283 Avocado Street, Costa Mesa

$12,000,000

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6

Beds

5

Baths

0.85

Acres

About 283 Avocado Street

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.

Features of 283 Avocado Street

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

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

Amenities

Parking Spaces 38
# of Garages 13
Is Waterfront No
Has Pool Yes
Pool Fenced, Community

Interior

Has Basement No
Fireplace No
# of Stories 2
Stories Two

Exterior

Lot Description Street Level

Additional Information

Date Listed January 22nd, 2024
Days on Market 142
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

AgentTyler Leeson
OfficeMarcus & Millichap RE Invest

Listing Map

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