Listed by CBRE - Orange County
$14,200,000
Ocean Breeze Terrace
Details
Property Type Multifamily
Sub Type Apartment Building
Net Rentable (SqFt) 16,839
Units 20
Cap Rate 4.01%
NOI $568,833
Pro-Forma Cap Rate 4.17%
Price per SqFt $843
Year Built 1971
Year Renovated 2025
Buildings 1
Stories 2
Lot Size (SqFt) 16,874
20 Units | Downtown Huntington Beach | 1 Block from the Beach
Marketing description
Download Offering Memorandum: https://multifamilysocal.com/listings/oceanbreezeterrace/
Investment highlights
- Exceptional Coastal Location - Located in the 100 block of Downtown Huntington Beach. Near Pacific City, restaurants, shopping, and world-class beaches. Just 615 feet from the nearest beach access point.
- Turnkey Asset - Ocean Breeze Terrace has recently undergone extensive interior and exterior renovations including a full rehab on all 20 units. Approximately $1.85m spent on renovations at the property including electrical upgrades, plumbing upgrades, new windows, roof maintenance and more.
- Rare Offering - Currently the largest apartment listing for-sale in the Downtown Huntington Beach submarket. Over the past 5 years there has only been one transaction 20 units or larger in the Downtown Huntington Beach area.
- Attractive Unit Mix - Ideal unit mix with studios, one-, two-, & three-bedroom floorplans. Select units have Ocean Views.
- Strong In-Place Cash Flow - Solid in-place CAP rate of 4.01% on current income & located across the street from the beach. High quality construction and irreplaceable location make this a great opportunity to own a long-term asset with no deferred maintenance.
- Reduced Landlord Utility Costs - Through in-place ratio utility billing system (RUBS) tenants pay for water, sewer & trash. Property is individually metered for gas & electric.
- Stabilized Asset - All rents within 5% of market rate. New owner can issue rent increases to level rents at market levels without additional capex dollars required.
Listing Contacts
Listed by CBRE - Orange County
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$568,833.00
$47,402.75/mo
Valuation Metrics
0
DSCR
4.01%
Cap Rate
4.01%
ROI
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