NOT LISTED FOR SALE

1761 Tustin Ave Costa Mesa, CA 92627

Downtown Costa Mesa Neighborhood
5 Beds
3 Baths
1,932 Sq Ft
1962 Built

Last Sold February 01, 2013

Last sale price $900,000 $466 Per Sq Ft

11 Days on Market

Highlights

  • Cottage
  • Wood Siding
  • No Heating
  • Mariners Elementary School Rated A

About This Home

As of February 2013

Situated along a residential street in an excellent rental area of Costa Mesa, this rental investment consists of a 2 bedroom 1 bath house with a large, private backyard, a 2 bedroom 1 bath cottage and a 1 bedroom 1 bath cottage unit. This varied unit mix has a preschool conveniently adjacent to the property and a major grocery store and shopping center located only a few blocks away. Its excellent location gives residents easy access Newport Bay, the 55 and 405 freeways, Triangle Center, the 17th Street corridor and just minutes to South Coast Plaza, Fashion Island and the many fine local beaches of Newport Beach, Huntington Beach and Laguna Beach. The property has been owned and operated by a long-term principal and is currently 100 percent occupied. With a realistic upside in rents, this asset represents a prime investment opportunity.

Last Agent to Sell the Property

Michael Cavner

William Michael Cavner, Broker License #01274709 Listed on: 12/03/2012

Last Buyer's Agent

NoEmail NoEmail

NONMEMBER MRML

NONMEMBER MRML

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1962

Parking

  • 3 Parking Spaces

Home Design

  • 1,932 Sq Ft Home
  • Cottage
  • Wood Siding
  • Stucco

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 3 Bathrooms

Utilities

  • No Heating

Listing and Financial Details

  • Tax Lot 116
  • Tax Tract Number 18
  • Assessor Parcel Number 42502118

Community Details

Overview

  • 2 Buildings
  • 3 Units

Building Details

  • 3 Separate Electric Meters
  • 3 Separate Gas Meters
  • 3 Separate Water Meters
  • Furniture Replacement Expense $750
  • Gardener Expense $1,050
  • Insurance Expense $580
  • Maintenance Expense $900
  • Other Expense $450
  • Supplies Expense $450
  • Water Sewer Expense $1,275
  • New Taxes Expense $11,699
  • Gross Income $59,940
  • Net Operating Income $40,988

Property Details

Home Type

Multi-Family

Year Built

Built in 1962

Lot Details

0

Listing Details

  • Assessments: No
  • CapRate: 4.12
  • Supplies Expense: 450.00
  • View: No
  • Water Sewer Expenses: 1275.00
  • Architectural Style: Cottage
  • Property Type: Residential Income
  • Gardener Expense: 1050.00
  • Parcel Number: 42502118
  • Year Built: 1962
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: No
  • Appliances: No
  • Price Per Square Foot: 465.84

Exterior Features

  • Pool Private: No
  • Spa: No
  • Construction Materials: Stucco, Wood Siding

Garage/Parking

  • Parking: No
  • Total Parking Spaces: 3.00

Utilities

  • Heating: No
  • Laundry: No

Condo/Co-op/Association

  • Senior Community: No

Multi Family

  • Furniture Replacement Expense: 750.00
  • Gross Income: 59940.00
  • Gross Multiplier: 16.60
  • Gross Scheduled Income: 59940.00
  • Insurance Expense: 580.00
  • Maintenance Expense: 900.00
  • Net Operating Income: 40988.00
  • Number Of Separate Electric Meters: 3
  • Number Of Separate Gas Meters: 3
  • Number Of Separate Water Meters: 3
  • Number Of Units Total: 3
  • Operating Expense: 17154.00
  • Other Expense: 450.00
  • Other Expense Description: Reserves

Tax Info

  • New Taxes Expense: 11699.00
  • Tax Lot: 116
  • Tax Tract Number: 18

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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List Price
Sold Price
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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
02/01/2013 02/01/13 Sold $900,000 -9.5% $466 / Sq Ft
12/14/2012 12/14/12 Pending -- -- --
12/03/2012 12/03/12 For Sale $995,000 -- $515 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • M

    Seller's Agent in 2013

    Michael Cavner

    William Michael Cavner, Broker

    (949) 419-3200

    3 Total Sales

    Michael Cavner
    Section Image

  • N

    Buyer's Agent in 2013

    NoEmail NoEmail

    NONMEMBER MRML

    (646) 541-2551

    5 in this area

    6,242 Total Sales

    NoEmail NoEmail
    Section Image
See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: S719757

California Regional Multiple Listing Service (CRMLS)
California Orange County Costa Mesa 92627 Downtown Costa Mesa

1761 Tustin Ave, Costa Mesa, CA

Not Listed for Sale

MultiFamily

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Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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