615-617 Victoria St
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615-617 Victoria St
12 Unit Apartment Building $5,995,000 ($499,583/Unit) 3.81% Cap Rate Costa Mesa, CA 92627
Investment Highlights
- 3 Parcels, 1.32 Acres
- Private Patios, Washer/Dryer Hookups
- Value-Add Or Re-Development Opportunity
- All Single Story 2 Bedroom/1 Bathroom Units
- Single Car Garages & Ample Parking
Executive Summary
Introducing an exceptional investment opportunity at 615-17 Victoria Street, brought to you by Gould Group and Le Investments. Spanning three parcels, totaling 1.32 acres, the property presents an array of prospects. Currently there are 12 single-story residences, each with 2 bedrooms and 1 bathroom, a single-car garage, washer/dryer hookups, and private patio. Nestled within the property is a sprawling tree lined, grassy courtyard. With strategic renovations, savvy investors stand to unlock substantial rental upside, potentially exceeding 40% on the existing units alone. Furthermore, ADU regulations established by the city of Costa Mesa present the opportunity to add more units, amplifying rental income and elevating the property's overall value.
For developers seeking a larger project in the Costa Mesa market, this property is an unparalleled find. Positioned in the Mesa West Residential Urban Plan, these parcels offer a rare chance for redevelopment, allowing for the creation of new apartments or saleable units with increased density compared to other opportunities in the area. Plus, it is located in an Opportunity Zone.
Don't miss out on this investment opportunity, combining current rental income potential with significant future growth prospects.
For developers seeking a larger project in the Costa Mesa market, this property is an unparalleled find. Positioned in the Mesa West Residential Urban Plan, these parcels offer a rare chance for redevelopment, allowing for the creation of new apartments or saleable units with increased density compared to other opportunities in the area. Plus, it is located in an Opportunity Zone.
Don't miss out on this investment opportunity, combining current rental income potential with significant future growth prospects.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$347,412
|
$37.60
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,422
|
$1.13
|
| Effective Gross Income |
$336,990
|
$36.47
|
| Taxes |
$67,119
|
$7.26
|
| Operating Expenses |
$41,482
|
$4.49
|
| Total Expenses |
$108,601
|
$11.75
|
| Net Operating Income |
$228,389
|
$24.72
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $347,412 |
| Annual Per SF | $37.60 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $10,422 |
| Annual Per SF | $1.13 |
| Effective Gross Income | |
|---|---|
| Annual | $336,990 |
| Annual Per SF | $36.47 |
| Taxes | |
|---|---|
| Annual | $67,119 |
| Annual Per SF | $7.26 |
| Operating Expenses | |
|---|---|
| Annual | $41,482 |
| Annual Per SF | $4.49 |
| Total Expenses | |
|---|---|
| Annual | $108,601 |
| Annual Per SF | $11.75 |
| Net Operating Income | |
|---|---|
| Annual | $228,389 |
| Annual Per SF | $24.72 |
Property Facts In Escrow
| Price | $5,995,000 | Building Class | C |
| Price Per Unit | $499,583 | Lot Size | 1.33 AC |
| Sale Type | Investment | Building Size | 9,240 SF |
| Cap Rate | 3.81% | Average Occupancy | 100% |
| Gross Rent Multiplier | 17.26 | No. Stories | 1 |
| No. Units | 12 | Year Built | 1955 |
| Property Type | Multifamily | Parking Ratio | 2.6/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden |
| Price | $5,995,000 |
| Price Per Unit | $499,583 |
| Sale Type | Investment |
| Cap Rate | 3.81% |
| Gross Rent Multiplier | 17.26 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.33 AC |
| Building Size | 9,240 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1955 |
| Parking Ratio | 2.6/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Washer/Dryer Hookup
- Kitchen
- Patio
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | $2,381 | - |
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Bike Score ®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $3,416,327 | |
| Land Assessment | $2,953,811 | Annual Taxes | $67,119 ($7.26/SF) |
| Improvements Assessment | $462,516 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,953,811
Improvements Assessment
$462,516
Total Assessment
$3,416,327
Annual Taxes
$67,119 ($7.26/SF)
Tax Year
2023
-
Nick Gould -
Jonathon Nichols -
Gould Group Investment Real Estate
(949) 996-4785
x101
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615-617 Victoria St
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