Historical Multifamily Sale Listing - Malibu Surfrider Apartments

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Malibu Surfrider Apartments

23033 Pacific Coast Highway, Malibu, CA 90265

N/A

20 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
20
Building Size:
5,100 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
2.50%
Year Built:
1953
Lot Size:
1.35 AC
Listing ID
17125646
Last Updated
over 1 year ago

Highlights

  • Highly Desirable Malibu Coast Location
  • 300 Feet of Unobstructed Ocean View
  • Directly Across From Famous Surfrider Beach
  • Well-Maintained Building with Rental Upside
  • Gated Parking for 24 Cars
  • All Ocean Front-Facing Units

Description

This 2 story walk-up property consists of 19 studio apartments with one, 1-bed, 1-bath unit, a laundry room with a vending machine area. There is only 1 other property offering single apartment in the Malibu rental marketplace & none at the pricing of the subject, making these units highly desirable for the local surfer, student or single who wants to live adjacent to the ocean in Malibu. The property was originally built as a motel, but has been successfully operating as apartments for over a decade with its continued high occupancy from the proximity to the world renowned surfers beach, Pepperdine University and locals passing along Pacific Coast Highway, who can' t resist the opportunity to live part time or full time at the Malibu Surfrider Apts. Overlooking the Pacific Ocean with unobstructed views, and the ability to cross the street and walk on the sandy beach makes this a one of a kind investment offering. Utilities are included as is cable t.v. Rarely do you have such an opportunity to purchase multiple, income producing units along Pacific Coast Highway, but at a price below the cost of a single beachfront home.

Nestled at the base of a green hillside on a knoll overlooking the ocean, walking distance to extensive culinary options and nearby attractions, there is no other investment property like this 20 unit Malibu Surfrider, nor, at this price per unit, where, nothing can be built next door.

The amount of investment pouring into Malibu has created a tremendous buzz and regentrification in the intimate Malibu community. Down the road, the Malibu Country Mart outdoor mall with a central playground for kids is steps from the famed Malibu Colony beachfront estates, and walking distance to the subject offers restaurants and designer shops such as Ralph Lauren, Nobu Restaurant and Coffee Bean. As values continued to skyrocket in Malibu, even during the recession, this Malibu Colony shopping center expanded it' s shopping in 2009 by adding Malibu Lumber Yard with more upscale shops such as Kitson, James Perse, Tori Birch, to name a few for a total of over 80 upscale shops and eateries. Malibu Cinemas is across the street with additional restaurants and satellite stores.

Map of 23033 Pacific Coast Highway, Malibu, CA 90265 (Los Angeles County)

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Created 4/20/2011