$2,547,000
$2,950,000
13.7%For more information regarding the value of a property, please contact us for a free consultation.
2550 Santa Ana AVE Costa Mesa, CA 92627
6,300 SqFt
Key Details
Sold Price $2,547,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 6,300 sqft
Price per Sqft $404
Subdivision Eastside Central (Eccm)
MLS Listing ID NP16170298
Sold Date 11/23/16
HOA Y/N No
Year Built 1967
Property Description
Rare 7 single story, separate cottages in the desirable Eastside Costa Mesa submarket. Long term owners are out of the area and these units have a 40%+ attainable rental upside. There is a 10%+ rental upside with hands on management based upon in-place rental comparables. The Eastside Cottages are comprised of seven units; (5) three bedroom, one bath (1) two bedroom, bath, and (1) three-bedroom, one and one quarter bath unit. The owner pays water only and each unit has a separate H2O heater, laundry hook-ups, a private garage and yard. The exterior has new paint, and the roofs are pitched composition shingle. Proforma at Market. See Marketing Flyer in Dedicated Property Website.
There is a real attainable approximately 40% rental upside with renovations bringing the going yield inline with market market cap rates. Long-term out of area owners keep rents very, very low and the building full.
The Sellers are motivated to complete the IRC 1031 Tax Deferred Exchange.
Location
State CA
County Orange
Area C5 - East Costa Mesa
Rooms
Ensuite Laundry Electric Dryer Hookup, Gas Dryer Hookup
Interior
Laundry Location Electric Dryer Hookup,Gas Dryer Hookup
Heating Wall Furnace
Fireplace No
Laundry Electric Dryer Hookup, Gas Dryer Hookup
Exterior
Garage Unassigned
Garage Spaces 7.0
Garage Description 7.0
Pool None
Community Features Suburban
Utilities Available Sewer Available, Sewer Connected
View Y/N No
View None
Parking Type Unassigned
Total Parking Spaces 14
Private Pool No
Building
Lot Description 11-15 Units/Acre
Water Public
Others
Senior Community No
Tax ID 43909101
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash
Special Listing Condition Standard
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Bought with Michael Brinkman • Coastline Realty