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Los Angeles County Buyer Acquires 12-Unit Sterling Plaza Apartments In Laguna Beach For $7.37M

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SOLD
$7,370,000
Mike O’Neill
Daniel (Dan) Blackwell

California

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MultiFamily
Sold 11/04/2024
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Property Image
SOLD

Los Angeles County Buyer Acquires 12-Unit Sterling Plaza Apartments In Laguna Beach For $7.37M

2607 Solana Way

See Similar Deals
MultiFamily
Sold 11/04/2024
Mike O’Neill
Daniel (Dan) Blackwell
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The 12-unit Sterling Plaza Apartments, located at 2607 Solana Way in Laguna Beach, sold for $7,370,000. This multifamily asset encompasses 0.29 acres and presents ocean views from each unit. It has undergone recent upgrades, and there are plans for future accessory dwelling units (ADUs) aimed at increasing rental income. The property's pricing reflects a per unit price of $614,167 and an initial cap rate of 3.69%.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $7,370,000
  • Units: 12
  • Price Per Unit: $614,167
  • Location: 2607 Solana Way, Laguna Beach
  • Market: Laguna Beach
  • Acres: 0.29

Daniel Blackwell and Mike O’Neill of CBRE represented the sale, facilitating the transaction on behalf of a buyer from Los Angeles County who is seeking value-add potential in this high-demand rental market. The buyer's strategy includes raising the cap rate from 3.69% to 4.93% by enhancing the property and utilizing the plans for ADUs.

Players

Daniel (Dan) Blackwell
CBRE
Daniel Blackwell
61 deals$439.4M volume(949) 725-8655
BROKER
Mike O’Neill
CBRE
Mike O’Neill
25 deals$160.8M volume
BROKER

Details

SOLD
IMAGE: Daniel Blackwell & Mike O’Neill DATE: 11/04/2024 ADDRESS: 2607 Solana Way MARKET: Laguna Beach ASSET TYPE: Multifamily ~ ACRES: 0.29 BROKERS: Daniel Blackwell (@MultiFamilySocal) & Mike O’Neill (@Mike_ONeill11) - CBRE (@CBRE) SALE PRICE: $7,370,000 UNITS: 12 ~ PPU: $614,167 NOTE: CBRE facilitated the sale of the 12-unit Sterling Plaza Apartments in Laguna Beach, a high-demand rental market, to a Los Angeles County buyer seeking value-add potential. The property offers ocean views from each unit, recent upgrades, and plans for future ADUs to boost rental income, with the buyer aiming to raise the cap rate from 3.69% to 4.93%.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$393,066.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$26,184.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$34,937.56
Annual Debt Service$419,250.72