1603 & 1605 Electric Avenue, Long Beach

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.