NOT LISTED FOR SALE

2641 Elden Ave Costa Mesa, CA 92627

Eastside Costa Mesa Neighborhood
11 Beds
4 Baths
3,738 Sq Ft
0.45 Acres

Last Sold March 04, 2024

Last sale price $2,585,420 $692 Per Sq Ft

50 Days on Market

Highlights

  • 0.45 Acre Lot
  • Near a National Forest
  • Hiking Trails
  • Heinz Kaiser Elementary School Rated A
  • No HOA
  • Laundry Room

About This Home

As of March 2024

We are pleased to present a rare Eastside Costa Mesa Fourplex. Built in 1955, 2641 Elden Avenue is comprised of four detached cottages on a massive 19,809SF parcel. Three of the units are 3-Bedroom/1-Bathroom units, two of which have 2-Car Garages. The other 3-Bedroom unit has an attached 1-Car Garage. The 2-Bedroom unit has an attached carport designated for the unit. Each of the units offer tenants washer/dryer hook-ups, large private yards, and ample parking outside of the garages and carport.

This is the first time in over 40 years that the property has been offered for sale and represents an incredible opportunity for an investor to renovate and push rents to market, add ADU units, or develop new housing stock.

Last Agent to Sell the Property

Nick Gould

Morgan Skenderian License #01521955 Listed on: 11/27/2023

Co-Listed By

Ken Morgan

Morgan Skenderian License #01220368

Last Buyer's Agent

Nick Gould

Gould Group Inc License #01521955

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1955

Lot Details

  • 0.45 Acre Lot
  • No Common Walls
  • Density is 2-5 Units/Acre

Parking

  • 5 Open Parking Spaces
  • 5 Car Garage
  • 2 Carport Spaces

Home Design

  • Entry on the 1st floor

Interior Spaces

  • 3,738 Sq Ft Home
  • 1-Story Property
  • Living Room with Fireplace

Bedrooms and Bathrooms

  • 11 Bedrooms
  • 4 Bathrooms

Laundry

  • Laundry Room
  • Washer and Gas Dryer Hookup

Outdoor Features

  • Exterior Lighting

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Tax Lot 21
  • Tax Tract Number 376
  • Assessor Parcel Number 43907121
  • $2,405 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 4 Buildings
  • 4 Units
  • Near a National Forest

Recreation

  • Horse Trails
  • Hiking Trails
  • Bike Trail

Building Details

  • 4 Leased Units
  • Rent Control
  • 4 Separate Electric Meters
  • 4 Separate Gas Meters
  • 1 Separate Water Meter
  • Insurance Expense $2,098
  • Trash Expense $1,500
  • Water Sewer Expense $1,118
  • Operating Expense $46,836
  • Gross Income $135,960
  • Net Operating Income $85,045

Property Details

Home Type

Apartment

Year Built

Built in 1955

Lot Details

0

Parking

5

Listing Details

  • CapRate: 3.01
  • Property Attached: No
  • Water Sewer Expenses: 1118.00
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 43907121
  • Year Built: 1955
  • Special Features: None

Interior Features

  • Fireplace: Yes
  • Stories: 1
  • Common Walls: No Common Walls
  • Entry Level: 1
  • Fireplace Features: Living Room
  • Levels: One
  • Price Per Square Foot: 691.66

Exterior Features

  • Pool Private: No
  • Spa: No

Garage/Parking

  • Carport Spaces: 2.00
  • Garage Spaces: 5.00
  • Parking: No
  • Total Parking Spaces: 12.00
  • Uncovered Spaces: 5.00

Utilities

  • Laundry: Yes
  • Laundry Features: Gas & Electric Dryer Hookup, Washer Hookup
  • Sewer: Public Sewer
  • Trash Expense: 1500.00
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Biking, Blm/National Forest, Hiking, Horse Trails, Sidewalks, Storm Drains, Street Lights

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 2-5 Units/Acre
  • Lot Size Sq Ft: 19809.00
  • Lot Size Acres: 0.4548

Rental Info

  • Tenant Pays: Electricity, Gas

Multi Family

  • Gross Income: 135960.00
  • Gross Multiplier: 20.81
  • Gross Operating Income: 131881.00
  • Gross Scheduled Income: 135960.00
  • Insurance Expense: 2098.00
  • Lot Size Area: 19809.0000 Square Feet
  • Net Operating Income: 85045.00
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 4
  • Number Of Units Total: 4
  • Operating Expense: 46836.00
  • Operating Expense Percent: 34.40
  • Rent Control: Yes
  • Total Actual Rent: 11330.00
  • Total Expenses: 46836.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • Tax Census Tract: 631.02
  • Tax Lot: 21
  • Tax Tract Number: 376
  • TaxOtherAnnualAssessmentAmount: 2405.00

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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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
03/04/2024 03/04/24 Sold $2,585,420 -8.6% $692 / Sq Ft
01/16/2024 01/16/24 Pending -- -- --
11/27/2023 11/27/23 For Sale $2,829,000 -- $757 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • N

    Seller's Agent in 2024

    Nick Gould

    Morgan Skenderian

    Section Image
  • Ken Morgan

    Seller Co-Listing Agent in 2024

    Ken Morgan

    Morgan Skenderian

    (714) 290-9090

    1 in this area

    4 Total Sales

    Ken Morgan
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW23216796

California Regional Multiple Listing Service (CRMLS)

APN: 439-071-21

California Orange County Costa Mesa 92627 Eastside Costa Mesa

2641 Elden Ave, Costa Mesa, CA

Not Listed for Sale

MultiFamily

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