NOT LISTED FOR SALE
9 Beds
8 Baths
4,532 Sq Ft
8,276 Sq Ft Lot

Last Sold December 29, 2021

Last sale price $1,725,000 $381 Per Sq Ft

6 Days on Market

Highlights

  • Contemporary Architecture
  • Property is near public transit
  • Forced Air Heating System
  • California Elementary School Rated A
  • Laundry Room
  • 4-minute walk to Smallwood Park

About This Home

As of December 2021

Don't miss this opportunity to purchase a "Spice Street Covington 4 plex" in the heart of Costa Mesa. Long Time owner has not kept up on rents but the future is Golden. Market rents would be at least $105,000 yr. 3 bed 1.75 ba Owners unit in front is approx 1490 SF and has a private patio yard and 2 car garage. The other units are all 2 bed 1.75 ba approx 1010 SF w yards or patio areas. Community laundry with owner supplied washer and dryer. garage Parking for 5 vehicles plus 2 spaces. Alley access in rear. Pleasant well maintained street close to the 405 frwy ( and 73 and 55 frwys).

Last Agent to Sell the Property

Keith Wichner

Seven Gables Real Estate License #00586443 Listed on: 12/01/2021

Seven Gables Real Estate

Last Buyer's Agent

Keith Wichner

Seven Gables Real Estate License #00586443 Listed on: 12/01/2021

Seven Gables Real Estate

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1966

Lot Details

  • 8,276 Sq Ft Lot
  • Property fronts an alley
  • Two or More Common Walls
  • South Facing Home
  • Wood Fence
  • Front Yard Sprinklers

Parking

  • 5 Car Garage
  • 2 Open Parking Spaces
  • Parking Available
  • Rear-Facing Garage
  • Two Garage Doors
  • Parking Lot

Home Design

  • Contemporary Architecture
  • Quadruplex
  • Entry on the 1st floor
  • Copper Plumbing

Interior Spaces

  • 4,532 Sq Ft Home
  • 2-Story Property

Kitchen

  • Gas Oven
  • Gas Cooktop
  • Dishwasher
  • Disposal

Flooring

  • Carpet
  • Laminate

Bedrooms and Bathrooms

  • 9 Bedrooms
  • 8 Bathrooms

Laundry

  • Laundry Room
  • Dryer
  • Washer

Home Security

  • Carbon Monoxide Detectors
  • Fire and Smoke Detector

Outdoor Features

  • Exterior Lighting

Location

  • Property is near public transit
  • Suburban Location

Utilities

  • Forced Air Heating System
  • Phone Available
  • Cable TV Available

Listing and Financial Details

  • Tenant pays for cable TV, electricity, gas
  • Tax Lot 28
  • Tax Tract Number 5475
  • Assessor Parcel Number 13949110
  • $1,199 per year additional tax assessments

Community Details

Building Details

  • 4 Leased Units
  • 5 Separate Electric Meters
  • 5 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $400
  • Insurance Expense $2,415
  • Maintenance Expense $3,630
  • Trash Expense $2,592
  • Water Sewer Expense $2,160
  • New Taxes Expense $23,000
  • Operating Expense $39,051
  • Gross Income $77,920
  • Net Operating Income $36,531

Additional Features

  • 4 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1966

Lot Details

0

Parking

5

Listing Details

  • CapRate: 2.00
  • Property Attached: Yes
  • Road Frontage Type: Alley
  • Road Surface Type: Paved
  • Security: Carbon Monoxide Detector(s), Fire and Smoke Detection System, Smoke Detector(s)
  • View: No
  • Water Sewer Expenses: 2160.00
  • Architectural Style: Contemporary
  • Property Sub Type: Quadruplex
  • Property Type: Residential Income
  • Parcel Number: 13949110
  • Year Built: 1966
  • Special Features: None

Interior Features

  • Interior Amenities: Copper Plumbing Full
  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Flooring: Carpet, Laminate
  • Appliances: Yes
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 380.63

Exterior Features

  • Direction Faces: South
  • Fence: Yes
  • Fencing: Wood
  • Pool Private: No
  • Spa: No

Garage/Parking

  • Garage Spaces: 5.00
  • Parking: Yes
  • Parking Features: Garage Faces Rear, Garage - Single Door, Garage - Two Door, Parking Space
  • Total Parking Spaces: 7.00
  • Uncovered Spaces: 2.00

Utilities

  • Utilities: Cable Available, Electricity Available, Natural Gas Available, Phone Available, Sewer Connected, Water Connected
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Dishwasher, Disposal, Gas Oven, Gas Range, Gas Cooktop
  • Heating Type: Forced Air
  • Laundry Features: Common Area, Community, Dryer Included, Gas Dryer Hookup, Washer Hookup, Washer Included
  • Sewer: Public Sewer
  • Trash Expense: 2592.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Sidewalks, Storm Drains, Street Lights, Suburban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Front Yard, Near Public Transit, Sprinklers In Front
  • Lot Size Sq Ft: 8276.00
  • Lot Size Acres: 0.1900

Rental Info

  • Tenant Pays: Cable TV, Electricity, Gas

Multi Family

  • Average2 Bed Area: 1010 Square Feet
  • Average3 Bed Area: 1490 Square Feet
  • Electric Expense: 400.00
  • Gross Income: 77920.00
  • Gross Multiplier: 23.10
  • Gross Operating Income: 75582.00
  • Gross Scheduled Income: 77920.00
  • Insurance Expense: 2415.00
  • Laundry Equipment Own Lease: Own
  • Laundry Income: 1200.00
  • Lot Size Area: 8276.0000 Square Feet
  • Maintenance Expense: 3630.00
  • Maintenance Percent: 5.00
  • Net Operating Income: 36531.00
  • Number Of Separate Electric Meters: 5
  • Number Of Separate Gas Meters: 5
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 4
  • Number Of Units Total: 4
  • Operating Expense: 39051.00
  • Operating Expense Percent: 51.00
  • Rent Control: No
  • Total Actual Rent: 6394.00
  • Total Expenses: 39051.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 23000.00
  • Tax Census Tract: 638.06
  • Tax Lot: 28
  • Tax Tract Number: 5475
  • TaxOtherAnnualAssessmentAmount: 1199.00
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
12/29/2021 12/29/21 Sold $1,725,000 -4.2% $381 / Sq Ft
12/01/2021 12/01/21 For Sale $1,800,000 -- $397 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $20,489 $1,830,583 $1,657,134 $173,449
2024 $20,489 $1,794,690 $1,624,641 $170,049
2023 $19,973 $1,759,500 $1,592,785 $166,715
2022 $19,506 $1,725,000 $1,500,000 $225,000
2021 $2,742 $145,605 $41,250 $104,355
2020 $2,716 $144,112 $40,827 $103,285
2019 $2,684 $141,287 $40,027 $101,260
2018 $2,643 $138,517 $39,242 $99,275
2017 $2,604 $135,801 $38,472 $97,329
2016 $2,556 $133,139 $37,718 $95,421
2015 $2,524 $131,140 $37,152 $93,988
2014 $2,468 $128,572 $36,425 $92,147
Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC21257139

California Regional Multiple Listing Service (CRMLS)

APN: 139-491-10