1603-1605 Electric Avenue

    Seal Beach, CA 90740
    • $3,998,000
    • STATUS: Active
    • ON SITE: 81 days
    • ID#: OC18153748
    UPDATED: 20 min ago
    $3,998,000
    • 0
      BEDS
    • 0.14
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 3,089
      SQFT
    • $1,294
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1939
    County:

    School Ratings & Info

    Description

    No expense spared on this fully remodeled, 7 unit adorable beach complex just a few blocks from the crashing waves in Old Town Seal Beach. Great location and opportunity for investors seeking a strong and consistent ROI without the headaches associated with managing older units. These are (2) individual parcels (APN #19906425 and #19906424 - address is 1603 and 1605 Electric Ave) separated by a common courtyard, laundry and 4 garages (2 garages for each parcel). The owner recently took all units down to the studs and painstakingly renovated the entire complex while keeping the charming feel of the original beach bungalows. Recent renovations included electrical, plumbing, roof, heating system, drywall, insulation, windows, doors and landscape. Completely remodeled kitchens with new appliances, quartz counter tops, cabinets, sinks and fixtures. All new bathrooms, toilets, vanities, cabinets, fixtures and tile work. High quality gray laminate flooring throughout plus new paint, light fixtures, garage doors and shared laundry room. Nothing like them in Seal Beach and Units are fully occupied! All financial information in this listing represents current leases in place and historical expenses. Financial information and list price is for both units. Individual parcel and financial information can be viewed at MLS #OC18114954 and OC18113788 where listed separately. These units may be financed separately to take advantage of multi-family interest rates. Turn key and Fully leased!

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-09-18T15:31:50.997. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
    www.playavistaliving.com/homes/85106934

    1603-1605 Electric Avenue Seal Beach, CA 90740

    • Price: $3,998,000
    • Status: Active
    • Updated: 20 min ago
    • ID#: OC18153748
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.14
    Acres
    3,089
    SQFT
    $1,294
    $/SQFT
    1939
    Built
    Neighborhood:
    Old Town (Oldt)
    County:
    Orange
    Area:
    1A - Seal Beach
    Property Description
    No expense spared on this fully remodeled, 7 unit adorable beach complex just a few blocks from the crashing waves in Old Town Seal Beach. Great location and opportunity for investors seeking a strong and consistent ROI without the headaches associated with managing older units. These are (2) individual parcels (APN #19906425 and #19906424 - address is 1603 and 1605 Electric Ave) separated by a common courtyard, laundry and 4 garages (2 garages for each parcel). The owner recently took all units down to the studs and painstakingly renovated the entire complex while keeping the charming feel of the original beach bungalows. Recent renovations included electrical, plumbing, roof, heating system, drywall, insulation, windows, doors and landscape. Completely remodeled kitchens with new appliances, quartz counter tops, cabinets, sinks and fixtures. All new bathrooms, toilets, vanities, cabinets, fixtures and tile work. High quality gray laminate flooring throughout plus new paint, light fixtures, garage doors and shared laundry room. Nothing like them in Seal Beach and Units are fully occupied! All financial information in this listing represents current leases in place and historical expenses. Financial information and list price is for both units. Individual parcel and financial information can be viewed at MLS #OC18114954 and OC18113788 where listed separately. These units may be financed separately to take advantage of multi-family interest rates. Turn key and Fully leased!
    Exterior Features

    Architectural Style BungalowCottage Construction Materials Stucco Direction Faces Southwest Fence YN Yes Fencing Good Condition Foundation Details Raised Garage Spaces 4.00 Lot Features Front YardLandscapedLevel With StreetLot-Level/FlatPark NearbySprinkler SystemWalkstreet Lot Size Source Assessor Lot Size Units Square Feet Parking Total 4.00 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Road Surface Type Paved Roof Composition Spa Features None Spa YN No View City LightsNeighborhoodPark Or Green BeltPeek-A-Boo View YN Yes

    Interior Features

    Appliances DishwasherElectric OvenGas RangeMicrowaveRefrigeratorWater Heater Central Appliances YN Yes Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Flooring LaminateTileWood Heating Wall HeaterElectric Heating YN Yes Interior Features Ceiling FanGranite CountersRecessed LightingStone Counters Laundry Features CommunityIndividual Room Levels Two Room Type KitchenLiving RoomMain Floor BedroomMain Floor Master BedroomMaster Bedroom Window Features Double Pane Windows

    Property Features

    Additional Parcels Description 19906424 Additional Parcels YN Yes Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 3.50 Community Features CurbsGuttersSidewalksStreet Lighting Country Us Electric Expense 416.00 Elevation Units Feet Fuel Expense 120.00 Gross Income 184920.00 Gross Operating Income 184920.00 Gross Scheduled Income 184920.00 Insurance Expense 2947.00 Land Lease YN No Laundry Equipment Own Lease Own Laundry Income 2400.00 Laundry YN Yes Maintenance Expense 1020.00 Net Operating Income 139967.00 New Taxes Expense 40000.00 Number Of Separate Electric Meters 2 Number Of Separate Gas Meters 2 Number Of Separate Water Meters 2 Number Of Units Leased 7 Number With Dishwasher 7 Number With Disposal 7 Number With Patio 7 Number With Range 7 Number With Refrigerator 7 Operating Expense 44953.00 Professional Management Expense 0.00 Property Condition TurnkeyUpdated/Remodeled Rent Control YN No Security Features Carbon Monoxide Detector(S)Smoke Detector Senior Community YN No Special Listing Conditions Standard Subdivision Name Other Old Town (Oldt) Total Actual Rent 181860.00 Total Expenses 44953.00 Trash Expense 32.00 Utilities Sewer ConnectedWater Connected Water Sewer Expense 418.00 Water Source Public

    Listing provided courtesy of Dean Lueck of First Team Estates.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-09-18T15:31:50.997. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
     
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