Description

Welcome to the Beach Surf View Apartments located at 510 Avenue Alhambra in El Granada; a rare coastal nine (9) unit multifamily investment opportunity in the highly desirable Pillar Point neighborhood of El Granada. -- This well-maintained property offers stunning ocean views from every unit and an exceptional unit mix of three (3) spacious 2-Bedroom/1-Bath Penthouse units (~1,000 sqft) and six (6) classic 2-Bedroom/1-Bath units (~700 sqft). -- Originally constructed in 1973 and situated on a 14,490 sqft lot, the property features approximately 9,756 sqft of improvements with 7,479 sqft of rentable space. Each unit is individually metered with all-electric appliances, and the penthouse units include in-unit washer/dryers. -- Property amenities include nine (9) carports plus two (2) open spaces, on-site laundry for units without in-unit laundry, bike storage, resident storage lockers, and an owners storage room with bathroom and sink. -- SB-721 INSPECTION IS COMPLETED/PASSED, offering added peace of mind for investors. Ideally located just a short 10-minute walk to the beach and coastal promenade, this asset combines strong in-place income (5.43% cap rate & 12.40 GRM) with long-term upside in one of the Peninsulas most supply-constrained coastal communities.

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Property information

Property type

Residential Income

Sub-type

Multi Family

Year built

1973

Living area

9,756 Sq Ft

Lot size

14,490 Sq Ft

HOA fee

None

Price / Sq Ft

$366

Days on market

158

Parcel number

047204110

Zoning

C-1/

Features

Appliances

Dishwasher · Refrigerator

Heating

Electric

Flooring

Laminate · Tile

Parking

Assigned

Sewer / Water

Public Sewer · Public