Roof tune-ups completed in 2024, with 5-year warranty. New electrical panels installed in 2024. This is an exceptional investment opportunity in the sought-after Mesa Del Mar enclave of Costa Mesa. Built in 1964, the property is situated on a 6,935-square-foot lot with well-maintained landscaping that reflects a well-kept property. These buildings offer a diverse configuration of units, including a 3-bedroom/2.5-bathroom townhouse, a 2-bedroom/1.5-bathroom townhouse, a 1-bedroom/1-bathroom unit, and a studio. Residents enjoy amenities such as a gated, lush community courtyard accessible from both the front and rear, six single-car garages, and a community laundry room. Each property is individually metered for gas and electric, and additional income is generated from the laundry facilities and garage rentals.Strategically located, this property offers easy accessibility to the best of Costa Mesa, including South Coast Plaza, The Camp, The LAB, and the Harbor Blvd shopping corridor. Tenants benefit from quick access to major freeways, including the 405, 55, and 73 Freeways. This well-maintained property represents a secure investment in a prime location, with upside potential. Extensive interior renovations across both 984 and 988 Mission Dr include complete remodels in several units with new kitchens, flooring, and bathrooms, while others have partial updates or require further improvements. While recent renovations and updates have improved the property, there remains value-add potential. Several of the current rents are below market, offering opportunities for rent adjustments. Additionally, multiple units could benefit from further upgrades. Moreover, there is potential to develop Accessory Dwelling Units (ADUs) in the courtyards, which would further enhance rental income. Property owners in the Mesa Del Mar area have already capitalized on identical lots by constructing ADUs in the courtyards and underutilized garages, further demonstrating the potential of this investment.
|
DAYS ON MARKET
|
43
|
LAST UPDATED
|
10/29/2024
|
|
TRACT
|
,Mesa Del Mar
|
YEAR BUILT
|
1964
|
|
COMMUNITY
|
East Costa Mesa
|
GARAGE SPACES
|
12.0
|
|
COUNTY
|
Orange
|
STATUS
|
Active
|
|
PROPERTY TYPE(S)
|
Residential Income
|
|
|
|
Prior to Oct 2, '24
|
$4,295,000
|
|
Oct 2, '24 - Oct 29, '24 |
$3,995,000
|
| Oct 29, '24 - Today |
$3,963,888 |
| APPLIANCES |
Disposal, Electric Range, Gas Oven, Gas Range, Range Hood, Water Heater |
| AREA |
East Costa Mesa |
| GARAGE |
Assigned, Door-Single, Garage, Garage Faces Rear, Yes |
| HEAT |
Wall Furnace |
| LOT |
6970 sq ft |
| LOT DESCRIPTION |
6-10 Units/Acre |
| PARKING |
Assigned,Door-Single,Garage,Garage Faces Rear |
| POOL DESCRIPTION |
None |
| SEWER |
Public Sewer |
| STORIES |
2 |
| SUBDIVISION |
,Mesa Del Mar |
| UTILITIES |
Cable Connected,Electricity Connected,Natural Gas Connected,Phone Connected,Sewer Connected,Water Connected |
| WATER |
Public |
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Listed with Mark Bridge, Broker
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 10/30/24 12:20 AM PDT and /or other sources. 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
This IDX solution is (c) Diverse Solutions 2024.
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