NOT LISTED FOR SALE

3018 Fillmore Way Costa Mesa, CA 92626

Northside Costa Mesa Neighborhood
4 Beds
3 Baths
3,191 Sq Ft
6,098 Sq Ft Lot

Last Sold August 29, 2019

Last sale price $1,045,000 $327 Per Sq Ft

24 Days on Market

Highlights

  • No Units Above
  • Property is near public transit
  • No HOA
  • Paularino Elementary School Rated A-
  • Private Yard
  • 3-minute walk to Paularino Park

About This Home

As of August 2019

Great location in the South Coast Metro Area. Located 3/4 mile SW of South Coast Plaza, the highest volume retail mall in the U.S., with $1.5 billion in annual sales. Located 1/2 mile NE of Orange Coast College, less than one mile N of the OC Fairgrounds, and less than two miles W of John Wayne Airport.

The property consists of a single building with a 1-story, 2 BR/1 BA unit in the front and two 2 BR/1.5 BA two-story townhouse-style units in the rear. Very spacious units averaging 1,063 sf, each with dishwashers and patios and/or balconies. The building was constructed in 1963. Each unit has an individual garage space and there are 3 additional uncovered spaces. Parking is accessed through a rear alley.

There is extremely strong rental demand in the South Coast Metro Area and there is significant upside in the current lease rates. In fact, same-sized renovated 2 BR/1 BA and 2 BR/1.5 BA units on the same street are currently rented at rates as high as $1,575 and $1,815/month, respectively.

Current income specified below is actual. Current expenses are estimated. Projected Scheduled Gross Income and Net Operating Income with renovated units at market rental rates are $63,600 and $42,260, respectively. Projected Gross Rent Multiplier is 17.0.

The Seller owns the adjacent triplex property and will consider a single sale of the two properties together.

Last Agent to Sell the Property

Carl Reinhart

Carl Reinhart, Broker License #00647355 Listed on: 06/29/2019

Last Buyer's Agent

Sammer Mudawar

THE brokeredge License #01723613

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1963

Lot Details

  • 6,098 Sq Ft Lot
  • No Units Above
  • No Units Located Below
  • Two or More Common Walls
  • Rectangular Lot
  • Level Lot
  • Private Yard
  • Lawn
  • Back and Front Yard
  • Density is 21-25 Units/Acre

Parking

  • 3 Car Garage
  • 3 Open Parking Spaces
  • Parking Available
  • Rear-Facing Garage
  • Three Garage Doors
  • Parking Lot
  • Off-Street Parking
  • Assigned Parking

Home Design

  • Triplex
  • Entry on the 1st floor
  • Cosmetic Repairs Needed
  • Slab Foundation
  • Fire Rated Drywall
  • Composition Roof
  • Stucco

Interior Spaces

  • 3,191 Sq Ft Home
  • 2-Story Property
  • Window Screens
  • Living Room
  • Fire and Smoke Detector

Kitchen

  • Gas Oven
  • Gas Range
  • Free-Standing Range
  • Dishwasher
  • Formica Countertops
  • Disposal

Flooring

  • Carpet
  • Tile

Bedrooms and Bathrooms

  • 4 Bedrooms
  • 3 Bathrooms

Laundry

  • Laundry Room
  • Washer and Gas Dryer Hookup

Outdoor Features

  • Balcony
  • Exterior Lighting

Location

  • Property is near public transit
  • Suburban Location

Utilities

  • Cooling System Powered By Gas
  • Cooling System Mounted To A Wall/Window
  • Heating System Uses Natural Gas
  • Wall Furnace
  • Overhead Utilities
  • Natural Gas Connected

Listing and Financial Details

  • Tenant pays for cable TV, electricity, gas
  • Tax Lot 6
  • Tax Tract Number 4281
  • Assessor Parcel Number 14113416

Community Details

Overview

  • No Home Owners Association
  • 3 Units

Building Details

  • 3 Leased Units
  • 3 Separate Electric Meters
  • 3 Separate Gas Meters
  • 1 Separate Water Meter
  • Gardener Expense $600
  • Insurance Expense $2,000
  • Maintenance Expense $2,400
  • Other Expense $900
  • Professional Management Expense $1,929
  • Trash Expense $900
  • Water Sewer Expense $900
  • New Taxes Expense $11,339
  • Operating Expense $20,968
  • Gross Income $49,200
  • Net Operating Income $27,248

