NOT LISTED FOR SALE
18 Beds
12 Baths
6,906 Sq Ft
0.43 Acres

Last Sold July 09, 2020

Last sale price $3,500,000 $507 Per Sq Ft

69 Days on Market

Highlights

  • 0.43 Acre Lot
  • No HOA
  • Landscaped
  • Heinz Kaiser Elementary School Rated A
  • Laundry Room
  • Carpet

About This Home

As of July 2020

Ideally situated in highly desirable Eastside Costa Mesa, The Pines Apartments offer six (6) turnkey and remodeled 3 bed, 2 bath units with fireplace, direct access garage and individual laundry hookups. Private rear patios/yard, along with ample guest parking and handsome curb appeal make this a renter’s paradise. Additional storage in the rear offer Tenants more space and Landlords more income. Nearby parks, award-winning schools, Back Bay trails, beaches, retail & dining, PCH and freeway access contribute to low vacancy and constant demand. Investors will love the pride of ownership and quality of this offering with plenty of upside in rents. Perfect for your 1031 exchange and/or owner user investment.

Last Agent to Sell the Property

Heather Kidder

Arbor Real Estate License #01187466 Listed on: 04/02/2020

Arbor Real Estate

Co-Listed By

Grant Bixby

Compass License #01364572

Last Buyer's Agent

Constance Wagner Davidson

Wagner Development Group License #00831005

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1976 | Remodeled

Lot Details

  • 0.43 Acre Lot
  • No Common Walls
  • Landscaped

Parking

  • 12 Open Parking Spaces
  • 6 Car Garage

Interior Spaces

  • 6,906 Sq Ft Home
  • 2-Story Property
  • Living Room with Fireplace

Kitchen

  • Gas Range
  • Microwave
  • Dishwasher

Flooring

  • Carpet
  • Laminate

Bedrooms and Bathrooms

  • 18 Bedrooms
  • All Upper Level Bedrooms
  • 12 Bathrooms

Laundry

  • Laundry Room
  • Laundry in Garage

Home Security

  • Carbon Monoxide Detectors
  • Fire and Smoke Detector

Additional Features

  • Exterior Lighting
  • Wall Furnace

Listing and Financial Details

  • Tax Lot 242
  • Tax Tract Number 516
  • Assessor Parcel Number 42619316

Community Details

Overview

  • No Home Owners Association
  • 2 Buildings
  • 6 Units

Building Details

  • 4 Leased Units
  • 6 Separate Electric Meters
  • 6 Separate Gas Meters
  • 6 Separate Water Meters
  • Electric Expense $273
  • Gardener Expense $3,000
  • Insurance Expense $3,272
  • Maintenance Expense $9,593
  • Other Expense $3,072
  • Water Sewer Expense $2,807
  • New Taxes Expense $40,060
  • Operating Expense $62,077
  • Gross Income $228,480
  • Net Operating Income $166,403

Property Details

Home Type

Multi-Family

Year Built

Built in 1976 | Remodeled

Lot Details

0

Parking

6

Listing Details

  • CapRate: 4.00
  • Property Attached: No
  • Security: Carbon Monoxide Detector(s), Smoke Detector(s)
  • View: No
  • Water Sewer Expenses: 2807.00
  • Property Condition: Updated/Remodeled
  • Property Type: Residential Income
  • Gardener Expense: 3000.00
  • Parcel Number: 42619316
  • Year Built: 1976
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: Yes
  • Stories: 2
  • Common Walls: No Common Walls
  • Flooring: Carpet, Laminate
  • Appliances: Yes
  • Fireplace Features: Living Room
  • Levels: Two
  • Price Per Square Foot: 506.81
  • Room Type: All Bedrooms Up, Kitchen, Living Room

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 6.00
  • Total Parking Spaces: 18.00
  • Uncovered Spaces: 12.00

Utilities

  • Heating: Yes
  • Laundry: Yes
  • Appliances: Dishwasher, Gas Range, Microwave
  • Heating Type: Wall Furnace
  • Laundry Features: In Garage
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Landscaped, Walkstreet
  • Lot Size Sq Ft: 18731.00
  • Lot Size Acres: 0.4300

Multi Family

  • Electric Expense: 273.00
  • Gross Income: 228480.00
  • Gross Scheduled Income: 228480.00
  • Insurance Expense: 3272.00
  • Lot Size Area: 18731.0000 Square Feet
  • Maintenance Expense: 9593.00
  • Net Operating Income: 166403.00
  • Number Of Separate Electric Meters: 6
  • Number Of Separate Gas Meters: 6
  • Number Of Separate Water Meters: 6
  • Number Of Units Leased: 4
  • Number Of Units Total: 6
  • Operating Expense: 62077.00
  • Other Expense: 3072.00
  • Other Expense Description: Leasing
  • Other Income1: 400.00
  • Other Income Description: Storage Lockers
  • Rent Control: No
  • Total Expenses: 62077.00

Tax Info

  • New Taxes Expense: 40060.00
  • Tax Census Tract: 632.02
  • Tax Lot: 242
  • Tax Tract Number: 516
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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 Prior Sale
07/09/2020 07/09/20 Sold $3,500,000 -5.1% $507 / Sq Ft
06/10/2020 06/10/20 Pending -- -- --
04/02/2020 04/02/20 For Sale $3,690,000 0.0% $534 / Sq Ft
12/19/2018 12/19/18 Rented $3,200 0.0% --
11/20/2018 11/20/18 For Rent $3,200 0.0% --
01/11/2016 01/11/16 Sold $3,300,000 -11.8% $478 / Sq Ft View Prior Sale
10/22/2015 10/22/15 Pending -- -- --
06/26/2015 06/26/15 For Sale $3,740,000 -- $542 / 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 $42,088 $3,788,512 $2,922,567 $865,945
2024 $42,088 $3,714,228 $2,865,262 $848,966
2023 $40,924 $3,641,400 $2,809,080 $832,320
2022 $39,765 $3,570,000 $2,754,000 $816,000
2021 $38,637 $3,500,000 $2,700,000 $800,000
2020 $40,881 $3,712,741 $2,273,107 $1,439,634
2019 $40,059 $3,639,943 $2,228,537 $1,411,406
2018 $39,274 $3,568,572 $2,184,840 $1,383,732
2017 $38,589 $3,498,600 $2,142,000 $1,356,600
2016 $21,384 $1,872,424 $1,144,260 $728,164
2015 $21,172 $1,844,299 $1,127,072 $717,227
2014 $20,678 $1,808,172 $1,104,994 $703,178
Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: NP20066841

California Regional Multiple Listing Service (CRMLS)