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