283 Avocado Street

Costa Mesa, CA 92627

$12,000,000
Price
6
Beds
31
Baths
14,159 Sq. Ft.
$848 / Sq. Ft.
14,159
Sq. Ft.
$848
per Sq. Ft.

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 $1.7M 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...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 $1.7M 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 50% LTV and interest-only payments for nine years, 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% with a down payment of $6,000,000—no appraisal required, no points for the loan assumption, COE in 30 days or less.
  1. Listed by Tyler Leeson • DRE #01451551 • Brokerage DRE #00530854 • Marcus & Millichap RE Invest • 714-713-9086
  2. Listed by WMichael Cavner • DRE #01274709 • Brokerage DRE #01274709 • William Michael Cavner, Broker

Property Details for 283 Avocado Street

Parking Spaces Total
38
Private Pool
No
Total Units
25.0
Building Type
Detached
Lot Size Source
Assessor
Living Area
14159
Assessor Parcel Number
419-071-20
Property Attached YN
false

Location

Listing Courtesy of Marcus & Millichap RE Invest, Tyler Leeson, DRE #01451551; William Michael Cavner, Broker, WMichael Cavner, DRE #01274709
Add your commute
LISTING UPDATED: 04/23/2024 04:17 AM

Property Details for 283 Avocado Street

StatusActive
MLS #OC24013316
Days on Market98
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1973
CountyOrange County

Location

Listing Courtesy of Marcus & Millichap RE Invest, Tyler Leeson, DRE #01451551; William Michael Cavner, Broker, WMichael Cavner, DRE #01274709
Add your commute

Building Information for 283 Avocado Street

Building/Complex283 Avocado StFloor-Stories2Residences-Pet Policy-Year Built1973Building Size-

Payment Calculator

$70,684 per month

30 year fixed, 7.25% Interest

Principal and Interest

$65,489

Property Taxes

$5,195

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 283 Avocado Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $739,920
  • Gross Scheduled Income: $716,820
  • Vacancy Allowance: 21505
  • Vacancy Allowance Rate: 3
  • Gross Operating Income: $695,315
  • Net Operating Income: $455,981
  • Laundry Income: $10,164
  • Other Income Description: Misc
  • Other Income 1: $12,599
Expense Details
  • Operating Expense: $262,097
  • Operating Expense Percent: 36.50%
  • New Taxes Expense: $125,796
  • Electric Expense: $7,032
  • Insurance Expense: $16,023
  • Professional Management Expense: $28,723
  • Other Expense Description: Misc
  • Trash Expense: $11,340
  • Water Sewer Expense: $5,039
  • Total Expenses: $262,097
Tax / Assessment Info
  • Tax Tract Number: 57
  • Tax Census Tract: 639.06
  • CFD/Mello-Roos Fee: $11,604
  • Tax Lot: 42
Community / Development
Community / Development
  • Community Features: Curbs, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Community
Exterior Features
  • Entry Location: First Floor
  • Pool Features: Community, Fenced
  • Pool Description: Fenced
  • Pool: Community/Common
Land/Lot Info
  • Additional Parcels Description: 41907121
  • Lot Features: Level with Street
  • Number Of Units: 25
  • 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: 13
  • Open Other Spaces Total: 13
  • Parking Garage Spaces: 13
  • Carport Spaces: 12
Property / Structure Info
  • Builders Tract Name: College Park
  • Builders Tract Code: College Park (COLP)
Unit Information
Unit 1
  • Unit Type Units Total: 19
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 4
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,334
  • Unit Type Total Rent: $42,365
  • Unit Type Pro Forma: 43760
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 4
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,695
  • Unit Type Total Rent: $5,390
  • Unit Type Pro Forma: 5590
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 5
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,995
  • Unit Type Total Rent: $11,980
  • Unit Type Pro Forma: 12780
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 3
  • Number Of Separate Electric Meters: 25
  • Number Of Separate Gas Meters: 25
  • Number Of Separate Water Meters: 1

Property History for 283 Avocado 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 283 Avocado Street

Taxable ValueLand$4,504,737Additions$695,263Total$5,200,000
Tax Record2023$62,344 ($5,195 / month)
Home Facts
Total Finished SqFt14,159 SqFtAbove Grade Finished SqFt14,159 SqFtStories2Lot Size18,594 SqFtStyleMulti-Family Res (5+ Units)Year Built1973CountyORANGEAPN419-071-21

Schools near 283 Avocado 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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283 Avocado Street is a multi-family home for sale in Costa Mesa, CA 92627. This property was listed for sale on January 22, 2024 by Marcus & Millichap RE Invest, it's currently listed at $12,000,000. 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. 283 Avocado Street is a 6-bed, 31-bath, 14,159 sqft multi-family home built in 1973.

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; William Michael Cavner, Broker, WMichael Cavner, DRE #01274709

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.