Sold
Closed
283 Avocado Street
Costa Mesa CA, 92627
$11,650,000
$822.80 per sqft
Sold
Closed
14,159 sqft
Condos
Built in 1973
Listed by Tyler Leeson with Marcus & Millichap RE Invest [email protected]
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.
OC24013316
MLSⓇ ID
January 22, 2024
Listed
October 26, 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
245
Garage
Yes
Garage Spaces
13
Parking Total
38
View
No
County
Orange
Water Source
Public
Pool
No
Pool Features
Community, Fenced
Listing History
Date | Event | Price |
|---|---|---|
10/18/2024 | Sold | $11,650,000 |
10/10/2024 | Pending | — |
9/24/2024 | Under contract | — |
8/29/2024 | Price change | $11,800,000 -2% |
5/15/2024 | Active | — |
5/8/2024 | Under contract | — |
Listing Contact: 949-419-3200
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 10/26/2024. 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.
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Data last updated on 10/26/2024 at 11:15 AM UTC