NOT LISTED FOR SALE
10 Beds
6 Baths
4,150 Sq Ft
0.33 Acre Lot

Sale Details

Date Sold: November 16, 2015

Last sale price $1,475,000 $355 Per Sq Ft

11 Days on Market

Highlights

  • No Units Above
  • 0.33 Acre Lot
  • Bungalow
  • All Bedrooms Downstairs
  • No HOA
  • 1 Car Garage

About This Home

As of November 2015

1975 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

Steve White

SR White and Associates License #01925218 Listed on: 08/30/2015

Last Buyer's Agent

Lily Labash

Barnes Realty Group License #01263893

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Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1961

Lot Details

  • 14,375 Sq Ft 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

Home Security

  • Carbon Monoxide Detectors
  • Fire and Smoke Detector

Additional Features

  • Gas Range
  • Laundry Located Outside
  • 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

Amenities

  • Laundry Facilities

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

Property Details

Home Type

Multi-Family

Year Built

Built in 1961

Lot Details

0.33 Acres

Parking

1

Listing Details

  • Inclusions: Ranges
  • Property Attached: Yes
  • Security: Carbon Monoxide Detector(s), Smoke Detector(s)
  • View: No
  • Water Sewer Expenses: 2778.00
  • Architectural Style: Bungalow
  • Property Type: Residential Income
  • Gardener Expense: 110.00
  • Parcel Number: 42227107
  • Year Built: 1961
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: 2+ Common Walls, No One Above, No One Below
  • Flooring: Carpet, Vinyl
  • Appliances: Yes
  • Levels: One
  • Price Per Square Foot: 355.42
  • Room Type: All Bedrooms Down

Exterior Features

  • Foundation: Raised
  • Fencing: Block, Wood
  • Pool Private: No
  • Roof: Asphalt, Composition
  • Spa: No
  • Construction Materials: Stucco

Garage/Parking

  • Garage Spaces: 1.00
  • Parking: Yes
  • Parking Features: Asphalt, Driveway, Garage, Unassigned, Uncovered
  • Total Parking Spaces: 30.00

Utilities

  • Utilities: Natural Gas Available, Sewer Connected
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Gas Range
  • Electric: Electricity - On Property
  • Heating Type: Wall Furnace
  • Laundry Features: Outside
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Curbs, Sidewalks, Suburban

Lot Info

  • Lot Features: Level, Rectangular Lot, Lot 10000-19999 Sqft
  • Lot Size Sq Ft: 14375.00
  • Price Per Lot Square Foot: 102.61
  • Lot Size Acres: 0.3300

Rental Info

  • Tenant Pays: Electricity, Gas

Multi Family

  • Average1 Bed Area: 425
  • Average2 Bed Area: 825
  • Electric Expense: 1212.00
  • Gross Income: 6835.00
  • Gross Scheduled Income: 82020.00
  • Insurance Expense: 1500.00
  • Lot Size Area: 14375.0000 Square Feet
  • Maintenance Expense: 3000.00
  • Net Operating Income: 71382.00
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 6
  • Number Of Units Total: 6
  • Number With Range: 6
  • Operating Expense: 10638.00
  • Rent Control: No
  • Total Actual Rent: 6835.00

Tax Info

  • New Taxes Expense: 17980.00
  • Tax Lot: 7
  • Tax Tract Number: 612

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

Listed on
Aug 30, 2015
Closed on
Oct 6, 2015
Sold by
Bought by
Seller's Agent
Steve White
SR White and Associates
Buyer's Agent
Lily Labash
Barnes Realty Group
List Price
$1,475,000
Sold Price
$1,475,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$700,000
Interest Rate
3.8%
Mortgage Type
Commercial

Purchase Details

Closed on
Jun 3, 1999
Sold by
Bought by

Purchase Details

Closed on
Mar 28, 1999
Sold by
Bought by

Purchase Details

Closed on
Oct 20, 1993
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
$1,475,000 Bnt Title Company Of Ca
$355,000 American Title Insurance Co
-- --
-- --
-- --
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 $2,280,000
Closed $700,000
Closed $700,000
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
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

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 $22,884 $1,781,018 $1,448,966 $332,052
2025 $22,884 $1,746,097 $1,420,555 $325,542
2024 $22,294 $1,711,860 $1,392,701 $319,159
2023 $21,491 $1,678,295 $1,365,394 $312,901
2022 $20,783 $1,645,388 $1,338,622 $306,766
2021 $20,081 $1,613,126 $1,312,375 $300,751
2020 $19,803 $1,596,586 $1,298,918 $297,668
2019 $19,355 $1,565,281 $1,273,449 $291,832
2018 $18,958 $1,534,590 $1,248,480 $286,110
2017 $18,655 $1,504,500 $1,224,000 $280,500
2016 $18,007 $1,475,000 $1,200,000 $275,000
2015 $7,390 $463,064 $335,867 $127,197
2014 $7,246 $453,994 $329,288 $124,706
Source: Public Records

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW15196462

California Regional Multiple Listing Service (CRMLS)
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