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218 Indianapolis Ave 3 Unit Apartment Building $2,700,000 ($900,000/Unit) 4.20% Cap Rate Huntington Beach, CA 92648
Investment Highlights
- Prime Huntington Beach neighborhood just a short walk from the beach, Main Street, Downtown Huntington Beach, and Pacific City
- The property consists of one remodeled standalone 5 bedroom, 3 bathroom two story home, and two oversized 1 bedroom units in the back
- Gross potential income of $13,500 per month | $8,500 for the main home and up to $2,500 per month for each 1 bedroom unit based on market rents
- Rare Triplex on an oversized lot measuring over 7,600 SF with 60 feet of frontage
- The renovated main home features coffered ceilings, Spanish style arches, high ceilings, luxury vinyl flooring, and a renovated kitchen & bathrooms
- Ideal for an owner seeking a home with flexibility for multigenerational living, or an investor looking to secure a generational asset
Executive Summary
One of a kind triplex with a large private custom home in the front and two detached one bedroom units in the back above four single car garages. This rare property sits on an oversized lot spanning over 7,800 square feet with an impressive 60 feet of frontage, just a short walk from the beach, Pacific City, and Main Street.
The centerpiece of the property is a large detached remodeled Spanish style home with five bedrooms and three full bathrooms across two spacious levels. The home offers an expansive layout featuring coffered ceilings, elegant Spanish arches, high ceilings, and an abundance of natural light. The main level includes two bedrooms and one renovated full bathroom, an open living and dining area, a recently renovated chef’s kitchen with new countertops, and a family room complete with a fireplace. Upstairs, you’ll find three additional bedrooms and two full bathrooms, including an oversized primary suite with a spacious floor plan, fireplace, walk in closet, and ensuite shower and tub combination. The home has been thoughtfully upgraded with brand new windows and coverings, luxury vinyl flooring, fresh paint, stainless steel appliances, and modern finishes throughout. The exterior has also been improved with a new concrete driveway, private deck, outdoor shower, and a new private fence separating the main residence from the rear units.
In addition to the main residence, the property includes two oversized one bedroom units tucked away in the back above the garages. The rear units offer their own separate alley access, private garages, shared laundry and BBQ area, and two private balconies each. Both rear units have recently been renovated, with one unit currently leased at $2,295 per month and the second unit currently vacant.
This is a unique opportunity for an owner seeking a coastal home with flexibility for multigenerational living or additional rental income, while also offering investors a generational asset in one of Huntington Beach’s most desirable rental markets.
David Harrington
License # 01320460, 02168060 (CA)
Matthews Real Estate Investment Services, Inc
2321 Rosecrans Ave., Suite 1225, El Segundo, CA 90245
(866) 889-0550
The centerpiece of the property is a large detached remodeled Spanish style home with five bedrooms and three full bathrooms across two spacious levels. The home offers an expansive layout featuring coffered ceilings, elegant Spanish arches, high ceilings, and an abundance of natural light. The main level includes two bedrooms and one renovated full bathroom, an open living and dining area, a recently renovated chef’s kitchen with new countertops, and a family room complete with a fireplace. Upstairs, you’ll find three additional bedrooms and two full bathrooms, including an oversized primary suite with a spacious floor plan, fireplace, walk in closet, and ensuite shower and tub combination. The home has been thoughtfully upgraded with brand new windows and coverings, luxury vinyl flooring, fresh paint, stainless steel appliances, and modern finishes throughout. The exterior has also been improved with a new concrete driveway, private deck, outdoor shower, and a new private fence separating the main residence from the rear units.
In addition to the main residence, the property includes two oversized one bedroom units tucked away in the back above the garages. The rear units offer their own separate alley access, private garages, shared laundry and BBQ area, and two private balconies each. Both rear units have recently been renovated, with one unit currently leased at $2,295 per month and the second unit currently vacant.
This is a unique opportunity for an owner seeking a coastal home with flexibility for multigenerational living or additional rental income, while also offering investors a generational asset in one of Huntington Beach’s most desirable rental markets.
David Harrington
License # 01320460, 02168060 (CA)
Matthews Real Estate Investment Services, Inc
2321 Rosecrans Ave., Suite 1225, El Segundo, CA 90245
(866) 889-0550
Property Facts
| Price | $2,700,000 | Building Class | C |
| Price Per Unit | $900,000 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 4,500 SF |
| Cap Rate | 4.20% | Average Occupancy | 0% |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1976 |
| Property Subtype | Apartment | Parking Ratio | 1.56/1,000 SF |
| Apartment Style | Low-Rise |
| Price | $2,700,000 |
| Price Per Unit | $900,000 |
| Sale Type | Investment |
| Cap Rate | 4.20% |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 4,500 SF |
| Average Occupancy | 0% |
| No. Stories | 2 |
| Year Built | 1976 |
| Parking Ratio | 1.56/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 5+3 | 1 | - | - |
| 1+1 | 2 | - | - |
1 1
Fairly walkable
50/100
Moderately drivable
60/100
Limited public transit
20/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 024-181-16 | Improvements Assessment | $368,276 |
| Land Assessment | $2,231,683 | Total Assessment | $2,599,959 |
Property Taxes
Parcel Number
024-181-16
Land Assessment
$2,231,683
Improvements Assessment
$368,276
Total Assessment
$2,599,959
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