Costa Mesa, CA 92627,283 Avocado ST
Costa Mesa, CA 92627,283 Avocado ST
Costa Mesa, CA 92627,283 Avocado ST
Costa Mesa, CA 92627,283 Avocado ST
Costa Mesa, CA 92627,283 Avocado ST
Costa Mesa, CA 92627,283 Avocado ST
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$11,650,000

$11,800,000

1.3%
Est.Price: ?

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Est. payment /mo

0.85 Acres Lot


SOLD DATE : 10/18/2024

Key Details

Sold Price $11,650,000

Property Type Condo

Sub Type Apartment

Listing Status Sold

Purchase Type For Sale

Subdivision College Park (Colp)

MLS Listing ID OC24013316

Sold Date 10/18/24

HOA Y/N No

Year Built 1973

Lot Size 0.850 Acres

Property 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 $1.8M 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 51% LTV and interest-only payments until 2032 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 4.5% with a down payment of $5,800,000—no appraisal required, no points for the loan assumption, COE in 30 days or less.

Location

State CA

County Orange

Area C4 - Central Costa Mesa

Interior

Fireplace No

Laundry Common Area

Exterior

Garage Spaces 13.0

Carport Spaces 12

Garage Description 13.0

Pool Community, Fenced

Community Features Curbs, Sidewalks, Pool

Total Parking Spaces 38

Private Pool No

Building

Lot Description Street Level

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 41907120

Energy Description 6471.0

Acceptable Financing Cash to New Loan, 1031 Exchange

Listing Terms Cash to New Loan, 1031 Exchange

Financing Assumed

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Tyler Leeson • Marcus & Millichap RE Invest • tleeson@marcusmillichap.com
Bought with Tyler Leeson • Marcus & Millichap RE Invest
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