Thank you
Tyler Leeson
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.
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Water Source : Public
Sewer : Public Sewer
Year Built: 1973
Building Area Total: 14,159
Community,Fenced
Common Area
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.85
Lot Size Source: Assessor
Lot Size Square Feet: 37026
Original List Price: 12,000,000
Listing Contract Date: 2024-01-22
Listing Agreement: Exclusive Right To Sell
Parcel Number: 41907120
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: C4 - Central Costa Mesa
Postal Code Plus 4: 5628
Directions: Cross Streets of Avocado Street and Fairview Road
Source Property Type: Residential Income
Area: C4 - Central Costa Mesa
Property SubType: Apartment
Property Age: 51
Common Walls: No Common Walls
Structure Type: Apartment
Year Built Source: Assessor
Entry Level: 1
Entry Location: First Floor
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
124 Melody Lane, Costa Mesa, CA,92627 | $1,650,000 | 3 | 2 | 1,802 | 8780 Sqft |
939 W 19th Street #A-7, Costa Mesa, CA,92627 | $859,900 | 3 | 2 | 1,600 | 1620 Sqft |
186 Del Mar Avenue, Costa Mesa, CA,92627 | $2,190,000 | -- | -- | 2,597 | 9240 Sqft |
150 Cecil Place, Costa Mesa, CA,92627 | $2,165,000 | 4 | 4 | 2,280 | 8712 Sqft |
2191 Harbor Boulevard #9, Costa Mesa, CA,92627 | $179,900 | 3 | 2 | 1,152 | -- |
2177 Pomona Avenue, Costa Mesa, CA,92627 | $1,250,000 | -- | -- | 1,680 | 6490 Sqft |
2171 Pomona Avenue, Costa Mesa, CA,92627 | $1,250,000 | -- | -- | 1,680 | 6490 Sqft |
124 Melody Lane, Costa Mesa, CA,92627 | $1,650,000 | -- | -- | 2,900 | 8780 Sqft |
1845 Monrovia #57, Costa Mesa, CA,92627 | $375,000 | 3 | 2 | 1,414 | -- |
2168 Placentia Avenue, Costa Mesa, CA,92627 | $3,100,000 | -- | -- | 5,280 | 17385 Sqft |
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ByOwner last updated this listing 05/06/2024 @ 12:10
MLS: OC24013316
LISTED BY: Tyler Leeson, Marcus & Millichap RE Invest
SOURCE: CRMLS
Buyer Agency Compensation: 1.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.