2550 Santa Ana Avenue, Costa Mesa, CA 92627

$2,950,000 Approx. USD 0 beds, 0 baths
6,300 sqft

Agent Remarks

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 Details

Property type: (Multi-Family)
Status: Pending
MLS# NP16170298
List price is $2,950,000
Beds: 0
Baths: 0
Built in 1967
6,300 sqft
0.53 acres
Lot size: 23209.000
County: Orange
Parking description: Unassigned
Heating description: Wall Heater
MLS area: C5 - East Costa Mesa

Last Updated: 10/14/2016

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This listing belongs to the C5 - East Costa Mesa MLS area

Lat/Long: 33.656563, -117.891258.
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Broker: Courtesy of Berkadia Real Estate Advisors
Listing Agent: Steven Brombal

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Out of households, are families.

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