2097 Wallace Avenue

Costa Mesa, CA 92627

$1,850,000
Last Sold Price
2
Beds
3
Baths
2,344 Sq. Ft.
$789 / Sq. Ft.
2,344
Sq. Ft.
$789
per Sq. Ft.

Description

Introducing an attractive investment opportunity at 2097 Wallace in the vibrant city of Costa Mesa, California. This modern, cottage-style triplex presents a compelling value with a strong 5.2% capitalization rate. Each of the three units has been meticulously renovated to offer high-end, contemporary living spaces. Features include new flooring, fresh interior and exterior paint, and fully updated kitchens with granite countertops and shaker cabinets. Bathrooms have full tile showers making them...Introducing an attractive investment opportunity at 2097 Wallace in the vibrant city of Costa Mesa, California. This modern, cottage-style triplex presents a compelling value with a strong 5.2% capitalization rate. Each of the three units has been meticulously renovated to offer high-end, contemporary living spaces. Features include new flooring, fresh interior and exterior paint, and fully updated kitchens with granite countertops and shaker cabinets. Bathrooms have full tile showers making them instantly appealing to prospective tenants. The property includes essential appliances such as refrigerators and gas stoves, along with ceiling fans throughout, enhancing tenant comfort and appeal. Each unit benefits from its own private yard, a desirable feature for all types of tenants including those with children or pets. Individual laundry hookups add a layer of convenience. Secure this turnkey property to capitalize on its excellent location and modern amenities, ensuring a steady revenue stream and robust return on investment. Unit Mix: 3 Units. Each unit has 2 Beds | 1 Bath | 750 sqft. Individual yards and laundry hookups. Detached two car garage could be additional revenue or potential ADU for a 4th Unit. Each unit is separately metered for gas and electric. New: Roof, Kitchens, Bathrooms, Sub Panels, Plumbing, Doors, Fencing and Irrigation.
  1. Listed by Ali Ghandour • DRE #02016049 • Brokerage DRE #02182130 • Circa Properties, Inc.

Property Details for 2097 Wallace Avenue

Architectural Style
Cottage
View
None
Parking Spaces Total
2
Private Pool
No
Cooling Type
N/K
Total Units
3.0
Building Type
Detached
Lot Size Source
Assessor

Location

Listing Courtesy of Circa Properties, Inc., Ali Ghandour, DRE #02016049

Sold By Compass, Lena Ghezel, DRE #01252003

Add your commute
LISTING UPDATED: 06/07/2024 10:28 PM

Property Details for 2097 Wallace Avenue

StatusClosed
MLS #PW24083652
Days on Market11
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1958
Lot Size0.17 AC / 7,532 SF
CountyOrange County

Location

Listing Courtesy of Circa Properties, Inc., Ali Ghandour, DRE #02016049

Sold By Compass, Lena Ghezel, DRE #01252003

Add your commute

Building Information for 2097 Wallace Avenue

Stories1Residences-Year Built1958Building Size-Lot Size0.17 AC / 7,532 SF

Payment Calculator

$11,197 per month

30 year fixed, 7.25% Interest

Principal and Interest

$10,096

Property Taxes

$1,101

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 2097 Wallace Avenue

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $0
  • Gross Scheduled Income: $126,000
  • Vacancy Allowance: 0
  • Net Operating Income: $97,040
  • Number Of Rented Garages: 0
  • Garage Rental Rate: $400
  • Garage Income: $0
  • Laundry Income: $0
  • Cap Rate: 5.2
  • Financing: Cash
Expense Details
  • Operating Expense: $28,960
  • New Taxes Expense: $17,000
  • Gardener Expense: $960
  • Cable TV Expense: $0
  • Fuel Expense: $0
  • Licenses Expense: $0
  • Pest Control Expense: $0
  • Pool Expense: $0
  • Security Expense: $0
  • Furniture Replacement Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $5,000
  • Maintenance Expense: $3,600
  • Professional Management Expense: $0
  • Workmans Compensation Expense: $0
  • Trash Expense: $0
  • Water Sewer Expense: $2,400
  • Supplies Expense: $0
  • Total Expenses: $28,960
Tax / Assessment Info
  • Tax Block: B
  • Tax Tract Number: 612
  • Tax Census Tract: 637.01
  • CFD/Mello-Roos Fee: $2,118
  • Tax Lot: 21
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Special Assessments, Buyer to Verify
  • Community Features: Curbs, Sidewalks, Storm Drains, Street Lights
Property / Structure Info
Interior Features
  • Appliances: Gas Oven, Gas Range, Microwave, Refrigerator
  • Equipment: Gas Or Electric Dryer Hookup, Microwave, Outside, Refrigerator, Washer Hookup
  • Interior Features: Ceiling Fan(s), Quartz Counters, Recessed Lighting
  • Laundry: Yes
  • Laundry Features: Gas & Electric Dryer Hookup, Outside, Washer Hookup
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling: None
  • Heating Type: Wall
  • Heating: Wall Furnace
  • Flooring: Vinyl
Exterior Features
  • Window Features: Double Pane Windows
  • Construction Materials: Drywall Walls, Stucco, Wood Siding
  • Exterior Construction: Stucco, Wood Siding
  • Exterior: Stucco, Wood
  • Roof: Shingle
  • Entry Location: Main Floor
  • Fence: Yes
  • Fence: Wood
  • Fencing: Wood
  • Foundation Details: Raised
  • Property Condition: Turnkey
  • View Description: None
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Spa Features: None
Land/Lot Info
  • Lot Features: 2-5 Units/Acre, Corner Lot, Sprinkler System
  • Direction Faces: East
  • Number Of Units: 3
  • Land Lease: No
  • Land Lease Type: Fee
  • Road Surface Type: Paved
  • Road Frontage Type: City Street
  • Levels: One
  • Water: Public
  • Sewer: Public Sewer
  • Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Electric: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Water Source: Public
Parking Info
  • Garage Spaces: 2
  • Parking: No
  • Parking Garage: None
  • Parking Garage Spaces: 2
  • Carport Spaces: 0
  • Parking Features: None
Unit Information
Unit 1
  • Unit Type Units Total: 3
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Total Rent: $3,500
  • Unit Type Pro Forma: 10500
  • Unit Type Type: 1
Unit Information
  • Number Of Units Leased: 0
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 3
  • Number Of Separate Gas Meters: 3
  • Number Of Separate Water Meters: 1
  • Number With Dishwasher: 0
  • Number With Range: 3
  • Number With Refrigerator: 3
  • Number With Disposal: 3
  • Number With Patio: 3
  • Number Wall AC: 0

Property History for 2097 Wallace Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 2097 Wallace Avenue

Taxable ValueLand$953,291Additions$105,136Total$1,058,427
Tax Record2023$13,214 ($1,101 / month)
Home Facts
Total Finished SqFt2,344 SqFtAbove Grade Finished SqFt2,344 SqFtLot Size8,161 SqFtStyleMulti-Family Res (5+ Units)Year Built1958CountyORANGEAPN422-281-01

Schools near 2097 Wallace Avenue

This home is within Newport-Mesa Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 7 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Pomona Elementary School
PublicK to 6

Charles W. Tewinkle Middle School
Public7 to 8

Estancia High School
Public9 to 12

Early College High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Circa Properties, Inc., Ali Ghandour, DRE #02016049

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.