NOT LISTED FOR SALE

735 Joann St Costa Mesa, CA 92627

Westside Costa Mesa Neighborhood
2 Beds
2 Baths
23,403 Sq Ft
0.9 Acres

Last Sold November 15, 2018

Last sale price $8,380,000 $358 Per Sq Ft

35 Days on Market

Highlights

  • No Units Above
  • Community Pool
  • Forced Air Heating System
  • 0.9 Acre Lot
  • Laundry Room

About This Home

As of November 2018

Four Seasons is a rare 23-unit multi-family, townhouse investment offering, well located in the City of Costa Mesa. Comprised entirely of large, two bedroom / one and one-half bathroom townhouse style units, each apartment features gas forced air heating, one covered parking space, one open space, washers & dryers in select units, and access to a large central courtyard with a pool. The configurations of the 4-building courtyard-style property exterior, and the large townhouse unit interiors, provide a new owner the opportunity to simply stabilize the existing revenue stream or potentially implement a comprehensive renovation program that will lead to top-market rents. The unit-count, physical attributes, and micro-location of this property will remain attractive to tenants and investors alike for many years to come. Salient Features ** Extremely High Demand Rental Location - 2.5 Miles from the Pacific Ocean **14.7 GIM and 4.2% Capitalization Rate at Market Income ** Very Rare Mid-size Property Offering on the Westside **100% - 2 Bedroom / 1.5 Bath Townhouse Units - 1,015 Square Feet Each ** Legitimate Value-Add Investment in a Very Supply Constrained Coastal Market

Last Agent to Sell the Property

Michael Cavner

William Michael Cavner, Broker License #01274709 Listed on: 08/08/2018

Last Buyer's Agent

Michael Cavner

William Michael Cavner, Broker License #01274709 Listed on: 08/08/2018

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1964

Lot Details

  • 0.9 Acre Lot
  • No Units Above
  • Two or More Common Walls
  • Density is 21-25 Units/Acre

Home Design

  • Property Attached

Interior Spaces

  • 23,403 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 2 Bedrooms
  • 2 Bathrooms

Parking

  • 20 Open Parking Spaces
  • 43 Parking Spaces
  • 23 Carport Spaces

Additional Features

  • Exterior Lighting
  • Forced Air Heating System

Listing and Financial Details

  • Tax Lot 1
  • Tax Tract Number 1
  • Assessor Parcel Number 42237226

Community Details

Overview

  • 4 Buildings
  • 23 Units

Amenities

  • Laundry Facilities

Recreation

  • Community Pool

Building Details

  • 23 Separate Electric Meters
  • 23 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $5,967
  • Fuel Expense $5,967
  • Gardener Expense $2,875
  • Insurance Expense $8,450
  • Maintenance Expense $12,650
  • Other Expense $1,150
  • Pool Expense $2,875
  • Professional Management Expense $21,286
  • Supplies Expense $11,500
  • Trash Expense $5,967
  • Water Sewer Expense $5,967
  • New Taxes Expense $99,492
  • Operating Expense $225,113
  • Gross Income $548,300
  • Net Operating Income $307,035

Property Details

Home Type

Multi-Family

Year Built

Built in 1964

Lot Details

0

Listing Details

  • Professional Management Expense: 21286.00
  • Property Attached: Yes
  • Supplies Expense: 11500.00
  • Water Sewer Expenses: 5967.00
  • Property Type: Residential Income
  • Gardener Expense: 2875.00
  • Parcel Number: 42237226
  • Year Built: 1964
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls, No One Above
  • Levels: Two
  • Price Per Square Foot: 358.07

Exterior Features

  • Pool Expense: 2875.00
  • Pool Features: Community
  • Pool Private: No

Garage/Parking

  • Carport Spaces: 23.00
  • Total Parking Spaces: 43.00
  • Uncovered Spaces: 20.00

Utilities

  • Heating: Yes
  • Laundry: Yes
  • Heating Type: Forced Air
  • Laundry Features: Community, Inside
  • Sewer: Public Sewer
  • Trash Expense: 5967.00
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 21-25 Units/Acre, Lot 20000-39999 Sqft
  • Lot Size Sq Ft: 39204.00
  • Lot Size Acres: 0.9000

Multi Family

  • Average2 Bed Area: 1015 Square Feet
  • Electric Expense: 5967.00
  • Fuel Expense: 5967.00
  • Gross Income: 548300.00
  • Gross Operating Income: 532149.00
  • Gross Scheduled Income: 548300.00
  • Insurance Expense: 8450.00
  • Lot Size Area: 39204.0000 Square Feet
  • Maintenance Expense: 12650.00
  • Net Operating Income: 307035.00
  • Number Of Separate Electric Meters: 23
  • Number Of Separate Gas Meters: 23
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 23
  • Number With Patio: 23
  • Operating Expense: 225113.00
  • Operating Expense Percent: 41.10
  • Other Expense: 1150.00
  • Rent Control: No
  • Total Expenses: 225113.00
  • Vacancy Allowance: 16151
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 99492.00
  • Tax Census Tract: 638.08
  • Tax Lot: 1
  • Tax Tract Number: 1

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 Change Sq Ft Price
11/15/2018 11/15/18 Sold $8,380,000 -11.3% $358 / Sq Ft
08/08/2018 08/08/18 For Sale $9,450,000 -- $404 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • M

    Seller's Agent in 2018

    Michael Cavner

    William Michael Cavner, Broker

    (949) 419-3200

    3 Total Sales

    Section Image
See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC18191779

California Regional Multiple Listing Service (CRMLS)

APN: 422-372-26

California Orange County Costa Mesa 92626 Westside Costa Mesa

735 Joann St, Costa Mesa, CA

This home is located at 735 Joann St, Costa Mesa, CA 92627 since 08 August 2018. This property was built in 1964. 735 Joann St is a home located in Orange County with nearby schools including Wilson Elementary School, Charles W. Tewinkle Middle School, and Estancia High School.

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