383 West Wilson Street

Costa Mesa, CA 92627

$4,620,000
Price
3
Beds
12
Baths
7,920 Sq. Ft.
$583 / Sq. Ft.
7,920
Sq. Ft.
$583
per Sq. Ft.

Description

383 West Wilson Street is a 12-unit multifamily investment property located in Costa Mesa, California. The property offers a mix of 10, one-bedroom units and 2, two-bedroom units. All units have undergone substantial renovations that include fresh paint, vinyl and carpet flooring, quartz countertops, appliances, bathrooms, and more. Amenities at 383 West Wilson Street include ample garage and surface parking, and an on-site laundry facility. Residents benefit from 383 West Wilson Street’s excellent...383 West Wilson Street is a 12-unit multifamily investment property located in Costa Mesa, California. The property offers a mix of 10, one-bedroom units and 2, two-bedroom units. All units have undergone substantial renovations that include fresh paint, vinyl and carpet flooring, quartz countertops, appliances, bathrooms, and more. Amenities at 383 West Wilson Street include ample garage and surface parking, and an on-site laundry facility. Residents benefit from 383 West Wilson Street’s excellent Costa Mesa location, within walking distance of a plethora of major retail centers. Located just steps away from the property are Gray Plaza, anchored by At Home, and Harbor Center, anchored by Home Depot and the newly opened Mercado Gonzalez Northgate Market. Additionally, the property is situated less than one-mile from Orange Coast College (OCC) and the O. C. Fairgrounds, two major housing and economic drivers for the area. Furthermore, the property’s location, between Harbor Boulevard and State Route 55, provides residents with easy access to Costa Mesa hotspots including Triangle Square, 17th Street, and South Coast Plaza. The property benefits from its close proximity to State Routes 55 and 73, convenient access to major employment hubs including the South Coast Metro, Irvine Business District, and Newport Center. The Costa Mesa submarket is among the strongest performing areas in metro Orange County, with an average occupancy of 96.5 percent (Q4 2023) and average year-over-year effective rent growth of 8.9 percent (between 2021 to 2023), demonstrating the strong demand for rental housing. Costa Mesa’s coastal location, strong economic growth, and unmatched local attractions have made it one of Southern California’s most desirable and versatile markets. Given its Coastal Orange County location, the property offers an investor the ability to capture quality tenants seeking a convenient location with access to a wide variety of area amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 383 West Wilson Street.
  1. Listed by Tyler Leeson • DRE #01451551 • Brokerage DRE #00530854 • Marcus & Millichap RE Invest • 714-713-9086

Property Details for 383 West Wilson Street

Parking Spaces Total
23
Private Pool
No
Total Units
12.0
Building Type
Detached
Lot Size Source
Assessor
Living Area
7920
Assessor Parcel Number
419-032-04
Property Attached YN
false

Location

Listing Courtesy of Marcus & Millichap RE Invest, Tyler Leeson, DRE #01451551
Add your commute
LISTING UPDATED: 05/25/2024 01:21 PM

Property Details for 383 West Wilson Street

StatusActive
MLS #OC24096600
Days on Market19
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1965
CountyOrange County

Location

Listing Courtesy of Marcus & Millichap RE Invest, Tyler Leeson, DRE #01451551
Add your commute

Building Information for 383 West Wilson Street

Building/Complex383 W Wilson StFloor-Stories2Residences-Pet Policy-Year Built1965Building Size-

Payment Calculator

$29,363 per month

30 year fixed, 7.25% Interest

Principal and Interest

$25,213

Property Taxes

$4,150

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 383 West Wilson Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $329,981
  • Gross Scheduled Income: $308,499
  • Vacancy Allowance: 9255
  • Vacancy Allowance Rate: 3
  • Gross Operating Income: $299,244
  • Net Operating Income: $203,816
  • Other Income Description: Misc
  • Other Income 1: $21,482
  • Gross Multiplier: 14.0
  • Cap Rate: 4.41
Expense Details
  • Operating Expense: $116,910
  • Operating Expense Percent: 36.50%
  • New Taxes Expense: $48,431
  • Fuel Expense: $5,866
  • Electric Expense: $5,866
  • Insurance Expense: $8,400
  • Maintenance Expense: $8,400
  • Professional Management Expense: $0
  • Other Expense: $28,216
  • Other Expense Description: Misc
  • Trash Expense: $5,865
  • Water Sewer Expense: $5,866
  • Total Expenses: $116,910
Tax / Assessment Info
  • Tax Tract Number: 57
  • Tax Census Tract: 639.06
  • CFD/Mello-Roos Fee: $4,816
  • Tax Lot: 17
Community / Development
Community / Development
  • Community Features: Curbs, Gutters, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Community
Exterior Features
  • Entry Location: First level
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: Level with Street
  • Number Of Units: 12
  • Land Lease: No
  • Land Lease Type: Fee
  • Topography: Level
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 13
  • Uncovered Spaces: 10
  • Open Other Spaces Total: 10
  • Parking Garage Spaces: 13
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Other
  • Builders Tract Code: Other (OTHR)
Unit Information
Unit 1
  • Unit Type Units Total: 10
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 6
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $20,658
  • Unit Type Total Rent: $20,658
  • Unit Type Pro Forma: 22590
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 7
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $5,050
  • Unit Type Total Rent: $5,050
  • Unit Type Pro Forma: 5590
  • Unit Type Type: 2
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 12
  • Number Of Separate Gas Meters: 12
  • Number Of Separate Water Meters: 1

Property History for 383 West Wilson Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 383 West Wilson Street

Taxable ValueLand$3,771,450Additions$520,200Total$4,291,650
Tax Record2023$49,805 ($4,150 / month)
Home Facts
Total Finished SqFt7,920 SqFtAbove Grade Finished SqFt7,920 SqFtStories2Lot Size18,915 SqFtStyleMulti-Family Res (5+ Units)Year Built1965CountyORANGEAPN419-032-04

Schools near 383 West Wilson Street

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

Costa Mesa High School
Public7 to 12

Maude B. Davis Elementary School
PublicK to 6

Back Bay 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.

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383 West Wilson Street is a multi-family home for sale in Costa Mesa, CA 92627. This property was listed for sale on May 13, 2024 by Marcus & Millichap RE Invest, it's currently listed at $4,620,000. It has been on the market for a total of 19 days and was last sold on April 2, 2021. This listing's school district is Newport-Mesa Unified School District. Nearby schools include College Park Elementary School, Costa Mesa High School and Maude B. Davis Elementary School. 383 West Wilson Street is a 3-bed, 12-bath, 7,920 sqft multi-family home built in 1965.

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 Marcus & Millichap RE Invest, Tyler Leeson, DRE #01451551

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.