283 Avocado Street,  Costa Mesa  (92627)

$12,000,000

0 bedrooms 0   0 bathrooms 0   14159 square feet 14,159
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Listed By: Tyler Leeson of Marcus & Millichap RE Invest

PROPERTY DETAILS

Address: view address
Costa Mesa, CA 92627
Map Location
Features: Multi-level
Square Feet:14,159 sq.ft.Lot Size:37026.0
Year Built:1973Property Type:Apartment
Neighborhood:College Park (COLP)County:Orange
List Date:2024-01-21Listing Number:OC24013316
Listed By:Marcus & Millichap RE InvestListing Office:714-713-9086

PROPERTY DESCRIPTION

Legitimate turnkey multifamily investment property offering a range of one-, two-, and three-bedroom loft-style floor plans. Substantial investment was made in 2023 and 2024, with over $1.6M in interior and exterior capital improvements. 100% of the interiors are fully renovated, including all new appliances, cabinets/counters, new electrical panels, flooring, painting and drywall, and all new windows and doors. Common area improvements include the roofs, painting, termite & pest mitigation, and tenting of the entire structure, exterior wood, decking, all new stairs and railings, all new asphalt, hardscape/softscape, mailboxes, plumbing, house electrical panels, and garage doors. ABOVE ALL, the debt component sets this project apart from nearly all other investments within the marketplace. Available to assume is a private note with a 50% LTV and interest-only payments until 2032 starting at 3.5%, with a cap at 5.0%, resulting in a blended interest rate of 4.61% over the term. This equates to an initial cash-on-cash return of over 4% with a down payment of $6,000,000-no appraisal required, no points for the loan assumption, COE in 30 days or less.

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Interior

Features

Laundry Features:Common AreaLaundry:Yes

Exterior

Pool and Spa

Pool Features:Community, Fenced

Parking

Garage spaces:13

Property and Lot Details

Features

Community Features:Curbs, Sidewalks, Pool

Other

Sewer:Public Sewer

Fee

Special Listing Conditions:Standard

Building Information

Year Built:1973Levels:Two
Stories:2

Lot

Lot Dimensions:37026.0

Construction

Building Area total:14159.0

Community information and market data Powered by Onboard Informatics. Copyright ©2024 Onboard Informatics. Information is deemed reliable but not guaranteed.

This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person’s eligibility to attend a school or to use or benefit from other city, town or local services.

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Community information and market data Powered by Onboard Informatics. Copyright ©2024 Onboard Informatics. Information is deemed reliable but not guaranteed.

This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person’s eligibility to attend a school or to use or benefit from other city, town or local services.

Loading Data...

Community information and market data Powered by Onboard Informatics. Copyright ©2024 Onboard Informatics. Information is deemed reliable but not guaranteed.

This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person’s eligibility to attend a school or to use or benefit from other city, town or local services.

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Listed By: Tyler Leeson of Marcus & Millichap RE Invest