CBRE announced the sales of two four-unit multifamily properties in Huntington Beach, Calif., to a private investor, resulting in a combined sales price of $5,425,000.
CBRE’s Executive Vice President Dan Blackwell and First Vice President Mike O’Neill represented both the buyer and the seller in two transactions: a fourplex at 321 22nd Street and the neighboring fourplex at 317 22nd Street in Huntington Beach. The seller was based in Huntington Beach, and the buyer was from Westminster, Calif. Neither the buyer nor the seller was in a 1031 exchange.
Both properties sold for $2,712,500 each, representing $678,125 per unit and $661 per square foot. This was the first time that either property had been listed for sale. The sale price also set a record as the highest price for a fourplex in Huntington Beach over the past two years, according to CBRE.
“We represented the repeat client seller and generated eight competitive offers, selecting an all-cash buyer who wanted to purchase both assets. We closed escrow in 32 days at 98.6% of the asking price,” Blackwell noted. “The two neighboring multifamily assets are identical properties, each sitting on a double lot. As a result, the investor acquired a total of four contiguous lots, offering potential alternative asset plans.”
Built in 1972, each of the two-story multifamily buildings spans 4,101 square feet and sits on a 5,750-square-foot lot. Both fourplexes feature a mix of one-, two-, and three-bedroom floorplans (one one-bedroom unit, one two-bedroom unit, and two three-bedroom units). Each apartment unit has a private outdoor space with either a patio or balcony, and the units are individually metered for gas and electricity. Both communities feature six single-car garages, one open-space parking spot, and a laundry facility. A new roof was installed on both buildings in 2019.
“The properties are located in downtown Huntington Beach, one of the most desirable rental markets in Southern California, offering proximity to beaches, retail, dining, and entertainment,” O’Neill highlighted. “Given their prime location, the two 22nd Street apartment buildings also present a value-add opportunity. Through a renovation plan, current rents can be increased by approximately 20% to reach market levels allowing the investor to capitalize on unrealized income potential.”
Huntington Beach, a seaside city in western Orange County, is known worldwide for its 10-mile coastline, mild climate, and excellent surfing, earning it the nickname “Surf City.” Home to over 198,297 residents with an average household income of $154,467 (2023), it is the largest beach city in Orange County.
Located 35 miles south of Los Angeles and 90 miles north of San Diego, the city is a hub of activity and entertainment, offering a charming community, diversified economy, varied housing, excellent schools, marinas, parks, and exemplary healthcare.
Tourism and technology are leading industries in Huntington Beach, which hosts over 650 industrial businesses including Zodiac Aerospace, Quicksilver, and Cambro Manufacturing. With more than 11 million visitors annually, the city features one of the world’s largest recreational piers, public parks, riding stables, equestrian trails, a marina, a wildlife preserve, and an eight-mile coastal trail. The addition of the Pacific City retail hub, with its unique shops, upscale Equinox fitness facility and spa, and diverse dining options, enhances the city’s vibrant oceanfront lifestyle.
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 2023 revenue). The company has approximately 130,000 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.
