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
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