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1603 1605 Electric AVE Seal Beach, CA 90740
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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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Bought with Janet Irwin • Compass