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$1,800,000

Est. payment - /mo

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3,384 SqFt

Active Under Contract

758 W 20th ST Costa Mesa, CA 92627

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Nathan King Real Estate Group

info@kingrealestate.group +1(559) 396-0000

UPDATED:

10/23/2024 09:10 PM

Key Details

Property Type Multi-Family

Sub Type Quadruplex

Listing Status Active Under Contract

Purchase Type For Sale

Square Footage 3,384 sqft

Price per Sqft $531

Subdivision ,Westside Costa Mesa

MLS Listing ID OC24207896

HOA Y/N No

Year Built 1972

Lot Size 9,212 Sqft

Property Description

Unlock the potential of this four-unit property in a prime Westside location of Costa Mesa! This property offers tremendous upside potential for investors looking to capitalize on below-market rents and increasing equity. Each of the four 2-bedroom, 1-bathroom units comes with its own garage, offering a desirable and convenient layout for tenants. All units are currently tenant-occupied on a month-to-month basis, presenting an incredible opportunity for the new owner to make upgrades and increase rents to market levels. With rents currently well below market value, this property is ideal for an investor looking to renovate and reposition. Inquire with the City to see if an ADU can be constructed either on top of the garage or built on the existing large 9,211 sqft lot. Market rents in the area for similar units are estimated at $2,700 per unit, giving the new owner the chance to bring the monthly gross income to over $11,000, and offers the investor a fantastic opportunity with generating a 5%+ cap rate; thereby making it an excellent addition to any real estate portfolio. Whether you?re an experienced investor or looking for your first multi-unit property, this gem of a building promises long-term growth and significant returns. Situated in a highly desirable area, close to shopping, dining, freeway and just minutes from the beach, this is a can't-miss opportunity for those seeking both cash flow and future appreciation. Whether you plan to improve and hold...or renovate and resell, the upside is undeniable. This is your chance to create significant equity while tapping into the strong rental demand in this vibrant community. This is your chance to secure a property with significant equity upside and tap into Costa Mesa?s growing rental market. Don?t miss out?opportunities like this are few and far between!

Location

State CA

County Orange

Area C2 - Southwest Costa Mesa

Rooms

Ensuite Laundry None

Interior

Laundry Location None

Heating Forced Air

Cooling None

Fireplaces Type None

Fireplace No

Laundry None

Exterior

Garage Spaces 4.0

Garage Description 4.0

Pool None

Community Features Storm Drain(s), Street Lights, Sidewalks

View Y/N No

View None

Total Parking Spaces 4

Private Pool No

Building

Lot Description 0-1 Unit/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 42228119

Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange

Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange

Special Listing Condition Standard

Listed by Ramzi Ataya • Engel & Voelkers Newport Beach • 714.404.0606

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Nathan King Real Estate Group

Broker | License ID: 01878277

+1(559) 396-0000

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