We are pleased to present 18442 Steep Ln, a 4-unit multi-family community located in the prime coastal market of Huntington Beach, CA.
Located just off Five Points, this Covington property is just minutes from the dining, entertainment, and shopping located in Downtown Huntington Beach. The property was built in 1973 and is comprised of approximately 4,354 rentable square feet on a 6,971 square foot lot. The building has an outstanding unit mix, comprising entirely of oversized 2 and 3 units, and with a walk score of 78, tenants enjoy the convenience of being just across the street from Five Points Plaza, home to Trader Joe's Big 5, Tilly's, Vans, Bank of America, Chase Bank, and many others.
The Huntington Beach rental market is among the strongest performing areas in metro Orange County, and with rents in Orange County metro gaining approximately 19% year over year, this building is ripe for an investor to add value. It is this demand, along with the execution of an interior and exterior renovation plan that should help a new owner see a substantial 43% increase in gross rental income.
Given the strength of the overall market within the city of Huntington Beach, the property offers an investor the ability to capture quality tenants seeking a great neighborhood with convenient access to a wide variety of activities, transportation and retail amenities. This overall demand for well-located apartments will be a key driver in the continued growth. This would be an outstanding addition to any investor's portfolio.