283 Avocado Street, Costa Mesa, CA 92627 (MLS # OC24013316)
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.
Property Type(s):
Residential Income
Last Updated
|
3/26/2024
|
Tract
|
College Park (COLP)
|
Year Built
|
1973
|
Community
|
Central Costa Mesa
|
Garage Spaces
|
13.0
|
County
|
Orange
|
Additional Details
AREA |
Central Costa Mesa |
BUYER'S BROKERAGE COMPENSATION |
1.500 % |
GARAGE |
Yes |
HOA DUES |
0 |
LOT |
0.85 acre(s) |
LOT DESCRIPTION |
Street Level |
POOL |
Yes |
POOL DESCRIPTION |
Community,Fenced |
SEWER |
Public Sewer |
STORIES |
2 |
SUBDIVISION |
College Park (COLP) |
WATER |
Public |
Location
Listed with Marcus & Millichap RE Invest
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