CBRE announced the sale of an eight-unit multifamily community in Laguna Beach, Calif., to a private Orange County-based investor for $3.075 million, representing a sale price of $908 per square foot and $384,375 per unit.
CBRE’s Executive Vice President Dan Blackwell and First Vice President Mike O’Neill represented the seller, a private investor based in Orange County.
The apartment building is located at 525 Catalina, just a few blocks from Laguna’s Main Beach and downtown (Walk Score of 97). Built in 1957, the two-story, 3,388-square-foot building sits on a 0.14-acre lot and features all studio units with ocean views in select units. Community amenities include a community ocean view deck, gated entry, storage lockers, and five carport spaces. This is the first time the property has been available for sale in over five decades.
“Our team generated six competitive offers within the first two weeks of marketing this prime value-add asset,” Blackwell said. “We closed with an all-cash buyer at 100% of the asking price in 33 days, 51 days from list to close.”
“The new owner has the potential to increase rental income by an estimated 99% with a renovation plan,” O’Neill remarked. “All tenants are on a month-to-month tenancy, which provides flexibility.”
This transaction marks CBRE Multifamily SoCal Team’s 20th Laguna Beach apartment sale since 2018.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
