116 E 21st Street

    Costa Mesa, CA 92627
    • $3,250,000
    • STATUS: Active
    • ON SITE: 36 days
    • ID#: NP18267583
    UPDATED: 78 min ago
    $3,250,000
    • 0
      BEDS
    • 0.32
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 7,280
      SQFT
    • $446
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1963
    County:

    School Ratings & Info

    Description

    Pride of ownership, 8 Units, located in highly desired East Costa Mesa, one of Orange County's premier rental markets bordering the affluent city of Newport Beach. From this location tenants enjoy convenient access to world class beaches, the Newport Back Bay Trails, a plethora of hip dining establishments and South Coast Plaza, the nation's largest shopping center on the West Coast. The East 21st Street Apartment Homes have been immaculately maintained by the current ownership with several interior and exterior renovations completed. Improvements include dual pane windows, kitchens, cabinets, granite counters, stand-up showers, remote access iron gates, concrete stairs, new asphalt sealcoat, modern exterior paint scheme and much more. A collection of eight spacious 2 bedroom units with an average size of roughly 910 square feet each. The size of the units and the location, have made these units easy to rent, attracted longer-term tenants and has produced solid income. Current rents average $1,692 and market rents are roughly $1,975 for similar rentals. An excellent investment property for an astute investor with roughly 15% of upside in rental income.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-12-13T14:31:45.09. 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.impactca.com/homes/89197197

    116 E 21st Street Costa Mesa, CA 92627

    • Price: $3,250,000
    • Status: Active
    • Updated: 78 min ago
    • ID#: NP18267583
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.32
    Acres
    7,280
    SQFT
    $446
    $/SQFT
    1963
    Built
    Neighborhood:
    Other (Othr)
    County:
    Orange
    Area:
    C5 - East Costa Mesa
    Property Description
    Pride of ownership, 8 Units, located in highly desired East Costa Mesa, one of Orange County's premier rental markets bordering the affluent city of Newport Beach. From this location tenants enjoy convenient access to world class beaches, the Newport Back Bay Trails, a plethora of hip dining establishments and South Coast Plaza, the nation's largest shopping center on the West Coast. The East 21st Street Apartment Homes have been immaculately maintained by the current ownership with several interior and exterior renovations completed. Improvements include dual pane windows, kitchens, cabinets, granite counters, stand-up showers, remote access iron gates, concrete stairs, new asphalt sealcoat, modern exterior paint scheme and much more. A collection of eight spacious 2 bedroom units with an average size of roughly 910 square feet each. The size of the units and the location, have made these units easy to rent, attracted longer-term tenants and has produced solid income. Current rents average $1,692 and market rents are roughly $1,975 for similar rentals. An excellent investment property for an astute investor with roughly 15% of upside in rental income.
    Exterior Features

    Carport Spaces 8.00 Garage Spaces 0.00 Lot Features Lot 10000-19999 Sqft Lot Size Source Assessor Lot Size Units Square Feet Parking Features Assigned Parking Total 19.00 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 910 Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features Individual Room Levels Two

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Community Features Sidewalks Country Us Electric Expense 775.00 Elevation Units Feet Fuel Expense 1235.00 Gardener Expense 1200.00 Gross Income 192900.00 Gross Scheduled Income 189600.00 Have Pride Of Ownership - East Costa Mesa Insurance Expense 2360.00 Land Lease YN No Laundry Income 3300.00 Laundry YN Yes Net Operating Income 144956.00 New Construction YN No New Taxes Expense 36511.00 Number Of Separate Electric Meters 9 Number Of Separate Gas Meters 9 Number Of Separate Water Meters 1 Number Of Units Leased 8 Operating Expense 47944.00 Other Expense 2000.00 Professional Management Expense 0.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Unknown Total Expenses 49929.00 Trash Expense 3739.00 Water Sewer Expense 2109.00 Water Source Public Year Built Source Assessor Zoning R2

    Listing provided courtesy of Ignacio Diaz Jr. of Investment Capital Real Estate.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-12-13T14:31:45.09. 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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