Orange County Investor Acquires Multifamily Property At 212 15th Street Huntington Beach For $3.85M

The multifamily property located at 212 15th Street in Huntington Beach consists of eight units, offering a mix of one- and two-bedroom options. It has a total rentable square footage of 6,538 and was sold for $3.85 million, resulting in a price per unit of $481,250 and a price per square foot of $589. The property is situated just two blocks from the beach.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,850,000
• Units: 8
• PPU: $481,250
• SF: 6,538
• PPSF: $589

The transaction was facilitated by brokers Daniel Blackwell and Mike O’Neill from CBRE, representing the buyer, who is an Orange County-based investor engaged in a 1031 exchange. Plans include renovations and an increase in rents by 28%, which could elevate the cap rate to 5.08%.