Sold

283 Avocado ST

COSTA MESA CA, 92627

$11,650,000


$822.80 per sqft

Sold

6 Beds

5 Baths

14,159 sqft

Multi-family

Built in 1973

Legitimate 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.

OC24013316MR

MLS ID

January 22, 2024

Listed

January 14, 2025

Updated

Map

283 Avocado ST
COSTA MESA CA, 92627

Interior Features

Total Stories

2


Bedrooms

6


Total Bathrooms

5


Laundry Description

Community


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.85 Acres


Sewer

Public Sewer

Other Property Details

Area Name

Central Costa Mesa


Days on Market

245


Garage

Yes


Garage Spaces

13


Parking Total

38


View

No


County

Orange


Water Source

Public


Pool

No


Pool Features

Fenced

Listing History

Date

Event

Price

10/18/2024

Sold

$11,650,000

10/10/2024

Pending

9/24/2024

Under contract

8/29/2024

Price change

$11,800,000

-2%

5/15/2024

Active

5/8/2024

Under contract

Listed by Tyler Leeson with Marcus & Millichap RE Invest
Listing Contact: 949-419-3326 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Michelle Trotter | CA DRE #1984107 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2025 Combined L.A./Westside MLS. All rights reserved.

Data last updated 1/14/2025

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