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

Sale Details

Date 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
  • Laundry Facilities
  • California Elementary School Rated A
  • Forced Air Heating System
  • 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
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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

  • 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

8,276 Sq Ft Lot

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

Ownership History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Closed on
Feb 21, 2023
Sold by
Bought by

Purchase Details

Listed on
Dec 1, 2021
Closed on
Feb 22, 2022
Sold by
Bought by
Seller's Agent
Keith Wichner
Seven Gables Real Estate
Buyer's Agent
Keith Wichner
Seven Gables Real Estate
List Price
$1,800,000
Sold Price
$1,725,000
Premium/Discount to List
-$75,000
-4.17%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,293,750
Interest Rate
3.92%
Mortgage Type
New Conventional

Purchase Details

Listed on
Dec 1, 2021
Closed on
Jan 31, 2022
Sold by
Bought by
Seller's Agent
Keith Wichner
Seven Gables Real Estate
Buyer's Agent
Keith Wichner
Seven Gables Real Estate
List Price
$1,800,000
Sold Price
$1,725,000
Premium/Discount to List
-$75,000
-4.17%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,293,750
Interest Rate
3.92%
Mortgage Type
New Conventional

Purchase Details

Listed on
Dec 1, 2021
Closed on
Dec 21, 2021
Sold by
Bought by
Seller's Agent
Keith Wichner
Seven Gables Real Estate
Buyer's Agent
Keith Wichner
Seven Gables Real Estate
List Price
$1,800,000
Sold Price
$1,725,000
Premium/Discount to List
-$75,000
-4.17%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,293,750
Interest Rate
3.92%
Mortgage Type
New Conventional

Purchase Details

Listed on
Dec 1, 2021
Closed on
Nov 22, 2021
Sold by
Bought by
Seller's Agent
Keith Wichner
Seven Gables Real Estate
Buyer's Agent
Keith Wichner
Seven Gables Real Estate
List Price
$1,800,000
Sold Price
$1,725,000
Premium/Discount to List
-$75,000
-4.17%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,552,500
Interest Rate
3.11%
Mortgage Type
Commercial

Purchase Details

Closed on
Jan 12, 2010
Sold by
Bought by
Source: Public Records

Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

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Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
-- --
-- New Title Company Name
-- None Listed On Document
$1,725,000 Ticor Title Company
-- Ticor Title
-- None Available
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Open $400,000
Previous Owner $1,293,750
Previous Owner $1,293,750
Previous Owner $1,552,500
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

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

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

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
2026 $20,855 $1,867,194 $1,690,277 $176,917
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

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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

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