooms Down, Kitchen, Living Room, Main Floor Bedroom, Main Floor Master Bedroom, Master Bedroom
Interior
Interior Features Ceiling Fan(s), Granite Counters, Open Floorplan, Recessed Lighting, Stone Counters
Heating Electric, Wall Furnace
Cooling None
Flooring Laminate, Tile, Wood
Fireplaces Type None
Appliance Dishwasher, Electric Oven, Gas Range, Microwave, Refrigerator, Water Heater Central
Laundry Community, Individual Room
Exterior
Parking Features Garage Faces Rear, Garage - Single Door
Garage Spaces 4.0
Fence Good Condition
Pool None
Community Features Curbs, Gutters, Sidewalks, Street Lights
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Waterfront Description Ocean Side of Freeway,Ocean Side Of Highway 1
View Y/N 1
View City Lights, Neighborhood, Park/Greenbelt, Peek-A-Boo
Roof Type Composition
Private Pool No
Building
Lot Description Front Yard, Landscaped, Level with Street, Level, Park Nearby, Sprinkler System, Walkstreet
Foundation Raised
Sewer Public Sewer
Water Public
Architectural Style Bungalow, Cottage
Level or Stories One
New Construction No
Construction Status Turnkey,Updated/Remodeled
Others
Senior Community No
Security Features Carbon Monoxide Detector(s),Smoke Detector(s)
Acceptable Financing Conventional
Listing Terms Conventional
Financing Conventional
Special Listing Condition Standard
Lease Land No
Confidential INFO
BAC 2.0
TERMS Cash,Cash To New Loan,Owner May Carry
LIST AGRMT Exclusive Right To Sell
LIST SERVICE Full Service
SHOW CONTACT TYPE See Remarks
SHOW CONTACT NAME See Remarks
SHOW CONTACT PH See Remarks
SHOW INSTRUCTIONS No showings without an accepted offer (subject to inspection). The property is fully occupied and tenants are unaware of the sale. DO NOT enter the courtyard or go on the property under any circumstances! Full brochure and offering memorandum is attached in the MLS supplement section OR click on the virtual tour for an unbranded 12 page digital brochure and offering memorandum with floor plans, site plan, extensive photos of each unit and all financial information. Please note Buyer(s) must agree to work with Seller on timing of this transaction to coincide with Seller's 1031 Exchange purchase. Text Dean at 949-275-1801 with any questions
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