700 W 20th St
Costa Mesa, CA 92627
Costa Mesa OZ Triplex · Multifamily Property For Sale · 3 Units

This high income producing building is fortuitously located in both the Mesa West Residential Ownership Urban Plan and a designated Opportunity Zone, per the Tax Cuts and Jobs Act of 2017. The prudent investor will be able to leverage this unique opportunity while receiving an in-place cap rate of over 5%! There are three 2 bedroom / 1 bathroom units that are each separately metered for gas and electric. The units feature updated bathrooms and kitchens and amenities such as vaulted ceilings, tile floors and in-unit washer and dryers. For parking, there are 3 single car garages plus additional spots in the gated driveway. Also included is a detached studio unit and storage sheds that could generate additional income. Driving by, you’d never know what’s behind the mature vegetation throughout that creates shade and privacy for residents. Each unit feels like a detached home with a large, private outdoor space akin to a secret garden. All units are month-to-month, except for one that will be rolling to MTM on 4/1/2019. Current gross scheduled income is over $97,000 and could conservatively top $100,000 annually pro forma.