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283 Avocado St #C, Costa Mesa, CA 92627
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283 Avocado St #C Costa Mesa, CA 92627

$12,000,000
  • 35 Beds
  • 31 Baths
  • 14,159 Sq.Ft.
For Sale
$12,000,000 Get Pre-Qualified
Map preview of 283 Avocado St #C, Costa Mesa, CA 92627

Property Overview: 283 Avocado St #C Costa Mesa, CA has 35 bedrooms, 31 bathrooms, 14,159 living square feet and 37,026 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: 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.

Listed by Tyler Leeson | BRE #01451551 | Marcus & Millichap RE Invest
Co-listed by WMichael Cavner | BRE #01274709 | William Michael Cavner, Broker
Last checked: 14 minutes ago | Last updated: April 23rd, 2024 | Source CRMLS | DOM: 95
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Home details

Lot Sq. Ft
37,026
HOA Dues
$0/mo
Year built
1973
Garage
13 Car
Property Type:
Apartment
Status
Active
MLS#
OC24013316
City
Costa Mesa
County
Orange
Time on Site
95 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 25
  • Total # of Buildings: 3
  • # of Electric Meters: 25
  • # of Gas Meters: 25
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 19
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 4
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,334
  • Total Rent: $42,365
  • Pro Forma/Market Rent: $43,760
Unit Breakdown 2
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 4
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,695
  • Total Rent: $5,390
  • Pro Forma/Market Rent: $5,590
Unit Breakdown 3
  • # of Units: 4
  • # of Beds: 3
  • # of Baths: 2
  • Garage Spaces: 5
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,995
  • Total Rent: $11,980
  • Pro Forma/Market Rent: $12,780
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $716,820
  • Net Operating Income: $455,981
  • Gross Operating Income: $695,315
  • Vacancy Allowance: $21,505
  • Laundry Income: $10,164
  • Other Income 1: $12,599
  • Other Income Description: Misc
Annual Expense Breakdown
  • Total Operating Expense: $262,097
  • Electric: $7,032
  • New Taxes: $125,796
  • Trash: $11,340
  • Insurance: $16,023
  • Professional Management: $28,723
  • Water/Sewer: $5,039
  • Other Expense Description: Misc

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Property Details for 283 Avocado St #C

Interior Features
Laundry Information
  • Has Laundry
  • Community
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: Community, Fenced
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 13
  • # of Parking Spaces: 38
Lot Information
  • Lot Features: Level with Street
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: No Common Walls
  • Total # of Units: 25
  • Parcel Number: 41907120
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is not Attached
  • Has Additional Parcels
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: College Park (COLP)
  • Directions: Cross Streets of Avocado Street and Fairview Road
Neighborhood Information
  • Community Features: Curbs, Sidewalks
View more facts & features

Local Costa Mesa Agent

Sale History for 283 Avocado St #C

Last sold for $733,500 on July 14th, 1999

  • January, 2024

  • Jan 22, 2024

    Date

    Active

    CRMLS: OC24013316

    $12,000,000

    Price

  • July, 1999

  • Jul 14, 1999

    Date

    Sold (Public Records)

    Public Records

    $733,500

    Price

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Tax History for 283 Avocado St #C

Assessed Value (2020): $569,646
Year Land Value Improved Value Assessed Value
2020 $222,162 $347,484 $569,646

Home Value Compared to the Market

This property vs the competition

283 Avocado St #C is listed 763.93% higher than the median list price for the city of Costa Mesa which has a median list price of $1,389,000. The median price per/sqft for Costa Mesa is $811 and this home is listed at $847.52 per/sqft which puts the price per square foot 4.5% higher than the median price per square foot for the city of Costa Mesa.

About 283 Avocado St #C

Detailed summary of property

283 Avocado St #C is a apartment located in Costa Mesa, CA 92627 and is currently for sale. This apartment offers 35 bedrooms, 31 bathrooms, roughly 14,159 living square feet, and sits on an approximately 37,026 square foot lot. 283 Avocado St #C was first listed on ArdentRealEstateGroup.com on January 22, 2024. The homeowner is currently asking $12,000,000. The median priced home in Costa Mesa is $1,389,000 with a median price per square foot of $811. Based on Ardent Real Estate Group's Costa Mesa Market Data, this home is listed 763.93% higher than the median priced home. Local competing homes currently for sale include 1903 Orchid Ave, 1005 N Croft Ave and 1633 N Laurel Ave. While the average home in Costa Mesa, CA is selling in 28 days, 283 Avocado St #C has a days on market of 95 days. There are currently 113 homes for sale in the Costa Mesa real estate market and 84 of them are single family homes while 14 of them are condos and 15 are townhomes. For more information on this home for sale at 283 Avocado St #C Costa Mesa, CA 92627 contact Ardent Real Estate Group and we will put you in touch with one of our Costa Mesa agents.

Public Facts for 283 Avocado St #C

Public county record property details
Beds
--
Baths
--
Year built
1973
Sq. Ft.
14,159
Lot Size
18,347
Stories
2
Type
Apartments (Generic)
Pool
No
Spa
No
County
Orange
Lot#
42
APN
419-071-20

The source for these homes facts are from public records.

92627 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,399,000
Median List Price/Sq.Ft.
$828
Median Sold Price
$1,350,000
Median Sold Price/Sq.Ft.
$1,046
Total Inventory
66
Median Sale to List Price %
103.85%
Avg Days on Market
17
Loan Type
Conventional (50%), FHA (0%), VA (0%), Cash (31.82%), Other (18.18%)

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Recently Sold Homes Near 283 Avocado St #C

238 Avocado St, Costa Mesa, CA 92627
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233 Avocado St, Costa Mesa, CA 92627
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2230 Rutgers Dr, Costa Mesa, CA 92627
$1,250,000 Last Sold Price
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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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.

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