NOT LISTED FOR SALE
6 Beds
4 Baths
3,077 Sq Ft
1976 Built

Sale Details

Date Sold: February 1, 2013

Last sale price $1,280,000 $416 Per Sq Ft

11 Days on Market

Highlights

  • Cottage
  • Wood Siding
  • No Heating

About This Home

As of February 2013

Situated along a residential street in an excellent rental area of Costa Mesa, this rental investment consists of a 3 bedroom 2 bath house at the front of the property and a single two-story building at the rear with two 3 bedroom 2 bath units. This family-friendly unit mix has an elementary school conveniently adjacent to the property and a high school located only a few blocks away. Its excellent location gives residents easy access Newport Bay, the 55 and 405 freeways, Triangle Center, the 17th Street corridor and just minutes to South Coast Plaza, Fashion Island and the many fine local beaches of Newport Beach, Huntington Beach and Laguna Beach. The property has been owned and operated by a long-term principal and is currently 100 percent occupied. With a realistic upside in rents, this asset represents a prime investment opportunity.

Last Agent to Sell the Property

Michael Cavner

William Michael Cavner, Broker License #01274709 Listed on: 12/03/2012

Last Buyer's Agent

Todd Bousman

bouHAUS Properties License #01505371

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Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1976

Parking

  • 3 Parking Spaces

Home Design

  • 3,077 Sq Ft Home
  • Cottage
  • Wood Siding
  • Stucco

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 4 Bathrooms

Utilities

  • No Heating

Listing and Financial Details

  • Tax Lot 24
  • Tax Tract Number 1175
  • Assessor Parcel Number 42531118

Community Details

Overview

  • 2 Buildings
  • 3 Units

Building Details

  • 3 Separate Electric Meters
  • 3 Separate Gas Meters
  • 3 Separate Water Meters
  • Furniture Replacement Expense $750
  • Gardener Expense $1,050
  • Insurance Expense $923
  • Maintenance Expense $900
  • Other Expense $600
  • Supplies Expense $450
  • Water Sewer Expense $3,201
  • New Taxes Expense $15,100
  • Gross Income $74,280
  • Net Operating Income $48,946

Property Details

Home Type

Multi-Family

Year Built

Built in 1976

Listing Details

  • Assessments: No
  • CapRate: 3.77
  • Supplies Expense: 450.00
  • View: No
  • Water Sewer Expenses: 3201.00
  • Architectural Style: Cottage
  • Property Type: Residential Income
  • Gardener Expense: 1050.00
  • Parcel Number: 42531118
  • Year Built: 1976
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: No
  • Appliances: No
  • Price Per Square Foot: 415.99

Exterior Features

  • Pool Private: No
  • Spa: No
  • Construction Materials: Stucco, Wood Siding

Garage/Parking

  • Parking: No
  • Total Parking Spaces: 3.00

Utilities

  • Heating: No
  • Laundry: No

Condo/Co-op/Association

  • Senior Community: No

Multi Family

  • Furniture Replacement Expense: 750.00
  • Gross Income: 74280.00
  • Gross Multiplier: 17.50
  • Gross Scheduled Income: 74280.00
  • Insurance Expense: 923.00
  • Maintenance Expense: 900.00
  • Net Operating Income: 48946.00
  • Number Of Separate Electric Meters: 3
  • Number Of Separate Gas Meters: 3
  • Number Of Separate Water Meters: 3
  • Number Of Units Total: 3
  • Operating Expense: 23105.00
  • Other Expense: 600.00
  • Other Expense Description: Reserves

Tax Info

  • New Taxes Expense: 15100.00
  • Tax Lot: 24
  • Tax Tract Number: 1175

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
Dec 3, 2012
Closed on
Feb 7, 2013
Sold by
Bought by
Seller's Agent
Michael Cavner
William Michael Cavner, Broker
Buyer's Agent
Todd Bousman
bouHAUS Properties
List Price
$1,300,000
Sold Price
$1,280,000
Premium/Discount to List
-$20,000
-1.54%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$889,000
Outstanding Balance
$595,487
Interest Rate
3.28%
Mortgage Type
Commercial

Purchase Details

Listed on
Dec 3, 2012
Closed on
Jan 23, 2013
Sold by
Bought by
Seller's Agent
Michael Cavner
William Michael Cavner, Broker
Buyer's Agent
Todd Bousman
bouHAUS Properties
List Price
$1,300,000
Sold Price
$1,280,000
Premium/Discount to List
-$20,000
-1.54%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$889,000
Outstanding Balance
$595,487
Interest Rate
3.28%
Mortgage Type
Commercial

Purchase Details

Listed on
Dec 3, 2012
Closed on
Jan 17, 2013
Sold by
Bought by
Seller's Agent
Michael Cavner
William Michael Cavner, Broker
Buyer's Agent
Todd Bousman
bouHAUS Properties
List Price
$1,300,000
Sold Price
$1,280,000
Premium/Discount to List
-$20,000
-1.54%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$889,000
Outstanding Balance
$595,487
Interest Rate
3.28%
Mortgage Type
Commercial

Purchase Details

Closed on
Jul 27, 2007
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
$1,123,000
Interest Rate
6.75%
Mortgage Type
Commercial

Purchase Details

Closed on
Apr 30, 2004
Sold by
Bought by

Purchase Details

Closed on
Feb 10, 2004
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
$893,750
Interest Rate
4.62%
Mortgage Type
Commercial
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
-- None Available
-- Fidelity National Title Co
$1,270,000 Fidelity National Title Co
-- Fidelity National Title
-- Accommodation
-- Equity Title Company
$1,375,000 Equity Title Company
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 $889,000
Previous Owner $1,123,000
Previous Owner $893,750
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
02/01/2013 02/01/13 Sold $1,280,000 -1.5% $416 / Sq Ft
12/14/2012 12/14/12 Pending -- -- --
12/03/2012 12/03/12 For Sale $1,300,000 -- $422 / 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 $18,794 $1,595,186 $1,369,102 $226,084
2025 $18,391 $1,563,908 $1,342,257 $221,651
2024 $18,391 $1,533,244 $1,315,939 $217,305
2023 $17,828 $1,503,181 $1,290,136 $213,045
2022 $17,376 $1,473,707 $1,264,839 $208,868
2021 $16,903 $1,444,811 $1,240,038 $204,773
2020 $16,698 $1,429,997 $1,227,323 $202,674
2019 $16,335 $1,401,958 $1,203,258 $198,700
2018 $16,003 $1,374,469 $1,179,665 $194,804
2017 $15,736 $1,347,519 $1,156,534 $190,985
2016 $15,403 $1,321,098 $1,133,857 $187,241
2015 $15,258 $1,301,254 $1,116,825 $184,429
2014 $14,914 $1,275,765 $1,094,948 $180,817
Source: Public Records

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: S719755

California Regional Multiple Listing Service (CRMLS)
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