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287 16Th Pl, Costa Mesa, CA 92627
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287 16Th Pl Costa Mesa, CA 92627

$5,000,000 Sold Price as of 09/01/2023
  • 16 Beds
  • 14 Baths
  • 9,049 Sq.Ft.
Sold
$5,000,000 Sold Price as of 09/01/2023 Refinance Your Mortgage
Map preview of 287 16Th Pl, Costa Mesa, CA 92627

Property Overview: 287 16Th Pl Costa Mesa, CA has 16 bedrooms, 14 bathrooms, 9,049 living square feet and 13,068 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Premium Eastside Costa Mesa rental location. One of only a few 5+ buildings below 17th St and bordering Newport Heights, the property is walking distance to all of the hip retail, shopping, bars, and restaurants that line 17th St., while providing tenants a nice place to live on a quiet street. Rare opportunity to own this 8 unit apartment complex in an area with low rental supply/vacancy and rarely available properties. The high desirability makes the units easy to rent upon any turnover, resulting in a great long term investment as housing and rents in the area continue to appreciate.

Listed by Christopher Pettit | BRE #01983950 | Skyline Commercial Real Estate
Last checked: 13 minutes ago | Last updated: September 2nd, 2023 | Source CRMLS | DOM: 85

Home details

Lot Sq. Ft
13,068
HOA Dues
$0/mo
Year built
1963
Garage
2 Car
Property Type:
Apartment
Status
Sold
MLS#
OC23060572
City
Costa Mesa
County
Orange
Time on Site
391 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 8
  • Total # of Buildings: 1
  • # of Leased Units: 8
  • # of Electric Meters: 8
  • # of Gas Meters: 8
  • # of Water Meters: 0
Unit Breakdown 1
  • # of Units: 4
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,858
  • Total Rent: $11,430
  • Pro Forma/Market Rent: $3,400
Unit Breakdown 2
  • # of Units: 2
  • # of Beds: 3
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $3,350
  • Total Rent: $6,700
  • Pro Forma/Market Rent: $4,000
Unit Breakdown 3
  • # of Units: 2
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,375
  • Total Rent: $4,750
  • Pro Forma/Market Rent: $2,750
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 3.53%
  • Gross Rent Multiplier: 19.08
  • Gross Scheduled Income: $274,560
  • Net Operating Income: $185,349
  • Gross Operating Income: --
  • Laundry Income: $600
Annual Expense Breakdown
  • Total Operating Expense: $84,308
  • Electric: $460
  • Gas/Fuel: $0
  • New Taxes: $58,077
  • Trash: $3,998
  • Gardener: $1,440
  • Insurance: $4,525
  • Maintenance: $6,000
  • Professional Management: $0
  • Water/Sewer: $4,059

Property Details for 287 16Th Pl

Interior Features
Cooling Information
  • No Cooling
  • None
Heating Information
  • Has Heating
  • Central
Laundry Information
  • Has Laundry
  • Community, In Closet, In Kitchen
Fireplace Information
  • No Fireplace
  • None
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 2
  • # of Parking Spaces: 10
  • Has Parking
  • Parking Features: Assigned, Carport, Paved, Garage - Single Door, Uncovered
Lot Information
  • Lot Features: Front Yard
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 1 Common Wall
  • Total # of Units: 8
  • Parcel Number: 42522108
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
  • Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Location / Neighborhood
Location Information
  • Subdivision Name: Other (OTHR)
  • Other Subdivision Name: other
  • Directions: Off Santa Ana Ave
Neighborhood Information
  • Community Features: Urban
View more facts & features

