2550 Santa Ana Avenue,  Costa Mesa CA, 92627 (Residential Income)

6,300 sqft
Status: Sold
MLS#: NP16170298
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Last Updated: 12/7/2016 1:57 PM
Description for 2550 Santa Ana Avenue Costa Mesa, CA 92627
Rare 7 single story, separate cottages in the desirable Eastside Costa Mesa submarket. Long term owners are out of the area and these units have a 40%+ attainable rental upside. There is a 10%+ rental upside with hands on management based upon in-place rental comparables. The Eastside Cottages are comprised of seven units; (5) three bedroom, one bath (1) two bedroom, bath, and (1) three-bedroom, one and one quarter bath unit. The owner pays water only and each unit has a separate H2O heater, laundry hook-ups, a private garage and yard. The exterior has new paint, and the roofs are pitched composition shingle. Proforma at Market. See Marketing Flyer in Dedicated Property Website. There is a real attainable approximately 40% rental upside with renovations bringing the going yield inline with market market cap rates. Long-term out of area owners keep rents very, very low and the building full. The Sellers are motivated to complete the IRC 1031 Tax Deferred Exchange.
Price
Sold Price:
$2,547,000
Sold Date:11/23/2016
Orange
6,300 (approx)
NP16170298
Closed
Description
Rare 7 single story, separate cottages in the desirable Eastside Costa Mesa submarket. Long term owners are out of the area and these units have a 40%+ attainable rental upside. There is a 10%+ rental upside with hands on management based upon in-place rental comparables. The Eastside Cottages are comprised of seven units; (5) three bedroom, one bath (1) two bedroom, bath, and (1) three-bedroom, one and one quarter bath unit. The owner pays water only and each unit has a separate H2O heater, laundry hook-ups, a private garage and yard. The exterior has new paint, and the roofs are pitched composition shingle. Proforma at Market. See Marketing Flyer in Dedicated Property Website. There is a real attainable approximately 40% rental upside with renovations bringing the going yield inline with market market cap rates. Long-term out of area owners keep rents very, very low and the building full. The Sellers are motivated to complete the IRC 1031 Tax Deferred Exchange.
Listing Information
Property Type: Cluster, Other
0.53 Acres 2,320,900 sq.ft. 6,300 (approx)
$404.29 1967
Yes- 7 spaces
7 Total
Neighborhood
Room Information
Dryer Connection
Interior Features
Wall Unit
Exterior / Lot Features
7 Garage Spaces, 14 Parking Spaces, Unassigned
None
No Pool
Suburban
Driving Directions
Cross Streets: Del Mar
Financial Considerations
43909101
$197,100 Income ,$56,562Expense
Listing Price History

Costa Mesa Real Estate

Costa Mesa is located in California. Costa Mesa, California 92627 has a population of 110,322.

The median household income in Costa Mesa, California 92627 is $65,373. The median household income for the surrounding county is $75,566 compared to the national median of $53,046. The median age of people living in Costa Mesa 92627 is 33.7 years.

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Courtesy: Berkadia Real Estate Advisors Steven Brombal
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