Youtube Introduction
https://youtu.be/rIi_MaDHtNI?si=L6zSWNNvexTuHP37
Investment Highlights
◆ The property features a gated courtyard, 6 ring cameras for enhanced security, and new mailboxes with convenient package lockers.
◆ Recent remodels include a LifeSource whole-building water filter, a hot water recirculating pump for instant hot water, and new insulation in walls.
◆ Located in the sought-after Mesa Del Mar neighborhood, this property is one of only 94 fourplexes in an area where homes range from $1MM to $2MM.
◆ Apt E includes direct access to a single-car garage, and all units benefit from off-street parking with a total of 13 spaces.
◆ The property includes dual-pane windows, new electrical systems, and pre-wiring for cable, with in-unit laundry for A, B, and F, and shared laundry.
◆ Units feature stainless steel sinks, new soft-close cabinets, quartz countertops, and drought-tolerant landscaping, plus access to a common BBQ area.
Executive Summary
◆ High Quality Remodeled 6 Apts w/Great Income!
◆ First extensively remodeled property in the neighborhood which is starting to gentrify.
◆ Great upside potential for a long term hold.
◆ Expect minimal repairs since HVAC, electrical, plumbing and cast iron drains are new.
◆ Roof is newer with at least 10-15 years remaining.
◆ Prospective tenants come from higher end Irvine & East Side Costa Mesa for high quality finishes & lower rent.
◆ Other tenants love the area because their kids can walk to school from elementary through college.
◆ Attracted college students and young professionals, etc.
◆ Property has great appeal to everyone without restriction across all demographics.
◆ For detailed views of interior, see listings from 2023 on Zillow & SoCal MLS.
◆ Full Remodel & added 2 ADUs in 2023.
◆ Better than average amenities for tenants.
◆ Life Source Whole Building Water Filter to keep down scale and water spots on the glass shower doors.
◆ Drink from any faucet in the apartment and makes the hair and skin feel fantastic!
◆ BBQ area with table, chairs, heater, covering, evening accent lights.
◆ Landscaping is Kurapia instead of grass, which is drought tolerant and rarely needs mowing.
◆ Designed property for minimal maintenance.
◆ Irrigation system & water fountain out front.
◆ New sewer drops from second floor (no cracked sewer pipes!)
◆ All major systems are new: Water heater, electrical panels, larger water connection to street and 2.5″ line from the street to the 2″ water meter etc.
◆ Individual gas and electric meters plus RUBS in place as well.
◆ 6 Ring security cameras and lights around the property.
◆ Gated front & rear gates with pushbutton codes for convenient access for tenants, service staff, UPS/FedEx, etc.
◆ All units have heat/AC or ductless minisplits. Lots of light throughout make them desirable for tenants.
◆ Apts A and F have yard/patio. Prewired for cable so no ugly wires outside.
◆ Recirc pump for the hot water. Walls and ceilings insulated.
◆ Refrigerators incl: Apts A, D, E, and F. Quartz counters, euro hinge cabinets with soft close.
◆ Soft close toilet lids.
◆ New windows, electric garage door openers with battery backup for new steel roll up doors.
◆ Every apartment has assigned parking so no hassles for parking for the all the tenants.
◆ Apt B upgraded to include soaking tub with jets, 3 Solatube skylights and premium appliances.
◆ Deep, stainless sinks w/sprayer faucet on overhead hose.
◆ W/D in lndry are owned.
◆ Only $1.25 each (can be increased).
◆ Recently serviced to replace washer pump seal.
◆ Locks are all Kwikset SmartKey for easy rekeying between tenants.
◆ All apts have great natural light.
◆ Small storage closet for property tools.
◆ NOTE: Listed features vary by Apt.
◆ On-site property manager lives in Apt B and receives rent credit and is willing to remain.
◆ Close to shopping and amenities within a mile –
OC Fairgrounds (discounted tickets for neighbors every year at the County Fair), South Coast Plaza, Sprouts Market, Stater Brothers groceries, Target, Wal Mart, Mitsuwa Japanese marketplace, Meiji Seiman market, Tewinkle Park – with lakes and animals, Bark Park, Costa, Mesa Tennis Center, OC Equestrian Center, Orange Coast College, Sonoma Elementary ¼ mile, Costa Mesa Middle School, Costa Mesa High School Within 3 miles
◆ Close to 73, 405 and 55 onramps – all within 1.5 miles,
3.5 miles to John Wayne Airport, Trader Joes, Upper Newport Bay Nature Reserve, Bonita Canyon Sports Park
◆ Within 9 miles –
Pacific Coast Hwy, Balboa Island, Balboa Peninsula, Fashion Island, Three piers on the ocean in Newport Beach and Huntington Beach, Crystal Cove state park, Newport Harbor
Property Facts
◆ Price $3,500,000
◆ Price Per Unit $583,333
◆ Sale Type Investment
◆ Cap Rate 5.24%
◆ Gross Rent Multiplier 15.4
◆ No. Units 6
◆ Property Type Multifamily
◆ Property Sub type Apartment
◆ Apartment Style Low Rise
◆ Building Class C
◆ Lot Size 0.17 AC
◆ Building Size 5,241 SF
◆ Average Occupancy 100%
◆ No. Stories 2
◆ Year Built/Renovated 1964/2024
Unit Amenities
◆ Air Conditioning
◆ Cable Ready
◆ Dishwasher
◆ Disposal
◆ Microwave
◆ Washer/Dryer
◆ Washer/Dryer Hookup
◆ Heating
◆ Ceiling Fans
◆ Refrigerator
◆ Oven
◆ Stainless Steel Appliances
◆ Tub/Shower
◆ Dining Room
◆ Instant Hot Water
◆ Island Kitchen
◆ Skylights
◆ Smoke Free
◆ Vinyl Flooring
Site Amenities
◆ Controlled Access
◆ Courtyard
◆ Laundry Facilities
◆ Picnic Area
◆ Gated
◆ Grill
Unit Mix Information
DescriptionNo. Units Avg. Rent/Mo SF
===================================
Studios 2 $2,250 350 – 485
2+1 1 $2,775 720
2+2 2 $3,563 748- 1,199
4+3 1 $4,525 1,739
PROPERTY TAXES
◆ Parcel Number 141-665-25
◆ Total Assessment $1,830,900 (2023)
◆ Land Assessment $1,632,000 (2023)
◆ Annual Taxes ($1) ($0.00/SF)
◆ Improvements Assessment $198,900 (2023)
◆ Tax Year2024
Mention OCLife.Net when to get a good deal
Copyright 2024 © OC Life. All Rights Reserved.