The complex was built in 1965 and consists of 16 single-story and two-story, wood-frame, garden-style buildings. Its 65 units include 32 two-bedroom, one-and-a-half bath units of 1,012 sf renting from $1,325; 16 two-bedroom, one-and-a-half bath townhouse style units of 1,015 sf renting for $1,275; 16 two-bedroom, one-bath units of 950 sf renting for $1,200 and one one-bedroom, one-bath of 650 sf at $900. The seller had owned Ocean Air for about two years, and it was 95% occupied at the time of the sale.
Leon says the low density of 15 units per acre creates a community setting with spacious backyards and balconies. Most of the units have been recently renovated, and the property is near Huntington Beach's nine miles of coastline.
The property is on what Leon describes as "a highly favorable ground lease," that never reappraises to fair market value and includes the possibility of purchasing the land.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
