287 E 16th Place

    Costa Mesa, CA 92627
    • $3,895,000
    • STATUS: Active
    • ON SITE: 79 days
    • ID#: PW18212039
    UPDATED: 24 min ago
    $3,895,000
    • 0
      BEDS
    • 0.3
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 9,049
      SQFT
    • $430
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1963
    County:

    School Ratings & Info

    Description

    287 E. 16th Place is a unique 8 unit Eastside Costa Mesa investment opportunity advantageously located near the border of Newport Beach and the shopping, dining and entertainment of popular 17th St. in Costa Mesa.Per assessor, total building square footage is over 9,000 sqft and lot size is over 13,000 sqft. The smart unit mix includes oversized floorplans and features two 3 bedroom/2 bath units, two 1 bedroom/1 bath units and four 2 bedroom/2 bath units. Residents share the charming interior courtyard.The windows have been replaced throughout the building and most units have upgraded interiors, including newer bathrooms/kitchens and newer flooring.There is big upside in rental rates, with several units on month-to-month rental agreements. Conservative pro forma rents include: 1 bedroom - $1900, 2 bedroom - $2300 and 3 bedroom - $2750, which equates to a conservative pro forma Gross Scheduled Income of $222,000.There are two single car garages, plus carport and assigned parking spots. The small laundry room is shared and some units have washer/dryer hookups. Units are separately metered for gas and electric.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-18T07:30:01.06. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.fredsedgroup.com/homes/87054815

    287 E 16th Place Costa Mesa, CA 92627

    • Price: $3,895,000
    • Status: Active
    • Updated: 24 min ago
    • ID#: PW18212039
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.3
    Acres
    9,049
    SQFT
    $430
    $/SQFT
    1963
    Built
    Neighborhood:
    Eastside Heights (Ehcm)
    County:
    Orange
    Area:
    C5 - East Costa Mesa
    Property Description
    287 E. 16th Place is a unique 8 unit Eastside Costa Mesa investment opportunity advantageously located near the border of Newport Beach and the shopping, dining and entertainment of popular 17th St. in Costa Mesa.Per assessor, total building square footage is over 9,000 sqft and lot size is over 13,000 sqft. The smart unit mix includes oversized floorplans and features two 3 bedroom/2 bath units, two 1 bedroom/1 bath units and four 2 bedroom/2 bath units. Residents share the charming interior courtyard.The windows have been replaced throughout the building and most units have upgraded interiors, including newer bathrooms/kitchens and newer flooring.There is big upside in rental rates, with several units on month-to-month rental agreements. Conservative pro forma rents include: 1 bedroom - $1900, 2 bedroom - $2300 and 3 bedroom - $2750, which equates to a conservative pro forma Gross Scheduled Income of $222,000.There are two single car garages, plus carport and assigned parking spots. The small laundry room is shared and some units have washer/dryer hookups. Units are separately metered for gas and electric.
    Exterior Features

    Carport Spaces 6.00 Garage Spaces 2.00 Lot Features 16-20 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Features Assigned Parking Total 13.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features CommunityInsideStackable Levels Two

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Community Features CurbsSidewalksStreet Lighting Country Us Electric Expense 600.00 Elevation Units Feet Fuel Expense 1320.00 Gross Income 199500.00 Gross Scheduled Income 199500.00 Insurance Expense 3000.00 Land Lease YN No Laundry YN Yes Net Operating Income 129930.00 New Construction YN No New Taxes Expense 42108.00 Number Of Separate Electric Meters 9 Number Of Separate Gas Meters 7 Number Of Separate Water Meters 1 Number Of Units Leased 8 Operating Expense 67575.00 Professional Management Expense 9975.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Eastside Heights (Ehcm) Total Actual Rent 16625.00 Total Expenses 67575.00 Trash Expense 4632.00 Water Sewer Expense 4500.00 Water Source Public Year Built Source Assessor

    Listing provided courtesy of Christian Walsh of Coldwell Banker Res. Brokerage.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-18T07:30:01.06. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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