Bought with Tyler Leeson • Marcus & Millichap RE Invest
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283 Avocado Street Costa Mesa, CA 92627
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Key Details
Sold Price $11,650,000
Property Type Commercial Sale
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 14,159 sqft
Price per Sqft $822
MLS Listing ID CROC24013316
Year Built 1973
Lot Size 0.850 Acres
Property Description
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.
Location
State CA
County Orange
Interior
Laundry Community Facility
Building
Lot Description Level
Water Public
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