Property Details

Home Type

Multi-Family

Year Built

Built in 1963

Lot Details

0

Parking

3

Listing Details

  • CapRate: 2.53
  • Professional Management Expense: 1929.00
  • Property Attached: Yes
  • Road Frontage Type: City Street
  • Road Surface Type: Alley Paved, Paved
  • Security: Smoke Detector(s)
  • Subdivision Name Other: Costa Mesa
  • View: No
  • Water Sewer Expenses: 900.00
  • Property Condition: Repairs Cosmetic
  • Property Sub Type: Triplex
  • Property Type: Residential Income
  • Gardener Expense: 600.00
  • Parcel Number: 14113416
  • Year Built: 1963
  • Special Features: None

Interior Features

  • Interior Amenities: Balcony, Formica Counters
  • Stories: 2
  • Common Walls: 2+ Common Walls, No One Above, No One Below
  • Flooring: Carpet, Tile
  • Appliances: Yes
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 327.48
  • Room Type: Kitchen, Living Room
  • Window Features: Screens

Exterior Features

  • Foundation: Slab
  • Pool Private: No
  • Roof: Composition
  • Construction Materials: Drywall Walls, Stucco

Garage/Parking

  • Garage Spaces: 3.00
  • Parking: Yes
  • Parking Features: Assigned, Garage, Garage Faces Rear, Garage - Three Door, Off Street, On Site, Parking Space, Private
  • Total Parking Spaces: 6.00
  • Uncovered Spaces: 3.00

Utilities

  • Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Dishwasher, Free-Standing Range, Disposal, Gas Oven, Gas Range
  • Electric: Electricity - On Property
  • Heating Type: Wall Furnace, Natural Gas
  • Laundry Features: Gas Dryer Hookup, Washer Hookup
  • Sewer: Public Sewer
  • Trash Expense: 900.00
  • Water Source: Public
  • Cooling: Wall/Window Unit(s), Gas
  • Cooling: Yes

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 21-25 Units/Acre, Back Yard, Front Yard, Lawn, Level with Street, Rectangular Lot, Level, Near Public Transit, Utilities - Overhead, Yard
  • Lot Size Sq Ft: 6098.00
  • Lot Size Acres: 0.1400

Rental Info

  • Tenant Pays: Cable TV, Electricity, Gas

Multi Family

  • Average2 Bed Area: 1063 Square Feet
  • Gross Income: 49200.00
  • Gross Multiplier: 21.93
  • Gross Operating Income: 48216.00
  • Gross Scheduled Income: 49200.00
  • Insurance Expense: 2000.00
  • Lot Size Area: 6098.0000 Square Feet
  • Maintenance Expense: 2400.00
  • Net Operating Income: 27248.00
  • Number Of Separate Electric Meters: 3
  • Number Of Separate Gas Meters: 3
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 3
  • Number Of Units Total: 3
  • Number With Carpet: 3
  • Number With Disposal: 3
  • Number With Drapes: 3
  • Number With Patio: 3
  • Number With Range: 3
  • Operating Expense: 20968.00
  • Other Expense: 900.00
  • Other Expense Description: Reserves
  • Rent Control: No
  • Total Actual Rent: 4100.00
  • Total Expenses: 20968.00
  • Vacancy Allowance Rate: 2.00

Tax Info

  • New Taxes Expense: 11339.00
  • Tax Census Tract: 639.03
  • Tax Lot: 6
  • Tax Tract Number: 4281

Range of Values:

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
08/29/2019 08/29/19 Sold $1,045,000 -3.2% $327 / Sq Ft
07/23/2019 07/23/19 Pending -- -- --
06/29/2019 06/29/19 For Sale $1,079,000 -- $338 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • C

    Seller's Agent in 2019

    Carl Reinhart

    Carl Reinhart, Broker

    (714) 404-8020

    13 Total Sales

    Carl Reinhart
    Section Image
  • Sammer Mudawar

    Buyer's Agent in 2019

    Sammer Mudawar

    THE brokeredge

    (714) 660-4008

    2 in this area

    54 Total Sales

    Sammer Mudawar
    Section Image
See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW19154053

California Regional Multiple Listing Service (CRMLS)
California Orange County Costa Mesa 92626 Northside Costa Mesa

3018 Fillmore Way, Costa Mesa, CA

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