283 Avocado Street
Costa Mesa, CA 92627

  • – beds
  • – baths
  • – sqft
  • ~3/4 acre lot
  • 1973 build
  • on site

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.

California Regional MLS logo Listed By CRMLS_CA / Tyler Leeson / Marcus & Millichap RE Invest / 714-713-9086

Last checked: Checking… • Last updated May 8, 2024 •

MLS# OC24013316 —

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Sale history

Date Event Source Price % Change
5/8/24
Sold Subject To Contingencies CRMLS_CA $12,000,000
1/22/24
Listed / Active CRMLS_CA $12,000,000

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Multifamily

$12,000,000

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Listing provided by broker:

Tyler Leeson

Marcus & Millichap RE Invest

714-713-9086

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This multifamily located in College Park, Costa Mesa, CA 92627 is currently for sale for $12,000,000. 283 Avocado Street is a – square foot multifamily with – beds and – baths that has been on Estately for 114 days. 283 Avocado Street is in the College Park neighborhood of Costa Mesa and has a WalkScore® of 76, making it very walkable. This multifamily is in the attendance area of College Park Elementary School and Costa Mesa High School.

California Regional MLS logo Listing Courtesy of: CRMLS_CA and Marcus & Millichap RE Invest. Based on information from California Regional Multiple Listing Service, Inc. as of 23:59 on May 14.

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