238 Avocado St
Costa Mesa, CA 92627
Multifamily Property For Sale · 7 Units

7 on Avocado features an excellent unit mix of (3) two-bedroom, 2.5-bathroom townhouses (one unit is completely detached), (3) two-bedroom, two-bathroom units, and (1) very large, one-bedroom, two-bath flat. All of the units feature very spacious floorplans with balconies. The townhouse units are privately situated at the rear of the deep lot measuring 297 feet. One of these units is completely detached with no common walls. The townhouse units have two balconies and enclosed private yards. All other units also feature one balcony each. This is a rare offering in a great location of Westside Costa Mesa. Overall, the property is in clean condition with various stages of interior upgrades. Recent extensive wood replacement has been completed and interiors have also been upgraded including wide plank-style flooring, new appliances, and plumbing fixtures. This property has not been offered for sale since 1997. The four units at the front of the building are situated above the garages and extensive storage and linen closets. There are also very large walk-in closets in the master suites. Each bedroom has direct access to the large balcony area. In this building, there are three very large two-bedroom, two-bathroom units, and one large one-bedroom, two-bath unit. All units feature massive vaulted ceilings of approximately 18 feet in the living rooms and bedrooms and are very light and bright. Long-term tenancy of up to 31 years underscores the desirability of the location and surrounding area. There are three large townhouse units at the rear of the property each of which has two balconies and large yards. One of these townhouses is a completely detached structure with no common walls. The average rent on these three units is $1,700/month. There are 13 enclosed garages and a large laundry room. Each unit has varying degrees of interior upgrades. There is newer wide plank-style laminate wood flooring, newer toilets, facets, blinds, and tile flooring. There is forced air heating and separate hot water heaters as well. Each unit pays their own gas and electricity service. Since this property has been owner-managed from the purchase date and has been managed for occupancy, there is significant rental lift attainable. Market rents projected are conservative. In respect to the new Rental Cap initiative passed, there is ample room to levy maximum annual rental increases across all units and the ability to institute a RUBS program, which is shown on the proforma as $35/month per unit.