Electric Avenue

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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