OFF-MARKET OPPORTUNITY - 7 Units Seal Beach
JUST REDUCED $350,000 to $3,595,000 4% CAP RATE | Seller May Carry Fully Remodeled & Leased
Fully Remodeled 7 Unit Seal Beach Complex 1603 & 1605 ELECTRIC AVENUE, SEAL BEACH Offered for $3,595,000
Unit 4
Living Room 11’ x 20’
Bedroom 9’ 6” x 11’ 6”
Bathroom Kitchen 5’ 9” x 11’ 3”
Closet
Yard Bedroom 8’ 6” x 11’ 3”
Kitchen
Bathroom
Living Room 11’ 3” x 11’ 3”
Garage Garage
Bedroom 9’ 6” x 11’ 6”
Unit 1
Laundry
Unit 2
Shower
Bathroom Kitchen 5’ 9” x 11’ 3”
Unit 3
Closet
Kitchen 5’ 9” x 11’ 3”
Bath
Closet
Unit 2
Living Room 11’ 3” x 11’ 3”
Bedroom 8’ 6” x 11’ 4”
Living Room 11’ 3” x 11’ 3”
Bedroom 8’ 6” x 11’ 4”
Unit 1
Unit 3
Unit 4 (upper) with deck
1603 ELECTRIC AVENUE – 4 UNITS No expense was spared on this fully remodeled, 7-unit, adorable beach complex on two adjacent parcels, just a few blocks from the crashing waves in Old Town Seal Beach. This is the ultimate opportunity for investors seeking a strong and consistent return on an investment, without the headaches commonly associated with managing older units. The complex consists of 4 units on one parcel and 3 units on the other parcel, separated by a charming common courtyard with a shared laundry facility and 4 garages—2 garages for each parcel.
Unit 4
Kitchen
Kitchen 9’ x 9’
Living Room 9’ 8” x 15’ 4”
Bedroom 10’ x 15’
Yard
Living Room 10’ x 15’ Garage
Pantry
Garage
Bathroom
Bathroom
Laundry
Closet
Unit 7
Unit 5
Unit 6
Kitchen 8’ 6” x 8’ 6”
Bedroom 8’ 6” x 11’
Unit 6
Living Room 10’ x 15’
Bathroom
Unit 5
Unit 7
Closet
1605 ELECTRIC AVENUE – 3 UNITS The current owner took these units down to the studs within the last 2 years and painstakingly renovated the entire complex from top to bottom while keeping the charming feel of the original beach bungalows. Everything is new, including the electrical, plumbing, roof, heating system, drywall, insulation, windows, doors, and outdoor hard-scape and soft-scape. The interior of the units keep the “beach house” feel and offer completely remodeled kitchens with new appliances, quartz countertops, cabinets, sinks and fixtures. All new bathrooms come with new toilets, vanities, cabinets, fixtures, and tile work. Other improvements include high-quality gray-wash laminate flooring throughout, plus new paint, light fixtures, garage doors, laundry room, cable, and CAT5 wiring.
UNIT AND FINANCIAL ANALYSIS
Unit Mix
Annual Expenses SQUARE FEET
LOT
UNITS
AGE
GARAGES
1603 ELECTRIC AVE.
COST
1605 ELECTRIC AVE.
COST
1603
1,809
3,049
4
1940
2
New Taxes
$21,900
New Taxes
$14,600
1605
1,280
3,049
3
1939
2
Electric
$250
Electric
$168
4
Gas
$72
Gas
$48
Water, Sewer, Trash
$250
Water, Sewer, Trash
$168
Maintenance/Repairs
$612
Maintenance/Repairs
$408
Insurance
$1,724
Insurance
$1,223
Total Expenses
$24,808
Total Expenses
$16,615
Income
$112,260
Income
$71,340
Net Income
$87,452
Net Income
$54,725
Cap Rate
4.0%*
Cap Rate
3.95%*
Total:
3,089
6,098
7
Income and Rent Roll 1603
CONFIGURATION
MONTHLY INCOME
ANNUAL INCOME
LEASED
Unit 1
2 bed/1bath
$2,895
$34,740
Yes
Unit 2
1 bed/1bath
$2,050
$24,600
Yes
Unit 3
1 bed/1bath
$2,095
$25,140
Yes
Unit 4
1 bed/1bath
$2,195
$26,340
Yes
$120
$1,440
Totals:
$9,355
$112,260
1605
CONFIGURATION
MONTHLY INCOME
ANNUAL INCOME
LEASED
Unit 5
Studio
$1,725
$20,700
Yes
Unit 6
1 bed/1bath
$2,145
$25,740
Yes
Unit 7
1 bed/1bath
$1,995
$23,940
Yes
$80
$960
$5,945
$71,340
$15,300
$183,600
Laundry
Laundry Totals:
Purchase price allocation of $2,200,000*
Purchase price allocation of $1,395,000*
Combined Total $3,595,000 (2 Parcels) Total combined expenses
$41,423
Total combined income
$183,600
Total combined net income
$142,177
Total combined cap rate
4.0%
Combined Income Total INCOME GRAND TOTAL
PLEASE DO NOT DISTURB TENANTS OR GO ON THE PROPERTY WITHOUT THE LISTING AGENT – TENANTS ARE UNAWARE OF THE PENDING SALE 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 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. The units are fully occupied, and there have been no 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.
PLEASE DO NOT DISTURB TENANTS OR GO ON THE PROPERTY WITHOUT AUTHORIZATION – TENANTS ARE UNAWARE OF THE PENDING SALE
Information is believed to be correct, but shall not be relied upon without verification. Accuracy of square footage, lot size and financial information is not guaranteed. © First Team Real Estate. All rights reserved.
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