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283 Avocado Street, Costa Mesa

$12,000,000 - 6 Beds - 5 Baths - .85 Acres - 93 DOM

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.

Listing Agent
Tyler Leeson - Marcus & Millichap RE Invest

Essential Information

For 283 Avocado Street, Costa Mesa
  • MLS® # OC24013316
  • Price $12,000,000
  • Bedrooms 6
  • Bathrooms 5.00
  • Acres 0.85
  • Year Built 1973
  • Type Residential Income
  • Sub-Type Apartment
  • Status Active

Community Information

For 283 Avocado Street, Costa Mesa
  • Address 283 Avocado Street
  • Area C4 - Central Costa Mesa
  • Subdivision College Park (COLP)
  • City Costa Mesa
  • County Orange
  • Zip Code 92627

Amenities

For 283 Avocado Street, Costa Mesa
  • Parking Spaces 38
  • # of Garages 13
  • Has Pool Yes
  • Pool Community, Fenced

Interior

For 283 Avocado Street, Costa Mesa
  • # of Stories 2
  • Stories Two

Exterior

For 283 Avocado Street, Costa Mesa
  • Lot Description Street Level

Additional Information

For 283 Avocado Street, Costa Mesa
  • Date Listed January 22nd, 2024
  • Days on Market 93

Listing Details

For 283 Avocado Street, Costa Mesa
  • Agent Tyler Leeson
  • Office Marcus & Millichap RE Invest

Based on information from California Regional Multiple Listing Service, Inc. as of April 24th, 2024 at 6:15pm PDT. 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, 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.