- Price-per-unit Highest in Orange County, CA
- Sales Price of $16.5M Represents $187,500 Per Unit
- Broker Declines to Identify Buyer and Seller
- 1970-Built Property Stands on 169,994-SF Pad
- 88 Units in 73,972-SF Project Near 100% Occupancy
(HUNTINGTON BEACH, CA) -- Internationally known as Surf City, this seaside municipality of 192,620 residents in Southern California may also become known shortly for unpublicized prime real estate investments.
One such find is the Harborscape Apartments, a 39-year-old, 88-unit multifamily community that generated a recent sale price of $16.5 million. The price is the highest recorded in Orange County in the past 12 months for a comparable property.
John Nguyen
Nguyen declined to identify the buyer and seller, a private investor.
He says there were "multiple offers on the property because of its location and rarity." The 73,972-square-foot building sits on a 169,994-square-foot lot at 5152 Heil Ave.
The sales price for the 1970-built, nearly 100% occupied property, represents $187,500 per unit, $223 per square foot and a cap rate of 5.4 percent.
Nguyen says the property's location was a factor in the healthy sales price. The community is located in the Huntington Beach harbor area, five minutes from a wetlands preserve and 8.5 miles of uninterrupted beaches.
The units at Harborscape Apartments consist of two-bedroom, one-bath, single-story, two-story or private cottage. Select cottage styles have wood flooring, stainless steel appliances, glass doors, upgraded cabinets, countertops, recessed lighting and new fixtures.
Huntington Beach is the fourth largest city in Orange County, CA and the 16th largest city in California.
It is bordered by the Pacific Ocean on the southwest, by Seal Beach on the northwest, by Costa Mesa on the east, by Newport Beach on the southeast, by Westminster on the north, and by Fountain Valley on the northeast.
Sheil Stampwala, a multifamily brokerage specialist in Newport Beach, negotiated for the seller.
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