283 Avocado Street
Costa Mesa, CA 92627
- – beds
- – baths
- – sqft
- ~3/4 acre lot
- 1973 build
- – on site
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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 $1.8M 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 51% 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 4.5% with a down payment of $5,800,000—no appraisal required, no points for the loan assumption, COE in 30 days or less.
Last checked:
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Last updated Oct 25, 2024
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MLS# OC24013316 —
The Building
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Year Built:1973
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Year Built Source:Assessor
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New Construction:No
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Entry Level:1
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Common Walls:No Common Walls
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Building Area Total:14159.00
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Building Area Units:Square Feet
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# of Buildings:3
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Total Number Of Units:25
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Stories Total:2
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# of Separate Gas Meters:25
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# of Separate Water Meters:1
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# of Separate Electric Meters:25
Interior
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Levels:Two
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Entry Location:First Floor
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Laundry:Community
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Laundry:1
Location
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Directions:Cross Streets of Avocado Street and Fairview Road
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Latitude:33.65394700
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Longitude:-117.91101000
The Property
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Property Type:Residential Income
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Subtype:Apartment
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Lot Features:Level with Street
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Lot Size Area:0.8500
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Lot Size Acres:0.8500
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Lot Size SqFt:37026.00
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Lot Size Source:Assessor
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Additional Parcels:Yes
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Additional Parcels Description:41907121
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Land Lease:No
Listing Agent
- Contact info:
- No listing contact info available
Taxes
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Tax Census Tract:639.06
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Tax Tract:57
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Tax Lot:42
The Listing
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Special Listing Conditions:Standard
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Parcel Number:41907120
Utilities
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Sewer:Public Sewer
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Water Source:Public
The Community
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Subdivision:College Park (COLP)
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Subdivision:College Park (COLP)
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Senior Community:No
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Features:Curbs, Sidewalks
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Pool:Community, Fenced
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Private Pool:No
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Association:No
Parking
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Parking Spaces:38.00
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Garage Spaces:13.00
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Uncovered Spaces:13.00
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Carport Spaces:12.00
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Max Internet Speed
Provided by BroadbandNow®
This is the maximum advertised internet speed available for this home. Under 10 Mbps is in the slower range, and anything above 30 Mbps is considered fast. For heavier internet users, some plans allow for more than 100 Mbps.
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
10/18/24
Oct 18, 2024
|
Sold | CRMLS_CA | $11,650,000 | -1.3% |
|
10/10/24
Oct 10, 2024
|
Pending | CRMLS_CA | $11,800,000 | |
|
9/24/24
Sep 24, 2024
|
Sold Subject To Contingencies | CRMLS_CA | $11,800,000 |
