Seller's Agent in 2024
Tyler Leeson
Marcus & Millichap RE Invest
(949) 419-3200
171 Total Sales
283 Avocado St Costa Mesa, CA 92627
Costa Mesa Area
6
Beds
5
Baths
14,159
Sq Ft
0.85
Acre Lot
Highlights
- No HOA
- Laundry Facilities
- Level Lot
- Community Pool
About This Home
As of October 2024Legitimate turnkey multifamily investment property offering a range of one-, two-, and three-bedroom loft-style floor plans. Substantial investment was made in 2023 and 2024, with over $1.8M in interior and exterior capital improvements. 100% of the interiors are fully renovated, including all new appliances, cabinets/counters, new electrical panels, flooring, painting and drywall, and all new windows and doors. Common area improvements include the roofs, painting, termite & pest mitigation, and tenting of the entire structure, exterior wood, decking, all new stairs and railings, all new asphalt, hardscape/softscape, mailboxes, plumbing, house electrical panels, and garage doors. ABOVE ALL, the debt component sets this project apart from nearly all other investments within the marketplace. Available to assume is a private note with a 51% LTV and interest-only payments until 2032 starting at 3.5%, with a cap at 5.0%, resulting in a blended interest rate of 4.61% over the term. This equates to an initial cash-on-cash return of over 4.5% with a down payment of $5,800,000—no appraisal required, no points for the loan assumption, COE in 30 days or less.
Last Agent to Sell the Property
Marcus & Millichap RE Invest Brokerage Email: tleeson@marcusmillichap.com License #01451551 Listed on: 01/22/2024
Co-Listed By
William Michael Cavner, Broker Brokerage Email: tleeson@marcusmillichap.com License #01274709
Last Buyer's Agent
Marcus & Millichap RE Invest Brokerage Email: tleeson@marcusmillichap.com License #01451551 Listed on: 01/22/2024
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Property Details
Home Type
- Apartment
Year Built
- Built in 1973
Lot Details
- 37,026 Sq Ft Lot
- No Common Walls
- Level Lot
- 41907121
Parking
- 13 Open Parking Spaces
- 13 Car Garage
- 12 Carport Spaces
Home Design
- Entry on the 1st floor
Interior Spaces
- 14,159 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 6 Bedrooms
- 5 Bathrooms
Pool
- Fence Around Pool
Listing and Financial Details
- Tax Lot 42
- Tax Tract Number 57
- Assessor Parcel Number 41907120
- $11,604 per year additional tax assessments
Community Details
Overview
- No Home Owners Association
- 3 Buildings
- 25 Units
- College Park Subdivision
Amenities
- Laundry Facilities
Recreation
- Community Pool
Building Details
- 25 Separate Electric Meters
- 25 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $6,102
- Fuel Expense $6,471
- Insurance Expense $16,026
- Maintenance Expense $12,500
- Other Expense $63,135
- Professional Management Expense $29,250
- Trash Expense $14,280
- Water Sewer Expense $4,365
- New Taxes Expense $123,699
- Operating Expense $259,802
- Gross Income $753,089
- Net Operating Income $471,460
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
Jan 22, 2024
Closed on
Oct 17, 2024
Sold by
Bought by
Seller's Agent
Tyler Leeson
Marcus & Millichap RE Invest
Buyer's Agent
Tyler Leeson
Marcus & Millichap RE Invest
List Price
$12,000,000
Sold Price
$11,650,000
Premium/Discount to List
-$350,000
-2.92%
Views
110
Purchase Details
Closed on
Dec 21, 2022
Sold by
Bought by
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$450,000
Interest Rate
7.08%
Mortgage Type
New Conventional
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 |
|---|---|---|---|
| -- | Chicago Title | ||
| $5,650,000 | Chicago Title Company | ||
| $7,050,000 | Chicago Title |
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 |
|---|---|---|---|
| Closed | $450,000 |
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 |
|---|---|---|---|---|
| 10/18/2024 10/18/24 | Sold | $11,650,000 | -1.3% | $823 / Sq Ft |
| 09/23/2024 09/23/24 | Pending | -- | -- | -- |
| 08/28/2024 08/28/24 | Price Changed | $11,800,000 | -1.7% | $833 / Sq Ft |
| 01/22/2024 01/22/24 | For Sale | $12,000,000 | -- | $848 / 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 | $88,904 | $7,803,000 | $7,011,196 | $791,804 |
| 2025 | $88,904 | $7,650,000 | $6,873,721 | $776,279 |
| 2024 | $64,128 | $5,304,000 | $4,594,832 | $709,168 |
| 2023 | $62,344 | $5,200,000 | $4,504,737 | $695,263 |
| 2022 | $26,032 | $1,835,769 | $1,255,549 | $580,220 |
| 2021 | $24,660 | $1,799,774 | $1,230,930 | $568,844 |
| 2020 | $24,429 | $1,781,320 | $1,218,308 | $563,012 |
| 2019 | $24,034 | $1,746,393 | $1,194,420 | $551,973 |
| 2018 | $23,613 | $1,712,150 | $1,171,000 | $541,150 |
| 2017 | $23,235 | $1,678,579 | $1,148,039 | $530,540 |
| 2016 | $22,759 | $1,645,666 | $1,125,528 | $520,138 |
| 2015 | $22,503 | $1,620,947 | $1,108,621 | $512,326 |
| 2014 | $21,988 | $1,589,195 | $1,086,904 | $502,291 |
Source: Public Records
Agents Affiliated with this Home
-
Tyler Leeson
-
Michael Cavner
M
Seller Co-Listing Agent in 2024
Michael Cavner
William Michael Cavner, Broker
(949) 419-3200
4 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC24013316
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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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