1603 electric avenue
DESCRIPTION
ÂTRANSCRIPT
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
www.karenfranssen.com
Dean LueckREALTOR®
CalBRE# 01752859
www.deanlueck.com