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.
|
DAYS ON MARKET
|
270
|
LAST UPDATED
|
10/18/2024
|
|
TRACT
|
College Park (COLP)
|
YEAR BUILT
|
1973
|
|
COMMUNITY
|
Central Costa Mesa
|
GARAGE SPACES
|
13.0
|
|
COUNTY
|
Orange
|
STATUS
|
Sold
|
|
PROPERTY TYPE(S)
|
Residential Income
|
|
|
|
Prior to Aug 28, '24
|
$12,000,000
|
| Aug 28, '24 - Today |
$11,800,000 |
| AREA |
Central Costa Mesa |
| 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 |
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Listed with Marcus & Millichap RE Invest
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 1/14/25 9:53 PM PST and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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