1605 Electric Avenue

    Seal Beach, CA 90740
    • $1,599,000
    • STATUS: Active
    • ON SITE: 128 days
    • ID#: OC18113788
    $1,599,000
    • 0
      BEDS
    • 0.07
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 1,280
      SQFT
    • $1,249
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1939
    County:

    School Ratings & Info

    Description

    No expense spared on this fully remodeled, 3 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. This 3 unit complex is to be sold with the adjacent 4 units concurrently (1603 Electric Ave, see MLS ID#OC18114954). These are (2) individual parcels separated by a common courtyard, laundry and 4 garages (2 garages for each parcel). The current 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 countertops, 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 package represents current leases in place and historical expenses. Financial information and list price in this listing is for 1605 Electric Ave. only. These units may be financed separately to take advantage of multi-family interest rates but the owner desires to sell both parcels at the same time.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-09-23T00:32:58.077. 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/83676577

    1605 Electric Avenue Seal Beach, CA 90740

    • Price: $1,599,000
    • Status: Active
    • ID#: OC18113788
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.07
    Acres
    1,280
    SQFT
    $1,249
    $/SQFT
    1939
    Built
    Neighborhood:
    Old Town (Oldt)
    County:
    Orange
    Area:
    1A - Seal Beach
    Property Description
    No expense spared on this fully remodeled, 3 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. This 3 unit complex is to be sold with the adjacent 4 units concurrently (1603 Electric Ave, see MLS ID#OC18114954). These are (2) individual parcels separated by a common courtyard, laundry and 4 garages (2 garages for each parcel). The current 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 countertops, 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 package represents current leases in place and historical expenses. Financial information and list price in this listing is for 1605 Electric Ave. only. These units may be financed separately to take advantage of multi-family interest rates but the owner desires to sell both parcels at the same time.
    Exterior Features

    Architectural Style Bungalow Construction Materials Stucco Direction Faces Southwest Entry Level 1 Entry Location Ground Level With Steps Foundation Details Raised Garage Spaces 2.00 Lot Features GreenbeltLandscapedLevel With StreetPark NearbySprinkler System Lot Size Source Assessor Lot Size Units Square Feet Parking Features Garage - Single Door Parking Total 2.00 Parking YN Yes 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 CourtyardNeighborhoodPark Or Green Belt View YN Yes Waterfront Features Ocean Side Of Highway 1

    Interior Features

    Appliances DishwasherGarbage DisposalGas StoveMicrowaveRefrigeratorWater 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 LaminateWood Heating Electric Heating YN Yes Interior Features Ceiling FanGranite CountersRecessed LightingStone Counters Laundry Features AreaCommunityIndividual Room Levels One Room Type All Bedrooms DownFamily RoomMain Floor BedroomMain Floor Master Bedroom Window Features Double Pane Windows

    Property Features

    Accessibility Features No Interior Steps Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 3.50 Community Features CurbsSidewalksStreet Lighting Country Us Electric Electricity - On Property Electric Expense 168.00 Elevation Units Feet Fuel Expense 48.00 Gross Income 73200.00 Gross Operating Income 73200.00 Gross Scheduled Income 73200.00 Insurance Expense 1223.00 Land Lease YN No Laundry Equipment Own Lease Own Laundry Income 960.00 Laundry YN Yes Maintenance Expense 408.00 Net Operating Income 55185.00 New Taxes Expense 16000.00 Number Of Separate Electric Meters 1 Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Number Of Units Leased 3 Number With Dishwasher 3 Number With Patio 1 Number With Range 3 Number With Refrigerator 3 Operating Expense 18015.00 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 72240.00 Total Expenses 18015.00 Trash Expense 0.00 Utilities Natural Gas AvailableSewer AvailableWater Connected Water Sewer Expense 168.00 Water Source Public Year Built Source Assessor

    Listing provided courtesy of Dean Lueck of First Team Estates.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-09-23T00:32:58.077. 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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