Local Costa Mesa Agent

Sale History for 287 16Th Pl

Last sold for $5,000,000 on September 1st, 2023

  • September, 2023

  • Sep 1, 2023

    Date

    Sold

    CRMLS: OC23060572

    $5,000,000

    Price

  • Apr 13, 2023

    Date

    Active

    CRMLS: OC23060572

    $5,750,000

    Price

  • April, 2019

  • Apr 5, 2019

    Date

    Sold

    CRMLS: PW18212039

    $3,725,000

    Price

  • Mar 13, 2019

    Date

    Pending

    CRMLS: PW18212039

    $3,795,000

    Price

  • Feb 4, 2019

    Date

    Active Under Contract

    CRMLS: PW18212039

    $3,795,000

    Price

  • Jan 10, 2019

    Date

    Price Change

    CRMLS: PW18212039

    $3,795,000

    Price

  • Oct 22, 2018

    Date

    Price Change

    CRMLS: PW18212039

    $3,895,000

    Price

  • Aug 30, 2018

    Date

    Active

    CRMLS: PW18212039

    $4,000,000

    Price

  • Listing provided courtesy of CRMLS

    287 E. 16th Place is a unique 8 unit Eastside Costa Mesa investment opportunity advantageously located near the border of Newport Beach and the shopping, dining and entertainment of popular 17th St. in Costa Mesa. Per assessor, total building square footage is over 9,000 sqft and lot size is over 13,000 sqft. The smart unit mix includes oversized floorplans and features two 3 bedroom/2 bath units, two 1 bedroom/1 bath units and four 2 bedroom/2 bath units. Residents share the charming interior courtyard. The windows have been replaced throughout the building and most units have upgraded interiors, including newer bathrooms/kitchens and newer flooring. There is big upside in rental rates, with several units on month-to-month rental agreements. Conservative pro forma rents include: 1 bedroom - $1900, 2 bedroom - $2300 and 3 bedroom - $2750, which equates to a conservative pro forma Gross Scheduled Income of $222,000. There are two single car garages, plus carport and assigned parking spots. The small laundry room is shared and some units have washer/dryer hookups. Units are separately metered for gas and electric.

  • April, 2019

  • Apr 3, 2019

    Date

    Sold (Public Records)

    Public Records

    $3,725,000

    Price

  • March, 2012

  • Mar 27, 2012

    Date

    Sold (Public Records)

    Public Records

    --

    Price

Show More

Tax History for 287 16Th Pl

Assessed Value (2020): $2,587,810
Year Land Value Improved Value Assessed Value
2020 $2,303,151 $284,659 $2,587,810

Home Value Compared to the Market

This property vs the competition

287 16Th Pl sold on September 1, 2023 for 283.21% higher than the current median sold price for the city of Costa Mesa which is $1,370,000. The median sold price per/sqft for Costa Mesa is $783 and this home is sold at $580.17 per/sqft which puts the price per square foot 25.9% lower than the current median sale per square foot for the city of Costa Mesa.

About 287 16Th Pl

Detailed summary of property

287 16Th Pl is a apartment that recently sold in Costa Mesa, CA 92627. This apartment offered 16 bedrooms, 14 bathrooms, roughly 9,049 living square feet, and sits on an approximately 13,068 square foot lot. 287 16Th Pl was first listed on ArdentRealEstateGroup.com on April 13, 2023. The homeowner sold the property for $5,000,000. Home in Costa Mesa are selling for a median price of $1,370,000 and a median price per square foot of $783. Based on Ardent Real Estate Group's Costa Mesa Market Data, this home is sold 283.21% higher than the current median priced home. Local homes that are currently for sale include 124 Turquoise Ave, 1012 & 1018 Mission Dr and 7851 Glencoe Dr. While the average home in Costa Mesa, CA is selling in 30 days, 287 16Th Pl has a days on market of 85 days. There are currently 116 homes for sale in the Costa Mesa real estate market and 90 of them are single family homes while 9 of them are condos and 17 are townhomes. For more information on this home for sale at 287 16Th Pl 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 287 16Th Pl

Public county record property details
Beds
--
Baths
--
Year built
1963
Sq. Ft.
9,049
Lot Size
12,848
Stories
2
Type
Apartments (Generic)
Pool
No
Spa
No
County
Orange
Lot#
10
APN
425-221-08

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
$1,389,000
Median List Price/Sq.Ft.
$828
Median Sold Price
$1,500,000
Median Sold Price/Sq.Ft.
$788
Total Inventory
68
Median Sale to List Price %
100%
Avg Days on Market
28
Loan Type
Conventional (44.44%), FHA (0%), VA (0%), Cash (38.89%), Other (16.67%)

Thinking of Selling?

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(714) 706-1823

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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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