|
7/11/24
|
Tec Center Equities LLC paid $2.15 mil for a five-unit multifamily property in Huntington Beach. The Delaware Street property sits on a 16.7k sf street-to-street lot zoned RM (Residential Medium Density) and consists of two detached bungalow-style single-family homes and three non-conforming apartments.
The purchase includes a two-bedroom/one-bathroom home at 2316 Delaware St totaling 907 sf, built in 1923. This unit has frontage on Delaware Street and driveway access. There is also a two-bedroom/one-bathroom home at 2317 England St totaling 825 sf, built in 1965. This unit has frontage on England Street, a cul-de-sac, and includes a single-car garage and driveway parking.
In addition, the three non-conforming units include two two-bedroom/one-bathroom units and one one-bedroom/one-bathroom unit. The property is individually metered for gas and electric.
Tim Steuernol with NAI Capital Commercial represented the seller, a trust, in this transaction. The buyer was repped by Keller Williams Empire Estates.
“The property garnered significant interest from investors and ultimately sold above the list price. It was delivered vacant creating a blank slate for an investor with vision,” commented Steuernol. “There is significant potential for increasing rents to market rates, presenting an upside in rental income by bringing all the units up to code. The opportunity to add additional dwelling units was desirable to the buyer for long-term cash flow.”
|
|
Return to the previous page
|
|
|
|
|