1603 electric avenue

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  • Charming Seven-Unit Complex 1603 and 1605 Electric Avenue | Seal Beach

    Offered for $2,000,000

  • Approximately 1,809 Square Feet

    Lot Size Approximately 3,049 Square Feet

    Constructed in 1940

    Two-Car Garage

    Laundry Room

    1603 Electric Avenue 4 Units

    Consists of 4 Units with the Following Configuration:

    1 Two Bedroom, 1 Bath (Front Unit Facing Electric Avenue)

    2 One Bedroom, 1 Bath (Middle Units)

    1 One Bedroom, 1 Bath (Carriage Unit Above Garage with Deck)

    Kitchen

    Living Room11 x 20

    Bathroom

    Bedroom9 6 x 11 6

    Bedroom9 6 x 11 6

    Living Room11 3 x 11 3

    Bedroom8 6 x 11 3

    Bathroom

    ClosetKitchen

    5 9 x 11 3

    Kitchen5 9 x 11 3

    Living Room11 3 x 11 3

    Bedroom8 6 x 11 4

    Closet

    Bathroom

    Living Room11 3 x 11 3

    Bedroom8 6 x 11 4

    Closet

    Kitchen5 9 x 11 3

    Unit 1 Unit 2

    Unit 3 Unit 4

    Garage

    Garage

    Laundry

    Unit 4

    Unit 3

    Unit 2

    Unit 1

    Unit 7

    Unit 6

    Unit 5

  • Living Room10 x 15

    Bathroom

    Kitchen

    Bedroom10 x 15

    Living Room10 x 15

    Kitchen8 6 x 8 6

    Bedroom8 6 x 11

    ClosetBathroom

    Approximately 1,280 Square Feet

    Lot Size Approximately 3,049 Square Feet

    Constructed in 1939

    Two-Car Garage

    1605 Electric Avenue 3 Units

    Consists of 3 Units with the Following Configuration:

    1 Studio, 1 Bath (Front Unit Facing Electric Avenue)

    2 One Bedroom, 1 bath (Middle Units)

    Garage

    Garage

    Laundry

    Unit 4

    Unit 3

    Unit 2

    Unit 1

    Unit 7

    Unit 6

    Unit 5

    Unit 6

    Unit 7

    Living Room9 8 x 15 4

    Closet

    Kitchen9 x 9

    Bathroom

    Unit 5

  • This charming 7-unit complex is located just a few blocks away from famed Seal Beach Pier, white sand beaches, crashing waves and Main Street with great shopping, restaurants and parks. Located on popular Electric

    Avenue which features a beautiful and inviting tree-lined park in the grass median with plentiful parking, these adorable units are on 2 adjacent but separate parcels that are being sold together. The 2 buildings face

    each other and are separated by a private courtyard. Although somewhat original in condition, these units are clean and have been owned by the same family for many years and never been offered for sale. The units

    have been 100% rented to long term tenants for many years with great upside in gross income due to below market rents being charged. With a reasonable investment in light remodeling, the increase in income

    and ROI could be significant. Each building has a 2-car garage accessed through the back alley and there is one laundry facility. This is a great opportunity to own income property just a few blocks from the beach.

  • Specs and Financial Analysis

    Square Feet Lot Units Age Garages

    1603 1,809 3,049 4 1940 2

    1605 1,280 3,049 3 1939 2

    Total: 3,089 6,098 7 4

    Current Rental Income

    Proforma Rental Income

    $150K ImprovementsProforma Income

    Electric $1,760 $1,760 $1,760

    Gas $1,032 $1,032 $1,032

    Water, Sewer, Trash $3,063 $3,063 $3,063

    Maintenance/Repair $5,705 $5,705 $3,000

    Gardener $350 $350 $350

    New Taxes $20,000 $20,000 $20,000

    Insurance $2,642 $2,642 $2,642

    Vacancy (3%) $3,000 $3,708 $4,320

    Total Expenses $37,552 $38,260 $36,167

    As a % of Revenue 37.60% 31.0% 25.1%

    Total Net Income $61,508 $85,340 $107,833

    Estimated Cap Rate 3.08% 4.27% 4.90%*

    Annual Expenses

    Net Income

    Income

    1605 Current Rental Income

    Proforma Rental Income

    $150K ImprovementsProforma Income

    Unit 5 - Studio $825 $1,100 $1,250

    Unit 6 - 1 Bedroom $1,050 $1,350 $1,600

    Unit 7 - 1 Bedroom $1,220 $1,350 $1,600

    Garage $250 $300 $300

    Total Monthly: $3,345 $4,100 $4,750

    Annual: $40,140 $49,200 $57,000

    Combined Total Income

    $99,060 $123,600 $144,000

    Laundry $750 $750 $750

    Grand Total: $99,810 $124,350 $144,750

    1603 Current Rental Income

    Proforma Rental Income

    $150K ImprovementsProforma Income

    Unit 1 - 2 Bed/1 Bath $1,500 $2,000 $2,250

    Unit 2 - 1 Bedroom $1,025 $1,350 $1,600

    Unit 3 - 1 Bedroom $1,200 $1,350 $1,600

    Unit 4 - 1 Bedroom $1,185 $1,500 $1,800

    Garage

    Total Monthly: $4,910 $6,200 $7,250

    Annual: $58,920 $74,400 $87,000

    Physical

    *$150K added for improvements Total investment $2,150,000

  • An Affiliate of LUXURY PORTFOLIO INTERNATIONAL

    First Team Real Estate. All rights reserved. This representation is based on information from California Regional Multiple Listing Service, Inc., as of 11/18/2015. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. This is not intended to solicit a listed property. If your property is currently listed for sale with a broker, please disregard. 18464

    Karen FranssenREALTOR

    CalBRE# 01250469

    562-746-9624karenfranssen@yahoo.com

    www.karenfranssen.com

    Dean LueckREALTOR

    CalBRE# 01752859

    949-275-1801dlueck@cox.net

    www.deanlueck.com