NOT LISTED FOR SALE

2097 Wallace Ave Costa Mesa, CA 92627

Westside Costa Mesa Neighborhood
2 Beds
1 Bath
2,344 Sq Ft
7,532 Sq Ft Lot

Last Sold June 07, 2024

Last sale price $1,850,000 $789 Per Sq Ft

10 Days on Market

Highlights

  • Corner Lot
  • No HOA
  • Double Pane Windows
  • Quartz Countertops
  • Cottage
  • Recessed Lighting

About This Home

As of June 2024

Introducing an attractive investment opportunity at 2097 Wallace in the vibrant city of Costa Mesa, California. This modern, cottage-style triplex presents a compelling value with a strong 5.2% capitalization rate. Each of the three units has been meticulously renovated to offer high-end, contemporary living spaces. Features include new flooring, fresh interior and exterior paint, and fully updated kitchens with granite countertops and shaker cabinets. Bathrooms have full tile showers making them instantly appealing to prospective tenants.

The property includes essential appliances such as refrigerators and gas stoves, along with ceiling fans throughout, enhancing tenant comfort and appeal. Each unit benefits from its own private yard, a desirable feature for all types of tenants including those with children or pets. Individual laundry hookups add a layer of convenience.

Secure this turnkey property to capitalize on its excellent location and modern amenities, ensuring a steady revenue stream and robust return on investment.

Unit Mix: 3 Units. Each unit has 2 Beds | 1 Bath | 750 sqft. Individual yards and laundry hookups. Detached two car garage could be additional revenue or potential ADU for a 4th Unit. Each unit is separately metered for gas and electric.

New: Roof, Kitchens, Bathrooms, Sub Panels, Plumbing, Doors, Fencing and Irrigation.

Last Agent to Sell the Property

Ali Ghandour

Circa Properties, Inc. License #02016049 Listed on: 04/29/2024

Circa Properties, Inc.

Last Buyer's Agent

Lena Ghezel

Compass License #01252003

Compass

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1958

Lot Details

  • 7,532 Sq Ft Lot
  • No Common Walls
  • East Facing Home
  • Wood Fence
  • Corner Lot
  • Sprinkler System
  • Density is 2-5 Units/Acre

Parking

  • 2 Car Garage

Home Design

  • Triplex
  • Cottage
  • Entry on the 1st floor
  • Turnkey
  • Raised Foundation
  • Fire Rated Drywall
  • Shingle Roof
  • Wood Siding
  • Stucco

Interior Spaces

  • 2,344 Sq Ft Home
  • 1-Story Property
  • Ceiling Fan
  • Recessed Lighting
  • Double Pane Windows
  • Vinyl Flooring

Kitchen

  • Gas Oven
  • Gas Range
  • Microwave
  • Quartz Countertops

Bedrooms and Bathrooms

  • 2 Bedrooms
  • 1 Bathroom

Laundry

  • Laundry Room
  • Laundry Located Outside
  • Washer and Gas Dryer Hookup

Outdoor Features

  • Exterior Lighting

Utilities

  • Wall Furnace
  • Natural Gas Connected

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Legal Lot and Block 21 / B
  • Tax Tract Number 612
  • Assessor Parcel Number 42228101
  • $2,118 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 3 Units

Building Details

  • 3 Separate Electric Meters
  • 3 Separate Gas Meters
  • 1 Separate Water Meter
  • Gardener Expense $960
  • Insurance Expense $5,000
  • Maintenance Expense $3,600
  • Water Sewer Expense $2,400
  • New Taxes Expense $17,000
  • Operating Expense $28,960
  • Net Operating Income $97,040

Property Details

Home Type

Multi-Family

Year Built

Built in 1958

Lot Details

0

Parking

2

Listing Details

  • Assessments: Yes
  • CapRate: 5.20
  • Inclusions: All Kitchen Appliances Included
  • Property Attached: No
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
  • View: No
  • Water Sewer Expenses: 2400.00
  • Architectural Style: Cottage
  • Property Condition: Turnkey
  • Property Sub Type: Triplex
  • Property Type: Residential Income
  • Gardener Expense: 960.00
  • Parcel Number: 42228101
  • Year Built: 1958
  • Special Features: None

