283 Avocado Street, Costa Mesa CA, 92627

Active

283 Avocado Street

Costa Mesa CA, 92627

$12,000,000

$847.52 per sqft

Active

14,159 sqft

Condo

Built in 1973

Listed by Tyler Leeson with Marcus & Millichap RE Invest 949-419-3200

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 $1.7M 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 for nine years, 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.

OC24013316

MLSⓇ ID

January 22, 2024

Listed

April 24, 2024

Updated

Map

283 Avocado Street
Costa Mesa CA, 92627

Interior Features

Total Stories: 2
Laundry Description: Common Area
Fireplace: No
Cooling: No
Heating: No

Exterior/Building Features

Lot Size: 0.85 Acres
Lot Features: Street Level
Sewer: Public Sewer

Other Property Details

Area Name: C4 - Central Costa Mesa
Days on Market: 92
Garage: Yes
Garage Spaces: 13
Parking Total: 38
View: No
County: Orange
Water Source: Public
Pool: No
Pool Features: Community, Fenced
Buyer Agency Compensation: 1.5%

Listing Contact: 949-419-3200

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 4/24/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

Data last updated on 4/24/2024 at 5:11 AM UTC