Sold

758 W 20th ST

COSTA MESA CA, 92627

$1,775,000


$524.53 per sqft

Sold

8 Beds

4 Baths

3,384 sqft

Multi-family

Built in 1972

Unlock the potential of this four-unit property in a prime Westside location of Costa Mesa! This property offers tremendous upside potential for investors looking to capitalize on below-market rents and increasing equity. Each of the four 2-bedroom, 1-bathroom units comes with its own garage, offering a desirable and convenient layout for tenants. All units are currently tenant-occupied on a month-to-month basis, presenting an incredible opportunity for the new owner to make upgrades and increase rents to market levels. With rents currently well below market value, this property is ideal for an investor looking to renovate and reposition. Inquire with the City to see if an ADU can be constructed either on top of the garage or built on the existing large 9,211 sqft lot. Market rents in the area for similar units are estimated at $2,700 per unit, giving the new owner the chance to bring the monthly gross income to over $11,000, and offers the investor a fantastic opportunity with generating a 5%+ cap rate; thereby making it an excellent addition to any real estate portfolio. Whether you re an experienced investor or looking for your first multi-unit property, this gem of a building promises long-term growth and significant returns. Situated in a highly desirable area, close to shopping, dining, freeway and just minutes from the beach, this is a can't-miss opportunity for those seeking both cash flow and future appreciation. Whether you plan to improve and hold...or renovate and resell, the upside is undeniable. This is your chance to create significant equity while tapping into the strong rental demand in this vibrant community. This is your chance to secure a property with significant equity upside and tap into Costa Mesa s growing rental market. Don t miss out opportunities like this are few and far between!

OC24207896MR

MLS ID

October 5, 2024

Listed

November 20, 2024

Updated

Map

758 W 20th ST
COSTA MESA CA, 92627

Interior Features

Total Stories

2


Bedrooms

8


Total Bathrooms

4


Laundry Description

None


Fireplace

No


Fireplace Description

None


Cooling

No


Cooling Description

None


Heating

Yes


Heating Description

Forced Air

Exterior/Building Features

Lot Size

0.21 Acres


Sewer

Public Sewer

Other Property Details

Area Name

Southwest Costa Mesa


Days on Market

14


Garage

Yes


Garage Spaces

4


Parking Total

4


View

No


View Description

None


County

Orange


Water Source

Public


Pool

No


Pool Features

None

Listing History

Date

Event

Price

11/20/2024

Sold

$1,775,000

11/12/2024

Pending

10/23/2024

Under contract

Listed by Ramzi Ataya with Engel & Voelkers Newport Beach
Listing Contact: 949.484.6468 

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. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 11/20/2024

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