16562 Goldenwest St
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16562 Goldenwest St
4 Unit Apartment Building $1,900,000 ($475,000/Unit) 3.47% Cap Rate Huntington Beach, CA 92647
Investment Highlights
- Great Unit Mix of Large 3- and 2-Bedroom Units with One Townhome Unit
- Low Operating Expense | Tenant Pay for TRASH, Electricity and Gas | Brand New Water Heaters in Each Unit
- Ample On-Site Parking | (2) - Double Car Garages & (3) Surface Spaces
- Value Add Opportunity with Over 45% Rental Upside Potential | 3 of 4 Units are Month-to-Month
- Units are Large with Private Patios or Balcony, Plenty of Natural Light, and Wall Heaters
- Property is Subject to AB-1482 | California’s Statewide Rent Control | Allowing Annual Increases of 5% + CPI
Executive Summary
Matthews Real Estate Investment Services, as the exclusive listing agent, is pleased to offer the opportunity to acquire 16562 Goldenwest Street, a four-unit Covington-style value add apartment building in the desirable Goldenwest neighborhood of Huntington Beach, CA. Built in 1969, this well-maintained property offers 4,442 rentable SF on a 7,405 SF lot featuring an excellent unit mix of one (1) three-bedroom "owner's unit" and three (3) two-bedroom units with ample on-site parking including two (2) double-car garages and three (3) surface parking spaces. Each unit features spacious layouts with private patios or balconies, abundant natural light, and wall heaters, providing a comfortable and appealing living experience for tenants. The property is individually metered for gas and electricity, includes brand new water heaters in each unit, and tenants are responsible for their own trash, reducing landlord operating expenses. Additionally, an on-site laundry room offers potential for added revenue, currently not operational and with no lease on the equipment. With this rare buying opportunity, an investor will have the opportunity to capture over 45% rental upside by renovating units and taking advantage of the fundamentals fueling the rental neighborhood of the Huntington Beach community for decades to come.
Broker of Record
David Harrington
License No. 02168060 (CA)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
2321 Rosecrans Ave.,
Suite 1225, El Segundo, CA 90245
Broker of Record
David Harrington
License No. 02168060 (CA)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
2321 Rosecrans Ave.,
Suite 1225, El Segundo, CA 90245
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,900,000 | Building Class | C |
| Price Per Unit | $475,000 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 4,442 SF |
| Cap Rate | 3.47% | Average Occupancy | 100% |
| Gross Rent Multiplier | 18.75 | No. Stories | 2 |
| No. Units | 4 | Year Built | 1969 |
| Property Type | Multifamily | Parking Ratio | 1.58/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,900,000 |
| Price Per Unit | $475,000 |
| Sale Type | Investment |
| Cap Rate | 3.47% |
| Gross Rent Multiplier | 18.75 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 4,442 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 1.58/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | $2,100 | - |
| 2+2 | 1 | $2,800 | - |
| 2+1.5 | 1 | $1,795 | - |
| 2+1 | 1 | $1,750 | - |
1 of 1
Walk Score ®
Very Walkable (73)
Bike Score ®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 142-411-15 | Improvements Assessment | $183,318 |
| Land Assessment | $1,511,832 | Total Assessment | $1,695,150 |
PROPERTY TAXES
Parcel Number
142-411-15
Land Assessment
$1,511,832
Improvements Assessment
$183,318
Total Assessment
$1,695,150
zoning
| Zoning Code | R35P2,Huntington Bch |
| R35P2,Huntington Bch |
-
Kyle Mirrafati -
Brendan Slattery -
Matthews Real Estate Investment Services
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