$1,375,000
$1,375,000
For more information regarding the value of a property, please contact us for a free consultation.
700 W 20th ST Costa Mesa, CA 92627
7,840 Sqft Lot
Key Details
Sold Price $1,375,000
Property Type Multi-Family
Sub Type Triplex
Listing Status Sold
Purchase Type For Sale
Subdivision Westside Costa Mesa Central (Wcmc)
MLS Listing ID PW19062559
Sold Date 07/02/19
HOA Y/N No
Year Built 1958
Lot Size 7,840 Sqft
Acres 0.18
Property Description
This high income producing building is fortuitously located in both the Mesa West Residential Ownership Urban Plan and a designated Opportunity Zone, per the Tax Cuts and Jobs Act of 2017. The prudent investor will be able to leverage this unique opportunity while receiving an in-place cap rate of over 5%!
There are three 2 bedroom / 1 bathroom units that are each separately metered for gas and electric. The units feature updated bathrooms and kitchens and amenities such as vaulted ceilings, tile floors and in-unit washer and dryers. For parking, there are 3 single car garages plus additional spots in the gated driveway. Also included is a detached studio unit and storage sheds that could generate additional income.
Driving by, you’d never know what’s behind the mature vegetation throughout that creates shade and privacy for residents. Each unit feels like a detached home with a large, private outdoor space akin to a secret garden.
All units are month-to-month, except for one that will be rolling to MTM on 4/1/2019. Current gross scheduled income is over $97,000 and could conservatively top $100,000 annually pro forma.
Location
State CA
County Orange
Area C2 - Southwest Costa Mesa
Rooms
Ensuite Laundry In Kitchen
Interior
Laundry Location In Kitchen
Fireplace No
Laundry In Kitchen
Exterior
Garage Driveway, Garage, Gated
Garage Spaces 3.0
Garage Description 3.0
Pool None
Community Features Suburban
Parking Type Driveway, Garage, Gated
Total Parking Spaces 7
Private Pool No
Building
Lot Description Back Yard
Story 1
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 42225108
Energy Description 665.0
Acceptable Financing Cash, Conventional, FHA, Fannie Mae, VA Loan
Listing Terms Cash, Conventional, FHA, Fannie Mae, VA Loan
Financing Cash
Special Listing Condition Standard
Read Less
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Simon Dillon • CBRE