Seller's Agent in 2017
David Sanford
David Sanford, Broker
(949) 720-1133
1 in this area
31 Total Sales
1966 Wallace Ave Costa Mesa, CA 92627
Westside Costa Mesa NeighborhoodEstimated Value: $1,775,000
6
Beds
4
Baths
3,700
Sq Ft
$480/Sq Ft
Est. Value
Highlights
- 18,295 Sq Ft lot
- Forced Air Heating System
- 1-Story Property
- Laundry Room
About This Home
As of November 2017HUGE OVER $100K PRICE REDUCTION!!! Unique and rare opportunity to acquire a four unit property including a free standing single family residence to generate income while processing plans
for a new potential 6-unit condo or PUD development in Westside Costa Mesa. Huge 18,200 sq. ft. lot
with a 2bd + 1ba free-standing single family residence, 2 - 1bd+1ba units and one 2bd+1ba unit. Lots of open space in back.
Westside Costa Mesa is going through a huge transition with new trendy residential homes going up
throughout. To find a fixer with such a large lot is rare.
This is a very good long term investment.
Property is a fixer, but could be renovated if you wished to land-bank or increase rents.
Minutes to the beach and just around the corner from Hurley Headquarters.
Cap Rate and scheduled incomes are pro forma. Current cap rate and incomes are 2.19% Gross:$59,460 Net:$32,876
DO NOT DISTURB TENANTS, DO NOT WALK PROPERTY PLEASE
Last Agent to Sell the Property
David Sanford, Broker License #00826382 Listed on: 08/17/2017
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $16,922
Year Built
- Built in 1960
Lot Details
- 0.42 Acre Lot
- Two or More Common Walls
Parking
- 4 Car Garage
Home Design
- Property Attached
Interior Spaces
- 3,700 Sq Ft Home
- 1-Story Property
Bedrooms and Bathrooms
- 6 Bedrooms
- 4 Bathrooms
Laundry
- Laundry Room
- Washer Hookup
Additional Features
- Exterior Lighting
- Forced Air Heating System
Listing and Financial Details
- Tax Lot 7
- Tax Tract Number 612
- Assessor Parcel Number 42226209
Community Details
Overview
- 2 Buildings
- 4 Units
Building Details
- 4 Separate Electric Meters
- 4 Separate Gas Meters
- 1 Separate Water Meter
- Gardener Expense $1,200
- Insurance Expense $3,800
- Water Sewer Expense $1,800
- New Taxes Expense $18,000
- Operating Expense $24,800
- Gross Income $76,200
- Net Operating Income $51,400
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Aug 17, 2017
Closed on
Oct 12, 2017
Sold by
Kassardjian Vasken and Kassardjian Norma
Bought by
1966 Wallace Llc
Seller's Agent
David Sanford
David Sanford, Broker
Buyer's Agent
Maggie Teng
Silverpoint Properties
List Price
$1,500,000
Sold Price
$1,325,000
Premium/Discount to List
-$175,000
-11.67%
Total Days on Market
53
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$450,000
Purchase Details
Closed on
Jul 20, 2006
Sold by
Kassardjian Vasken
Bought by
Kassardjian Vasken and Kassardjian Norma
Purchase Details
Closed on
Mar 10, 2006
Sold by
Lin Hsiu Mei
Bought by
Kassardjian Vasken
Purchase Details
Closed on
Jun 20, 2005
Sold by
Tsai Lung Chu
Bought by
Lin Hsiu Mei
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$787,500
Interest Rate
1.37%
Mortgage Type
Fannie Mae Freddie Mac
Purchase Details
Closed on
Mar 9, 2004
Sold by
Tsai Lung Chu
Bought by
Tsai Lung Chu
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| 1966 Wallace Llc | $1,325,000 | First American Title Co | |
| Kassardjian Vasken | -- | None Available | |
| Kassardjian Vasken | $1,160,000 | Lawyers Title Company | |
| Lin Hsiu Mei | $1,050,000 | Lawyers Title Ins | |
| Tsai Lung Chu | -- | -- | |
| Tsai Lung Chu | -- | -- |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | 1966 Wallace Llc | $2,100,000 | |
| Closed | 1966 Wallace Llc | $2,100,000 | |
| Previous Owner | Kassardjian Vasken | $759,600 | |
| Previous Owner | Kassardjian Vasken | $800,000 | |
| Previous Owner | Lin Hsiu Mei | $787,500 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 11/13/2017 11/13/17 | Sold | $1,325,000 | -3.6% | $358 / Sq Ft |
| 09/07/2017 09/07/17 | Price Changed | $1,375,000 | -8.0% | $372 / Sq Ft |
| 08/28/2017 08/28/17 | Price Changed | $1,495,000 | -0.3% | $404 / Sq Ft |
| 08/17/2017 08/17/17 | For Sale | $1,500,000 | -- | $405 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
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 |
|---|---|---|---|---|
| 2020 | $16,922 | $1,378,530 | $1,287,102 | $91,428 |
| 2019 | -- | $1,351,500 | $1,261,864 | $89,636 |
| 2018 | -- | $1,325,000 | $1,237,121 | $87,879 |
| 2017 | -- | $1,100,000 | $980,600 | $119,400 |
| 2016 | -- | $931,981 | $812,581 | $119,400 |
| 2015 | -- | $917,982 | $800,375 | $117,607 |
| 2014 | -- | $900,000 | $784,696 | $115,304 |
Source: Public Records
Agents Affiliated with this Home
-
David Sanford
-
Gaston Sanford
Seller Co-Listing Agent in 2017
Gaston Sanford
David Sanford, Broker
(949) 720-1133
1 in this area
26 Total Sales
-
Maggie Teng
M
Buyer's Agent in 2017
Maggie Teng
Silverpoint Properties
(626) 255-7442
4 in this area
14 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: NP17191184
APN: 422-262-09
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The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
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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