$1,000,000
$1,180,000
15.3%For more information regarding the value of a property, please contact us for a free consultation.
6,534 Sqft Lot
SOLD DATE : 10/18/2019
Key Details
Sold Price $1,000,000
Property Type Multi-Family
Sub Type Triplex
Listing Status Sold
Purchase Type For Sale
Subdivision Mesa North - President Streets (Prmn)
MLS Listing ID NP19170834
Sold Date 10/18/19
HOA Y/N No
Year Built 1962
Lot Size 6,534 Sqft
Acres 0.15
Property Description
Great location 3/4 mile SW of South Coast Plaza. Located 1/2 mile from Orange Coast College and less than 2 miles from John Wayne Airport.
The property consists of a single building with a 1-story, 2 BR/1 BA unit in the front and two 2 BR/1.5 BA two-story townhouse-style units in the rear. Very spacious units approx. 1,063 sf, each with attached patio. The building was constructed in 1962. Each unit has an individual garage space and there are 2 additional uncovered parking spaces. Parking is accessed through a rear alley. Vinyl and plank flooring. There is an extremely strong demand for rentals in this area. There is significant upside in the current rent rates. The 2 BR/1 BA rents for $1,610 and 2 BR/1.5 BA unit rents for $1,675, on the same street are currently rented at rates as high as $1,700 and $1,850/month, respectively. Current income specified below is actual. Current expenses are estimated. Projected Scheduled Gross Income and Net Operating Expenses with renovated units at market rental rates are $59,520 and $31,208 respectively. Projected Gross Rent Multiplier is 19.2. Selling as is.
Location
State CA
County Orange
Area C3 - South Coast Metro
Rooms
Ensuite Laundry Washer Hookup, Gas Dryer Hookup, Inside
Interior
Interior Features Laminate Counters, Unfurnished
Laundry Location Washer Hookup,Gas Dryer Hookup,Inside
Heating Natural Gas, Wall Furnace
Flooring Vinyl
Fireplace No
Appliance Free-Standing Range, Disposal, Gas Range, Vented Exhaust Fan, Water Heater
Laundry Washer Hookup, Gas Dryer Hookup, Inside
Exterior
Garage Door-Multi, Garage, On Site, Off Street, Private, Garage Faces Rear, One Space
Garage Spaces 3.0
Garage Description 3.0
Fence Wood
Pool None
Community Features Curbs, Gutter(s), Sidewalks, Park
Utilities Available Overhead Utilities
View Y/N No
View None
Roof Type Composition
Parking Type Door-Multi, Garage, On Site, Off Street, Private, Garage Faces Rear, One Space
Total Parking Spaces 5
Private Pool No
Building
Lot Description 21-25 Units/Acre, Back Yard, Front Yard, Near Park, Rectangular Lot
Story 2
Entry Level Two
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 14114157
Acceptable Financing Submit
Listing Terms Submit
Financing Cash
Special Listing Condition Standard
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Bought with Judy Chen • Judy Chen
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
Scott Greenspan
Broker Owner