Sonji Friedman
Berkshire Hathaway HomeService
(562) 262-8375
3 Total Sales
1 in Seal Beach
$465,000 Price
1603 Electric Ave Seal Beach, CA 90740
Seal Beach Area
7
Beds
7
Baths
3,089
Sq Ft
6,098
Sq Ft Lot
Highlights
- All Bedrooms Downstairs
- Ocean Side of Highway 1
- Open Floorplan
- J. H. Mcgaugh Elementary School Rated A
- City Lights View
- Property is near park
About This Home
As of June 2022Rare opportunity to purchase one of the finest 7-unit income properties in Old Town Seal Beach. These fully remodeled beach bungalows offer a strong cap rate in a spectacular location just a few blocks from the beach and downtown. The current owner took these units down to the studs in 2017 and painstakingly renovated the entire complex from top to bottom while keeping the charming feel of the original beach bungalows. During the renovation, almost everything was replaced including electrical, plumbing, roof, heating system, water heater, drywall, insulation, windows, doors, and outdoor hardscape and softscape. The interior of the units retained the “Beach House” feel and offer completely remodeled kitchens with new appliances, quartz countertops, cabinets, sinks and fixtures. All bathrooms were renovated with new toilets, vanities, cabinets, fixtures, and tile work. Other improvements include high-quality gray-wash laminate flooring throughout, new paint, light fixtures, garage doors, laundry room, cable and CAT-5 wiring. 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 crashing waves, 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 which demonstrates the demand for quality units. The units are currently 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. This remarkable property is priced at a true 3.6% cap with income upside potential located a few blocks from the beach and fully renovated – Hard to beat this combination!
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Property Details
Home Type
- Multi-Family
Year Built
- Built in 1939 | Remodeled
Lot Details
- 6,098 Sq Ft Lot
- Two or More Common Walls
- Southwest Facing Home
- Fenced
- Fence is in good condition
- Landscaped
- Level Lot
- Sprinkler System
- Front Yard
- 19906424
Parking
- 4 Car Garage
- Parking Available
- Rear-Facing Garage
- Single Garage Door
Property Views
- City Lights
- Peek-A-Boo
- Park or Greenbelt
- Neighborhood
Home Design
- Cottage
- Bungalow
- Apartment
- Turnkey
- Raised Foundation
- Composition Roof
- Stucco
Interior Spaces
- 3,089 Sq Ft Home
- Open Floorplan
- Ceiling Fan
- Recessed Lighting
- Double Pane Windows
- Living Room
- Laundry Room
Kitchen
- Electric Oven
- Gas Range
- Microwave
- Dishwasher
- Granite Countertops
Flooring
- Wood
- Laminate
- Tile
Bedrooms and Bathrooms
- 7 Bedrooms
- All Bedrooms Down
- 7 Bathrooms
Home Security
- Carbon Monoxide Detectors
- Fire and Smoke Detector
Outdoor Features
- Ocean Side of Highway 1
- Exterior Lighting
- Rain Gutters
Location
- Property is near park
Utilities
- Wall Furnace
- Natural Gas Connected
- Central Water Heater
Listing and Financial Details
- Tenant pays for all utilities
- Tax Lot 2,3
- Tax Tract Number 10
- Assessor Parcel Number 19906425
- $17 per year additional tax assessments
Community Details
Overview
- No Home Owners Association
- 2 Buildings
- 7 Units
- Old Town Subdivision
Amenities
- Laundry Facilities
Building Details
- 7 Leased Units
- 2 Separate Electric Meters
- 2 Separate Gas Meters
- 2 Separate Water Meters
- Electric Expense $416
- Fuel Expense $745
- Gardener Expense $1,800
- Insurance Expense $4,147
- Maintenance Expense $2,400
- Other Expense $912
- Supplies Expense $330
- Water Sewer Expense $416
- New Taxes Expense $40,000
- Operating Expense $51,166
- Gross Income $194,940
- Net Operating Income $143,774
Ownership History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Apr 21, 2022
Closed on
May 4, 2022
Sold by
Bought by
Seller's Agent
Dean Lueck
Compass
Buyer's Agent
Janet Irwin
Compass
List Price
$3,995,000
Sold Price
$3,850,000
Premium/Discount to List
-$145,000
-3.63%
Purchase Details
Listed on
Jan 25, 2016
Closed on
Jan 15, 2016
Sold by
Bought by
Seller's Agent
Dean Lueck
Compass
Buyer's Agent
Dean Lueck
Compass
List Price
$1,100,000
Sold Price
$1,035,000
Premium/Discount to List
-$65,000
-5.91%
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
22.98%
Original Mortgage
$2,500,000
Interest Rate
3.92%
Mortgage Type
Purchase Money Mortgage
Purchase Details
Listed on
Jan 25, 2016
