Multifamily HUD
Tremont Street Apartments
321 Tremont St, Avalon, CA 90704
Listing Price: $12,000,000
Investment Overview
321 Tremont Street is a 62-unit institutional-quality multifamily asset located in the heart of Avalon on Santa Catalina Island. Situated just steps from the beach, ferry terminal, restaurants, and retail shops, this irreplaceable coastal property offers investors guaranteed income, zero vacancy, and long-term upside in one of Southern California’s most supply-constrained rental markets.
Built in 1983 and spanning approximately 58,700 square feet across five two-story buildings, the property sits on a 61,768 SF leasehold lot. It features a highly desirable unit mix consisting of (10) 1-Bed/1-Bath, (37) 2-Bed/2-Bath, and (15) 3-Bed/2-Bath units, appealing to a wide tenant base. Residents benefit from on-site amenities including laundry facilities, a children’s playground, and shared open-air gathering spaces.
321 Tremont is 100% occupied and has maintained a tenant waitlist exceeding 30 years. All rental income is secured through a HUD HAP contract, providing guaranteed monthly collections with no turnover or credit risk. The property receives annual rent escalations through OCAF and qualifies for market rent resets every five years via HUD comparability studies, offering built-in rental upside over time.
With strong tenant retention, fully stabilized operations, and minimal management requirements, 321 Tremont represents a rare opportunity to acquire a hands-off, cash-flowing asset in one of California’s most exclusive and in-demand coastal communities. Contact us for the Offering Memorandum and further details.
Tremont Street Apartments
Investment Highlights
- Prime Island Location: Situated in the heart of Avalon on Santa Catalina Island, the property offers unparalleled walkability to beaches, restaurants, retail shops, and ferry transportation.
- Desirable Unit Mix: Consisting of (10) 1 Bed-1 Bath, (37) 2 Bed-2 Bath, and (15) 3 Bed-2 Bath units — suited for a broad tenant base including families, couples, and those seeking coastal living
- 100% Occupancy: With a waiting list exceeding 30 years, this asset enjoys extraordinary rental demand. Vacancy is effectively zero — and always has been.
- Institutional-Quality Asset: Situated on a 1.42-acre lot, the property is well-maintained and thoughtfully designed, with on-site laundry, a children's playground, and community spaces that promote long-term tenant satisfaction and retention.
- Guaranteed Cash Flow: 100% of rental income is secured through a HUD HAP contract, providing guaranteed collections and eliminating traditional leasing and credit risk — ideal for investors seeking safe, predictable returns.
- Attractive Yield, Minimum Management: Stabilized cash flow with projected 4% annual rent growth yields a 10.38% IRR at a $12M basis. With direct rent payments from HUD, a stable tenant base, and no turnover, this is a true hands-off, mailbox-money investment.
- Built-in Upside via Rent Resets: In addition to annual Operating Cost Adjustment Factor (OCAF) increases, HUD permits market rent resets every 5 years via comparability studies — allowing investors to capture meaningful upside above inflation.
Exclusively Listed By
Listing Price: $12,000,000
Investment Highlights
- Prime Island Location: Situated in the heart of Avalon on Santa Catalina Island, the property offers unparalleled walkability to beaches, restaurants, retail shops, and ferry transportation.
- Desirable Unit Mix: Consisting of (10) 1 Bed-1 Bath, (37) 2 Bed-2 Bath, and (15) 3 Bed-2 Bath units — suited for a broad tenant base including families, couples, and those seeking coastal living
- 100% Occupancy: With a waiting list exceeding 30 years, this asset enjoys extraordinary rental demand. Vacancy is effectively zero — and always has been.
- Institutional-Quality Asset: Situated on a 1.42-acre lot, the property is well-maintained and thoughtfully designed, with on-site laundry, a children's playground, and community spaces that promote long-term tenant satisfaction and retention.
- Guaranteed Cash Flow: 100% of rental income is secured through a HUD HAP contract, providing guaranteed collections and eliminating traditional leasing and credit risk — ideal for investors seeking safe, predictable returns.
- Attractive Yield, Minimum Management: Stabilized cash flow with projected 4% annual rent growth yields a 10.38% IRR at a $12M basis. With direct rent payments from HUD, a stable tenant base, and no turnover, this is a true hands-off, mailbox-money investment.
- Built-in Upside via Rent Resets: In addition to annual Operating Cost Adjustment Factor (OCAF) increases, HUD permits market rent resets every 5 years via comparability studies — allowing investors to capture meaningful upside above inflation.
Investment Overview
321 Tremont Street is a 62-unit institutional-quality multifamily asset located in the heart of Avalon on Santa Catalina Island. Situated just steps from the beach, ferry terminal, restaurants, and retail shops, this irreplaceable coastal property offers investors guaranteed income, zero vacancy, and long-term upside in one of Southern California’s most supply-constrained rental markets. Built in 1983 and spanning approximately 58,700 square feet across five two-story buildings, the property sits on a 61,768 SF leasehold lot. It features a highly desirable unit mix consisting of (10) 1-Bed/1-Bath, (37) 2-Bed/2-Bath, and (15) 3-Bed/2-Bath units, appealing to a wide tenant base. Residents benefit from on-site amenities including laundry facilities, a children’s playground, and shared open-air gathering spaces. 321 Tremont is 100% occupied and has maintained a tenant waitlist exceeding 30 years. All rental income is secured through a HUD HAP contract, providing guaranteed monthly collections with no turnover or credit risk. The property receives annual rent escalations through OCAF and qualifies for market rent resets every five years via HUD comparability studies, offering built-in rental upside over time. With strong tenant retention, fully stabilized operations, and minimal management requirements, 321 Tremont represents a rare opportunity to acquire a hands-off, cash-flowing asset in one of California’s most exclusive and in-demand coastal communities. Contact us for the Offering Memorandum and further details.
Exclusively Listed By
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