Interior Features

  • Fireplace: No
  • Interior Amenities: Ceiling Fan(s), Quartz Counters, Recessed Lighting
  • Stories: 1
  • Common Walls: No Common Walls
  • Flooring: Vinyl
  • Appliances: Yes
  • Entry Level: 1
  • Levels: One
  • Price Per Square Foot: 789.25
  • Window Features: Double Pane Windows

Exterior Features

  • Direction Faces: East
  • Foundation: Raised
  • Fence: Yes
  • Fencing: Wood
  • Pool Private: No
  • Roof: Shingle
  • Spa: No
  • Construction Materials: Drywall Walls, Stucco, Wood Siding

Garage/Parking

  • Garage Spaces: 2.00
  • Parking: No
  • Total Parking Spaces: 2.00

Utilities

  • Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Gas Oven, Gas Range, Microwave, Refrigerator
  • Heating Type: Wall Furnace
  • Laundry Features: Gas & Electric Dryer Hookup, Outside, Washer Hookup
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 2-5 Units/Acre, Corner Lot, Sprinkler System
  • Lot Size Sq Ft: 7532.00
  • Lot Size Acres: 0.1729
  • Latitude Manual: 33.65040600

Rental Info

  • Garage Rental Rate: 400.00
  • Tenant Pays: Electricity, Gas

Multi Family

  • Gross Scheduled Income: 126000.00
  • Insurance Expense: 5000.00
  • Lot Size Area: 7532.0000 Square Feet
  • Maintenance Expense: 3600.00
  • Net Operating Income: 97040.00
  • Number Of Separate Electric Meters: 3
  • Number Of Separate Gas Meters: 3
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 3
  • Number With Disposal: 3
  • Number With Patio: 3
  • Number With Range: 3
  • Number With Refrigerator: 3
  • Operating Expense: 28960.00
  • Rent Control: No
  • Total Expenses: 28960.00

Tax Info

  • New Taxes Expense: 17000.00
  • Tax Block: B
  • Tax Census Tract: 637.01
  • Tax Lot: 21
  • Tax Tract Number: 612
  • TaxOtherAnnualAssessmentAmount: 2118.00

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
Collateral Analytics

Collateral Analytics Collateral Analytics AVMs (Automated Valuation Model) employ a number of statistical approaches combined with neighborhood-specific comparable selection guarantees the most up-to-date and precise valuations.

Not Available

Collateral Analytics does not have data for the current month. Please view the chart for historical values.

ICE

ICE Mortgage Technology ICE Mortgage Technology’s AVM (Automated Valuation Model) is a state-of-the-art online residential property valuation tool that provides a quick and accurate estimate of the value of almost any home in the U.S.

Not Available

ICE Mortgage Technology does not have data for the current month. Please view the chart for historical values.

First American

First American First American Data & Analytics’ next-generation AVM combines unrivaled data assets with a blended ensemble of valuation models to produce highly accurate, reliable valuations you can trust.

Not Available

First American does not have data for the current month. Please view the chart for historical values.

Quantarium

Quantarium Quantarium’s valuation service, repeatedly proven the industry’s most accurate and comprehensive, is supercharged with a self-learning and auto-tuning AI engine that continually becomes smarter and more accurate as it processes daily inputs from the industry’s leading RE data lake.

Not Available

Quantarium does not have data for the current month. Please view the chart for historical values.

Average Value
Not Available
List Price
Sold Price
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

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
06/07/2024 06/07/24 Sold $1,850,000 0.0% $789 / Sq Ft
05/10/2024 05/10/24 Pending -- -- --
04/29/2024 04/29/24 For Sale $1,850,000 -- $789 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Ali Ghandour

    Seller's Agent in 2024

    Ali Ghandour

    Circa Properties, Inc.

    (714) 822-7716

    1 in this area

    28 Total Sales

    Ali Ghandour
    Section Image
  • Lena Ghezel

    Buyer's Agent in 2024

    Lena Ghezel

    Compass

    (714) 914-3443

    2 in this area

    43 Total Sales

    Lena Ghezel
    Section Image
See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW24083652

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

2097 Wallace Ave, Costa Mesa, CA

Not Listed for Sale

MultiFamily

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) 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

Nearby Homes