Property listed by Matthews Real Estate Investment Services, Kamfar Kyle Mirrafati 866-889-0550
$3,725,000
We are pleased to offer the opportunity to acquire 504 Clay Avenue, an 8-unit apartment building located in the highly desirable Garfield neighborhood of Huntington Beach. Built in 1984, with an eighth, fully permitted ADU completed in 2023, the property offers approximately 6,400 rentable square feet on a rare 10,001… Read More square foot island parcel with no adjacent residential buildings, providing exceptional privacy in the heart of Huntington Beach. The property features an attractive unit mix consisting of three (3) one-bedroom / one-bathroom units, one (1) two-bedroom / one-and-one-half-bathroom unit, and four (4) two-bedroom / two-bathroom units, including the newly constructed ADU. Parking consists of seven (7) single-car garages, one (1) tandem parking space, and additional surface parking. The property has undergone several recent capital improvements, including fresh exterior paint, new perimeter fencing, and a brand-new central water heater serving the original seven units. Three of the eight units have been extensively renovated with quartz countertops, luxury vinyl plank flooring, and modern interior finishes; while the remaining units feature upgraded granite countertops and laminate flooring. The ADU includes solar panels, a private backyard, in-unit washer and dryer, separately metered electricity, and an individual water heater. The property is individually metered for electricity, with a RUBS program in place to help maximize net operating income, helping maintain low operating expenses for ownership. 504 Clay Avenue presents a rare opportunity to acquire a well-maintained, pride-of-ownership asset offering strong in-place cash flow with approximately 19% rental upside through continued rental growth. With low operating expenses, recent capital improvements, and limited deferred maintenance, the property provides an investor with the opportunity to increase net operating income while benefiting from the long-term appreciation and stability of the Huntington Beach multifamily market. Read Less
Listing Snapshot
Days Online
2
Last Updated
Beds
13
3/4 Baths
13
Square Ft.
6,400
Lot Size
0.23 Acres
Year Built
1984
MLS Number
26870409
Additional Details
Appliances & Equipment
Refrigerator, Dryer, Washer
Building
Built in 1984, Living area: 6400.0, 2 buildings, 2 stories, Levels: Two
Cooling
None
Garage
7 spaces
Heating
ForcedAir, WallFurnace
Income
Gross Income: $240,480, Net Operating Income: $155,862
Laundry
CommonArea
Lot
0.2296 acres
Parking
2 open parking spaces, 9 total parking spaces, Private, OnStreet
Taxes
Parcel Number: 02511201
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Based on information from California Regional Multiple Listing Service, Inc. as of 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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