283 Avocado St | Costa Mesa, CA 92627
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- LoopNet Team
283 Avocado St
Costa Mesa, CA 92627
Private Financing - 51% LTV & 3.50% Rate · Multifamily Property For Sale
·
25 Units
INVESTMENT HIGHLIGHTS
- Turnkey Investment: Featuring one-, two-, and three-bedroom loft floor plans.
- Unique Debt Component: Assumable note with 51% LTV and IO payments. 3.5% interest start rate and blended 4.61% over term.
- Modern Amenities: Amenities updated interiors, private patios, fireplaces, pool, garage parking, upgraded on-site laundry facility, & garden setting.
- Substantial Renovation: Significant capital investment in 2023 + 2024 covering interior unit upgrades and common area improvements.
- Cash-on-Cash Return: Initial cash-on-cash return of 4.5%+ with a down payment of $5,800,000.
- Prime Coastal 'A' Location: With positive leverage and a coastal location, combining modern comfort and turnkey renovations.
PROPERTY FACTS
| No. Units | 25 | Building Size | 14,159 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1973/2023 |
| Building Class | C | Parking Ratio | 2.68/1,000 SF |
| Lot Size | 0.85 AC | ||
| Zoning | R3 | ||
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.85 AC |
| Building Size | 14,159 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1973/2023 |
| Parking Ratio | 2.68/1,000 SF |
| Zoning | R3 |
AMENITIES
UNIT AMENITIES
- Cable Ready
- Fireplace
- Storage Space
- Kitchen
- Stainless Steel Appliances
- Loft Layout
- Patio
SITE AMENITIES
- Laundry Facilities
- Pool
- Recycling
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 19 | - | 480 - 500 |
| 2+2 | 2 | - | 700 |
| 3+2 | 4 | - | 900 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,564,512 | |
| Land Assessment | $10,085,488 | Total Assessment | $11,650,000 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$10,085,488
Improvements Assessment
$1,564,512
Total Assessment
$11,650,000
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