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10/24/23
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An eight-unit multifamily community in Laguna Beach was purchased by an Orange County-based private investor for $3.075 mil, representing a sale price of $908 per square foot and $384.4k/unit. The apartment building is located at 525 Catalina, just a few blocks from Laguna’s Main Beach and downtown (Walk Score of 97).
Built in 1957, the two-story, 3.4k sf building sits on a 0.14-acre lot and features all studio units with ocean views in select units. Community amenities include a community ocean view deck, gated entry, storage lockers, and five carport spaces. This is the first time the property has been available for sale in over five decades.
CBRE’s Dan Blackwell and Mike O'Neill represented the seller, also a private investor based in Orange County. According to Blackwell, the deal closed with an all-cash buyer at 100% of the asking price in 33 days -- 51 days from list to close.
“The new owner has the potential to increase rental income by an estimated 99% with a renovation plan,” O’Neill remarked. “All tenants are on a month-to-month tenancy, which provides flexibility.”
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