Closed on
Jan 14, 2016
Sold by
Bought by
Seller's Agent
Dean Lueck
Compass
Buyer's Agent
Dean Lueck
Compass
List Price
$1,100,000
Sold Price
$1,035,000
Premium/Discount to List
-$65,000
-5.91%
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,500,000
Interest Rate
3.92%
Mortgage Type
Purchase Money Mortgage
Purchase Details
Listed on
Jan 25, 2016
Closed on
Dec 10, 2015
Sold by
Bought by
Seller's Agent
Dean Lueck
Compass
Buyer's Agent
Dean Lueck
Compass
List Price
$1,100,000
Sold Price
$1,035,000
Premium/Discount to List
-$65,000
-5.91%
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,500,000
Interest Rate
3.92%
Mortgage Type
Purchase Money Mortgage
Purchase Details
Closed on
Jul 8, 2015
Sold by
Bought by
Purchase Details
Closed on
Nov 19, 2007
Sold by
Bought by
Home Values in the Area
Average Home Value in this Area
Agents Specializing in Seal Beach, CA
-
Sonji Friedman
-
Angie Rebennack
Angie Rebennack
Responds QuicklyKeller Williams Pacific Estate
(669) 267-1339
56 Total Sales
1 in Seal Beach
$390,000 Price
-
Lynsey Russell
Lynsey Russell
Keller Williams Pacific Estate
(424) 349-4623
122 Total Sales
3 in Seal Beach
$230K - $589K Price Range
-
Stephanie St Pierre
Stephanie St Pierre
Responds QuicklySeven Gables Real Estate
(657) 500-0361
46 Total Sales
2 in Seal Beach
$430K - $575K Price Range
-
Betty Monroy
Betty Monroy
CK Real Estate
(562) 416-2828
10 Total Sales
1 in Seal Beach
$285,000 Price
-
Karen DeMauricio
Karen DeMauricio
Realty One Group United
(424) 323-4218
4 Total Sales
1 in Seal Beach
$395,000 Price
Purchase History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| $3,850,000 | First American Title | ||
| -- | California Title Company | ||
| -- | California Title Company | ||
| -- | California Title Company | ||
| -- | California Title Company | ||
| $835,000 | California Title Company | ||
| -- | None Available | ||
| -- | None Available |
Source: Public Records
Mortgage History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Previous Owner | $1,300,000 | ||
| Previous Owner | $1,000,000 | ||
| Previous Owner | $2,500,000 |
Source: Public Records
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 06/02/2022 06/02/22 | Sold | $3,850,000 | -3.6% | $1,246 / Sq Ft | |
| 04/29/2022 04/29/22 | Pending | -- | -- | -- | |
| 04/21/2022 04/21/22 | For Sale | $3,995,000 | 0.0% | $1,293 / Sq Ft | |
| 04/15/2020 04/15/20 | Rented | $2,595 | 0.0% | -- | |
| 03/27/2020 03/27/20 | Off Market | $2,595 | -- | -- | |
| 03/25/2020 03/25/20 | Price Changed | $2,595 | -3.7% | $4 / Sq Ft | |
| 03/12/2020 03/12/20 | Price Changed | $2,695 | -3.6% | $4 / Sq Ft | |
| 03/03/2020 03/03/20 | Price Changed | $2,795 | -3.5% | $5 / Sq Ft | |
| 02/03/2020 02/03/20 | For Rent | $2,895 | 0.0% | -- | |
| 08/07/2018 08/07/18 | Rented | $2,895 | 0.0% | -- | |
| 07/23/2018 07/23/18 | For Rent | $2,895 | +1.6% | -- | |
| 07/30/2016 07/30/16 | Rented | $2,850 | 0.0% | -- | |
| 06/24/2016 06/24/16 | For Rent | $2,850 | 0.0% | -- | |
| 01/26/2016 01/26/16 | Sold | $1,035,000 | -5.9% | $572 / Sq Ft | View Prior Sale |
| 01/25/2016 01/25/16 | Pending | -- | -- | -- | |
| 01/25/2016 01/25/16 | For Sale | $1,100,000 | -- | $608 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2026 | $20,993 | $1,786,012 | $1,726,304 | $59,708 |
| 2025 | $20,608 | $1,750,993 | $1,692,455 | $58,538 |
| 2024 | $20,608 | $1,716,660 | $1,659,269 | $57,391 |
| 2023 | $20,140 | $1,683,000 | $1,626,734 | $56,266 |
| 2022 | $11,901 | $931,456 | $862,234 | $69,222 |
| 2021 | $11,629 | $913,193 | $845,328 | $67,865 |
| 2020 | $11,621 | $903,830 | $836,660 | $67,170 |
| 2019 | $11,269 | $886,108 | $820,255 | $65,853 |
| 2018 | $10,768 | $868,734 | $804,172 | $64,562 |
| 2017 | $10,535 | $851,700 | $788,403 | $63,297 |
| 2016 | $1,808 | $48,182 | $29,690 | $18,492 |
| 2015 | $1,766 | $47,459 | $29,244 | $18,215 |
| 2014 | $1,715 | $46,530 | $28,671 | $17,859 |
Source: Public Records
Agents Affiliated with this Home
-
Dean Lueck
Seller's Agent in 2022
Dean Lueck
Compass
(949) 275-1801
119 Total Sales
-
Janet Irwin
Buyer's Agent in 2022
Janet Irwin
Compass
(310) 230-5478
14 Total Sales
-
Brad Clark
Seller's Agent in 2020
Brad Clark
Prestige Realty
(949) 748-5458
7 Total Sales
-
C
Seller's Agent in 2018
Cynthia Dornsife
Prestige Realty
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC22080644
APN: 199-064-25
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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