Tremont Street Apartments 321 Tremont St 62 Unit Apartment Building $15,006,140 CAD ($242,035 CAD/Unit) 6.56% Cap Rate Avalon, CA 90704

321 Tremont Street, 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/1.5-Bath, and (15) 3-Bed/1.5-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.