1881 Ocean Avenue

Just a bit over one mile away from the coastal water this multifamily property includes a two-story building that encompasses seven 800 square-foot two-bedroom, one-bathroom units. Built in 1965, the property provides its tenants with the privacy and security of one-car garages that are always coveted by tenant… communities, and, for tenant convenience, there is a coin-operated washer-dryer room. With minimal low-maintenance decorative landscaping and a newly painted building, this property offers a handsome curb appeal. As a property that reflects under-market rents throughout, there remains a significant upside in rents and, therefore, value. In fact, there remains a 40% upside in that respect, and more when considering what upgraded units would fetch. As with all residential income properties (excluding those covered by more strict ordinances in certain municipalities throughout the state), annual rent increases are controlled by the limits stipulated in the statewide rent control commonly referred to as AB-1482 that went into effect January 1, 2020 and 'sunsets' January 1, 2030 - those annual rent caps defined as 'the lesser of 10% and 5% + CPI'. Read More