5% Cap Rate- 5 Units - New Construction | 432 Hamilton St
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5% Cap Rate- 5 Units - New Construction 432 Hamilton St
5 Unit Apartment Building $3,750,000 ($750,000/Unit) 4.73% Cap Rate Costa Mesa, CA 92627
Investment Highlights
- This complex offers an excellent 4.8% Cap Rate w/ new tax rate.
- The previously existing 3 unit building was painstakingly improved and upgraded in 2023.
- Two brand new 2 bedroom, 2 bath apartments, each 775 SF, were constructed in 2024.
- The 3 unit building contains one 3 bedroom, 2 bath apartment and two 2 bedroom, 2 bath apartments.
Executive Summary
Berkshire Hathaway HomeServices California Properties Commercial Division is pleased to present 432 Hamilton Street, a turnkey 5 Unit apartment complex in Costa Mesa's gentrifying west side neighborhood. This complex offers an excellent 4.8% Cap Rate return at the new tax basis and was recently appraised for $3.87M. Two brand new 2 bedroom, 2 bath apartments, each 775 SF, were constructed in 2024. The previously existing 3 unit building was painstakingly improved and upgraded in 2023 with new kitchen cabinets, stone counter tops, new appliances, fixtures, lighting, vanities, shower enclosures and much more. The exterior of the previously existing 3 unit building has been recently repainted and the all the windows and sliding glass doors are brand new. The 3 unit building includes two large 2 bedroom, 2 bath apartments and one generously sized 3 bedroom, 2 bath apartment. Each unit in the previously existing 3 unit building also enjoys a private patio or balcony, and one of the units has a large yard. Each of the 5 units has a brand new, refrigerator, microwave, and washer/dryer. There are 5 off street parking spaces (3 standard and 2 tandem).
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$233,820
|
$51.71
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$8,200
|
$1.81
|
| Effective Gross Income |
$225,620
|
$49.89
|
| Taxes |
$42,845
|
$9.47
|
| Operating Expenses |
$13,352
|
$2.95
|
| Total Expenses |
$56,197
|
$12.43
|
| Net Operating Income |
$169,423
|
$37.47
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $233,820 |
| Annual Per SF | $51.71 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $8,200 |
| Annual Per SF | $1.81 |
| Effective Gross Income | |
|---|---|
| Annual | $225,620 |
| Annual Per SF | $49.89 |
| Taxes | |
|---|---|
| Annual | $42,845 |
| Annual Per SF | $9.47 |
| Operating Expenses | |
|---|---|
| Annual | $13,352 |
| Annual Per SF | $2.95 |
| Total Expenses | |
|---|---|
| Annual | $56,197 |
| Annual Per SF | $12.43 |
| Net Operating Income | |
|---|---|
| Annual | $169,423 |
| Annual Per SF | $37.47 |
Property Facts
| Price | $3,750,000 | Apartment Style | Garden |
| Price Per Unit | $750,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 4.73% | Building Size | 4,522 SF |
| Sale Conditions | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment | Parking Ratio | 1.11/1,000 SF |
| Price | $3,750,000 |
| Price Per Unit | $750,000 |
| Sale Type | Investment |
| Cap Rate | 4.73% |
| Sale Conditions | 1031 Exchange |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 4,522 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2024 |
| Parking Ratio | 1.11/1,000 SF |
Unit Amenities
- Balcony
- Dishwasher
- Fireplace
- Washer/Dryer
- Stainless Steel Appliances
- Patio
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | $53,940 | - |
| 2+2 | 4 | $45,570 | - |
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Walk Score ®
Very Walkable (77)
Bike Score ®
Very Bikeable (77)
PROPERTY TAXES
| Parcel Number | 419-171-30 | Total Assessment | $1,700,000 |
| Land Assessment | $1,494,763 | Annual Taxes | $42,845 ($9.47/SF) |
| Improvements Assessment | $205,237 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
419-171-30
Land Assessment
$1,494,763
Improvements Assessment
$205,237
Total Assessment
$1,700,000
Annual Taxes
$42,845 ($9.47/SF)
Tax Year
2023
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5% Cap Rate- 5 Units - New Construction | 432 Hamilton St
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