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145 E 18th St 19 Unit Apartment Building $8,650,000 ($455,263/Unit) 4.62% Cap Rate Costa Mesa, CA 92627
INVESTMENT HIGHLIGHTS
- Current Cap Rate: 4.62% (Currently, the Highest Cap Rate in Eastside Costa Mesa)
- Recent Exterior & Interior Renovations - All Subpanels Ugraded, Majority Units Re-Piped, New Windows, Rear Sliders & Front Doors, All Roofs Resurfaced
- Studio, One-, & Two-Bedroom Floorplans, In-Place Rubs
- Located on a Large Lot, Excellent Eastside Costa Mesa Location (Walk Score: 93)
- Updated Railings & 15 of 19 Units Have Been Renovated
- Value-Add Opportunity - Current Rates are 15% Below Market
EXECUTIVE SUMMARY
Located in Eastside Costa Mesa, 145 E. 18th Street is a recently renovated 19-unit multifamily investment opportunity. The property has ±15,325 rentable SF and is situated on ±29,967 SF/0.68 acres of land with a desirable unit mix of studio, one-, and two-bedroom floor plans. Community features include keyless entry, community pool, bbq and laundry facilities, well-parked and private backyard/balcony in select units. Currently, the property is offering the highest current cap rate in Eastside Costa Mesa (4.62%).
PROPERTY FACTS Under Contract
| Price | $8,650,000 | Apartment Style | Low-Rise |
| Price Per Unit | $455,263 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.66 AC |
| Cap Rate | 4.62% | Building Size | 15,325 SF |
| Gross Rent Multiplier | 14.2 | No. Stories | 2 |
| No. Units | 19 | Year Built | 1959 |
| Property Type | Multifamily | Parking Ratio | 1.89/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R2-MD - Multiple Family Residential - Medium Density | ||
| Price | $8,650,000 |
| Price Per Unit | $455,263 |
| Sale Type | Investment |
| Cap Rate | 4.62% |
| Gross Rent Multiplier | 14.2 |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.66 AC |
| Building Size | 15,325 SF |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.89/1,000 SF |
| Zoning | R2-MD - Multiple Family Residential - Medium Density |
AMENITIES
UNIT AMENITIES
- Balcony
- Fireplace
- Kitchen
- Granite Countertops
- Hardwood Floors
- Walk-In Closets
- Yard
- Patio
- Floor to Ceiling Windows
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Pool
- Security System
- Tenant Controlled HVAC
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $2,150 | 500 |
| 1+1 | 7 | $2,000 | 550 - 675 |
| 2+1 | 4 | $2,525 | 775 - 850 |
| 2+1.5 | 7 | $3,088 | 1,057 |
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Walk Score®
Walker's Paradise (92)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 425-443-11 | Improvements Assessment | $892,413 |
| Land Assessment | $7,139,322 | Total Assessment | $8,031,735 |
PROPERTY TAXES
Parcel Number
425-443-11
Land Assessment
$7,139,322
Improvements Assessment
$892,413
Total Assessment
$8,031,735
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145 E 18th St
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