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283 Avocado Street

Costa Mesa, CA 92627

PRICE REDUCED

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-$200,000 (-1.67%)

$11,800,000

List Price

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1973

calendar_month Built

Property Description

Legitimate turnkey multifamily investment property offering a range of one-, two-, and three-bedroom loft-style floor plans. Substantial investment was made in 2023 and 2024, with over $1.8M in interior and exterior capital improvements. 100% of the interiors are fully renovated, including all new appliances, cabinets/counters, new electrical panels, flooring, painting and drywall, and all new windows and doors. Common area improvements include the roofs, painting, termite & pest mitigation, and tenting of the entire structure, exterior wood, decking, all new stairs and railings, all new asphalt, hardscape/softscape, mailboxes, plumbing, house electrical panels, and garage doors. ABOVE ALL, the debt component sets this project apart from nearly all other investments within the marketplace. Available to assume is a private note with a 51% LTV and interest-only payments until 2032 starting at 3.5%, with a cap at 5.0%, resulting in a blended interest rate of 4.61% over the term. This equates to an initial cash-on-cash return of over 4.5% with a down payment of $5,800,000—no appraisal required, no points for the loan assumption, COE in 30 days or less.

Listing Information

List Price $11,800,000
Status Active
MLS OC24013316
HOA $0
Type Residential Income
Subtype Apartment
Year Built 1973
Lot Size 37,026
Structure Size N/A
DOM 225
Courtesy Of Marcus & Millichap RE Invest
Listing Agent Tyler Leeson DRE#01451551
Co-Listing Agent WMichael Cavner DRE#01274709

Interior Features

Laundry Information
Location(s) Common Area
Total Bedroom
Bedrooms N/A
Total Bathroom
Bathrooms N/A

Exterior Information

Maps

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Listing information courtesy of: Tyler Leeson, WMichael Cavner, Marcus & Millichap RE Invest . *Based on information from the Association of REALTORS/Multiple Listing as of Sep 3rd, 2024 at 10:32 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.