Charming Seven Unit Complex 1603 & 1605 ELECTRIC AVENUE, SEAL BEACH $4,125,000
1603 ELECTRIC AVENUE - 4 UNIT PARCEL 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 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.
1605 ELECTRIC AVENUE - 3 UNIT PARCEL The current owner took these units down to the studs within the last 4 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.
SPECS AND FINANCIAL ANALYSIS 1603 & 1605 ELECTRIC AVENUE, LONG BEACH
Physical SQUARE FEET
COMBINED 7 UNIT Annual Expenses
LOT
UNITS
AGE
GARAGES
1603 ELECTRIC 1,809
3,049
4
1940
2
1605 ELECTRIC 1,280
3,049
3
1939
2
New Taxes
$41,250
Total:
6,098
7
4
Electric
$2,711
Gas
$745
Water, Sewer, Trash
$2,471
Maintenance/Repairs
$3,962
Insurance
$4,147
3,089
Income and Rent Roll 1603 ELECTRIC CONFIGURATION
MONTHLY INCOME
ANNUAL INCOME
LEASED
Unit 1
2 Bed | 1 Bath
$2,595
$31,140
Yes
Unit 2
1 Bed | 1 Bath
$2,095
$25,140
Yes
Landscape
$1,800
Unit 3
1 Bed | 1 Bath
$2,095
$25,140
Yes
Cleaning
$330
Unit 4
1 Bed | 1 Bath
$2,195
$26,340
Yes
Laundry
$912
$300
$3,600
Utility Reimbursement
-$4,350
$9,280
$111,360 Total Expenses
$53,978
As a % of Revenue
29.40%
Gross Income
$183,180
Net Income
$129,202
Purchase Price Allocation
$4,125,000
Cap Rate
3.12%
Laundry Totals: 1605 ELECTRIC CONFIGURATION
MONTHLY INCOME ANNUAL INCOME
LEASED
Unit 5
Studio
$1,695
$20,340
Yes
Unit 6
1 Bed | 1 Bath
$2,195
$26,340
Yes
Unit 7
1 Bed | 1 Bath
$2,095
$25,140
Yes
Totals:
$5,985
$71,820
$15,265
$183,180
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 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.
PLEASE DO NOT DISTURB TENANTS OR GO ON THE PROPERTY WITHOUT THE LISTING AGENT. TENANTS ARE UNAWARE OF THE PENDING SALE.