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.
Listed By CRMLS_CA / Tyler Leeson / Marcus & Millichap RE Invest / 714-713-9086
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Last updated May 8, 2024
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MLS# OC24013316 —
Walk Score®
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Bike Score®
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Transit Score®
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Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
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Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
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Sale history
Date | Event | Source | Price | % Change |
---|---|---|---|---|
5/8/24
May 8, 2024
|
Sold Subject To Contingencies | CRMLS_CA | $12,000,000 | |
1/22/24
Jan 22, 2024
|
Listed / Active | CRMLS_CA | $12,000,000 |