CBRE has brokered the sale of an eight-unit multifamily community in Laguna Beach, California for US $3.075 million.

The sale price represents US $908 per square foot and US $384,375 per unit. 

The apartment building is located at 525 Catalina, just a few blocks from Laguna’s Main Beach and downtown (Walk Score of 97). Built in 1957, the two-story, 3,388-square-foot building sits on a 0.14-acre lot and features all studio units with ocean views in select units. Community amenities include a community ocean view deck, gated entry, storage lockers, and five carport spaces. This is the first time the property has been available for sale in over five decades.

CBRE Executive Vice President Dan Blackwell and First Vice President, Mike O’Neill, represented the seller, a private investor based in Orange County.  

Blackwell says: “Our team generated six competitive offers within the first two weeks of marketing this prime value-add asset.

“We closed with an all-cash buyer at 100% of the asking price in 33 days, 51 days from list to close.” 

O’Neill adds: “The new owner has the potential to increase rental income by an estimated 99% with a renovation plan.

“All tenants are on a month-to-month tenancy, which provides flexibility.” 

The transaction is the 20th Laguna Beach apartment sale by CBRE’s Multifamily SoCal Team since 2018.