OC Apartment Brokers

Property Description

A highly desirable 5 unit building which is currently configured as 6 units located in the coastal market of Huntington Beach. The property shows well with a freshly painted exterior. New water heater just installed. The excellent unit mix consists of four 2 bedroom 1 bath and two 1 bedroom 1 bath. One of the 2 bedroom units and one of the 1 bedroom units were originally configured as a 3 bedroom 2 bath and can easily be converted back. Built in 1978. Six enclosed garages. The building is located just off Beach Blvd. near Target, Pavilions, Bella Terra Mall, and the 405 freeway. Drive down Beach Blvd. straight to the beach. Huge upside/value add opportunity to increase rents approx. 44%. Priced at a 4.57% cap rate on realistic projected market rents. Excellent value add 1031 exchange property in a great location. 

LIVING IN HUNTINGTON BEACH

Huntington Beach is a relatively large coastal city (i.e. on the ocean, a bay, or inlet) located in the state of California. With a population of 198,711 people and 45 constituent neighborhoods, Huntington Beach is the 23rd largest community in California.

Huntington Beach is a decidedly white-collar city, with fully 86.09% of the workforce employed in white-collar jobs, well above the national average. Overall, Huntington Beach is a city of professionals, sales and office workers, and managers. There are especially a lot of people living in Huntington Beach who work in management occupations (13.77%), sales jobs (12.26%), and office and administrative support (11.33%).

Also of interest is that Huntington Beach has more people living here who work in computers and math than 95% of the places in the US.

A relatively large number of people in Huntington Beach telecommute to their jobs. Overall, about 10.66% of the workforce works from home. While this may seem like a small number, as a fraction of the total workforce it ranks among the highest in the country. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes.

Huntington Beach is also nautical, which means that parts of it are somewhat historic and touch the ocean or tidal bodies of water, such as inlets and bays. Quite often, nautical areas such as these attract visitors and locals who come to enjoy the scenery and various waterfront activities.

Huntington Beach is one of the most well-educated cities in the nation. 43.64% of adults in Huntington Beach have at least a bachelor's degree. Compare that to the average community in America, which has just 21.84% with a bachelor's degree or higher.

The latest recorded per capita income in Huntington Beach was $50,625, which is wealthy relative to California and the nation. This equates to an annual income of $202,500 for a family of four. However, Huntington Beach contains both very wealthy and poor people as well.