Seller's Agent in 2015
Steve White
SR White and Associates
(714) 974-4900
10 Total Sales
1975 Wallace Ave Costa Mesa, CA 92627
Westside Costa Mesa Neighborhood
10
Beds
6
Baths
4,150
Sq Ft
0.33
Acres
Highlights
- No Units Above
- 0.33 Acre Lot
- Laundry Room
- All Bedrooms Downstairs
- No HOA
- Bungalow
About This Home
As of November 20151975 Wallace Avenue is a great 6 unit investment opportunity. All units are single story. Two units are stand alone buildings with private patio areas. Rear units share a private yard area. Four units have separate electric and gas meters with tenants paying those expenses. Units E & F share utility meters and expense is paid by owner. All units are occupied with long standing tenants. Units have individual outside laundry areas. Currently, the 1 car garage is not assigned to any unit. All rental/lease agreements are on a month to month basis. Lot has frontage on Wallace and Palace. Costa Mesa zoning map shows the property is zoned R2-HD and the city shows the property lies in the Mesa West Residential Ownership Urban Plan which allows an owner to rebuild the existing number of units even if the minimum lot size cannot be met under the current Residential Development Standards. Buyer to verify with city. This would provide a potential redevelopment opportunity while an owner enjoys the current income stream. Income shown in Analysis section is based on current actual. Proforma annual income is $93,600 resulting in net operating income of $64,982. Unit F rent is low & is leased to a very long standing tenant. Proforma rent for unit F includes garage.
Last Agent to Sell the Property
SR White and Associates License #01925218 Listed on: 08/30/2015
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1961
Lot Details
- 0.33 Acre Lot
- No Units Above
- No Units Located Below
- Two or More Common Walls
- Wood Fence
- Block Wall Fence
- Rectangular Lot
- Level Lot
Parking
- 1 Car Garage
- Parking Available
- Driveway
- Uncovered Parking
- Unassigned Parking
Home Design
- 4,150 Sq Ft Home
- Bungalow
- Property Attached
- Raised Foundation
- Composition Roof
- Asphalt Roof
- Stucco
Flooring
- Carpet
- Vinyl
Bedrooms and Bathrooms
- 10 Bedrooms
- All Bedrooms Down
- 6 Bathrooms
Laundry
- Laundry Room
- Laundry Located Outside
Home Security
- Carbon Monoxide Detectors
- Fire and Smoke Detector
Additional Features
- Gas Range
- Suburban Location
- Wall Furnace
Listing and Financial Details
- Tenant pays for electricity, gas
- Tax Lot 7
- Tax Tract Number 612
- Assessor Parcel Number 42227107
Community Details
Overview
- No Home Owners Association
- 4 Buildings
- 6 Units
Building Details
- 6 Leased Units
- 4 Separate Electric Meters
- 4 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $1,212
- Gardener Expense $110
- Insurance Expense $1,500
- Maintenance Expense $3,000
- Water Sewer Expense $2,778
- New Taxes Expense $17,980
- Gross Income $6,835
- Net Operating Income $71,382
Create a Home Valuation Report for This Property
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 11/16/2015 11/16/15 | Sold | $1,475,000 | 0.0% | $355 / Sq Ft |
| 09/10/2015 09/10/15 | Pending | -- | -- | -- |
| 08/30/2015 08/30/15 | For Sale | $1,475,000 | -- | $355 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Steve White
-
Lily Labash
Buyer's Agent in 2015
Lily Labash
Barnes Realty Group
(949) 307-8527
2 in this area
3 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PW15196462
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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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