Seal Beach, CA 90740,1603 1605 Electric AVE
Seal Beach, CA 90740,1603 1605 Electric AVE
Seal Beach, CA 90740,1603 1605 Electric AVE
40
$3,995,000
Est.Price: ?

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6,098 Sqft Lot

1603 1605 Electric AVE Seal Beach, CA 90740

Est. payment /mo
SOLD DATE : 06/02/2022

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Key Details

Property Type Condo

Sub Type Apartment

Listing Status Sold

Purchase Type For Sale

Subdivision Old Town (Oldt)

MLS Listing ID OC22080644

Sold Date 06/02/22

Construction Status Updated/Remodeled,Turnkey

HOA Y/N No

Year Built 1939

Lot Size 6,098 Sqft

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

Interior

Interior Features Ceiling Fan(s), Granite Counters, Open Floorplan, Stone Counters, Recessed Lighting, All Bedrooms Down, Bedroom on Main Level, Main Level Primary

Heating Electric, Wall Furnace

Cooling None

Flooring Laminate, Tile, Wood

Fireplaces Type None

Fireplace No

Appliance Dishwasher, Electric Oven, Gas Range, Microwave, Refrigerator, Water Heater

Laundry Common Area, Laundry Room

Exterior

Parking Features Door-Single, Garage, Garage Faces Rear

Garage Spaces 4.0

Garage Description 4.0

Fence Good Condition

Pool None

Community Features Curbs, Gutter(s), Street Lights, Sidewalks, Park

Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected

Waterfront Description Ocean Side Of Freeway,Ocean Side Of Highway

View Y/N Yes

View City Lights, Park/Greenbelt, Neighborhood, Peek-A-Boo

Roof Type Composition

Total Parking Spaces 4

Private Pool No

Building

Lot Description Front Yard, Landscaped, Level, Near Park, Sprinkler System, Street Level, Walkstreet

Faces Southwest

Story One

Entry Level One

Foundation Raised

Sewer Public Sewer

Water Public

Architectural Style Bungalow, Cottage

Level or Stories One

New Construction No

Construction Status Updated/Remodeled,Turnkey

Others

Senior Community No

Tax ID 19906425

Security Features Carbon Monoxide Detector(s),Smoke Detector(s)

Energy Description 745.0

Acceptable Financing Cash, Cash to New Loan, Owner May Carry

Listing Terms Cash, Cash to New Loan, Owner May Carry

Financing Cash

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Dean Lueck • Compass
Bought with Janet Irwin • Compass

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