283 Avocado ST Pending Save Request In-Person Tour Request Virtual Tour
Costa Mesa,CA 92627
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Square Footage 14,159 sqft
Price per Sqft $833
Subdivision College Park (Colp)
MLS Listing ID OC24013316
HOA Y/N No
Year Built 1973
Lot Size 0.850 Acres
Acres 0.85
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
Area C4 - Central Costa Mesa
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 13.0
Carport Spaces 12
Garage Description 13.0
Pool Community,Fenced
Community Features Curbs,Sidewalks,Pool
Total Parking Spaces 38
Private Pool No
Building
Lot Description Street Level
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 41907120
Energy Description 6471.0
Acceptable Financing Cash to New Loan,1031 Exchange
Listing Terms Cash to New Loan,1031 Exchange
Special Listing Condition Standard