According to Stepp Commercial, Twin Palms, a 17-unit apartment near the beach at Laguna Beach, was sold for $ 9.8 million or $ 576,000 per unit.
The 136 Cliff Drive and 145 Cedarway buildings were built in 1956 and feature a courtyard and garden, two sundeck, and a mix of one- and two-bedroom units with sea views.
Stepp Commercial’s Todd Hawke and Robert Stepp represented buyers who are long beach-based unidentified investors. The seller was identified only as a Laguna Beach-based investor who owned the property for 60 years.
“Our buyer clients were exchanging Phoenix C-grade assets and wanted to invest in long-term Class A apartments,” Hawk said in a statement. “This asset provided us with the opportunity to own it in an irreplaceable Southern California coastal location. In addition, for buyers planning additional upgrades inside and outside the unit, raising rents to market prices over time. Has merit. “
Rent for apartments in that particular part of Laguna Beach starts at around $ 3,500 per month for a two-bedroom unit.
Stepp’s broker said most of the units have recently been upgraded.
- High-Demand Downtown Location, Overlooking Laguna Village
- Just Steps to Main Beach, Pageant of the Masters & Chic Restaurants
- WalkScore of 91- Walker's Paradise
- Perched on a Hill w/Sweeping Canyon, City & Ocean Views
- Impeccably Maintained w/Vast Majority of Interiors Upgraded
- Incredible Rare Opportunity- First Time on the Market in Almost 60 Years
PROPERTY FACTS
| No. Units | 17 | Building Size | 11,588 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1954 |
| Apartment Style | Mid Rise | Parking Ratio | 1.21/1,000 SF |
| Building Class | B | Opportunity Zone | No |
| Lot Size | 0.32 AC |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | $2,363 | - |
| 2+1 | 2 | $2,675 | - |
| 2+2 | 3 | $2,750 | - |
ZONING
| Zoning Code | R3 |