984 El Camino Dr
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984 El Camino Dr
6 Unit Apartment Building $3,450,000 ($575,000/Unit) 5.06% Cap Rate Costa Mesa, CA 92626
Investment Highlights
- Immaculate, Turnkey Asset
- Complete Exterior & Interior Renovation Completed in 2023
- Patios, Balconies, W/D Hookups, Microwaves, A/C, High End Upgraded Interiors
- 5.06% CAP Rate on Current Rents
- Situated in the Highly Coveted Mesa Del Mar Neighborhood
- Ample Garage & On-Site Parking, Enough for (13) Cars
Executive Summary
Morgan Skenderian is proud to present 984 El Camino Drive, a premier investment opportunity in the sought-after Mesa Del Mar neighborhood of Costa Mesa, CA. This pristine, turnkey property received an infusion of approximately $1.3 million in 2023, encompassing a full exterior renovation and complete interior remodel. Each unit was upgraded with modern, high-end finishes, offering residents top-quality living spaces. Many units feature brand-new in-unit laundry machines, and all are equipped with new air conditioning, heating systems, microwaves, ceiling fans, stainless steel appliances, sinks, and more. The property also offers excellent parking options, with four garages, spaces for four vehicles in front of the garages, and five additional open spots, providing an impressive 2:1 parking ratio. With a 5.06% cap rate based on current rents, this asset presents a compelling opportunity for investors looking for a turnkey property with solid, immediate cash flow potential.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$229,140
|
$43.72
|
| Other Income |
$10,560
|
$2.01
|
| Vacancy Loss |
$7,191
|
$1.37
|
| Effective Gross Income |
$232,509
|
$44.36
|
| Taxes |
$38,164
|
$7.28
|
| Operating Expenses |
$19,915
|
$3.80
|
| Total Expenses |
$58,079
|
$11.08
|
| Net Operating Income |
$174,430
|
$33.28
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $229,140 |
| Annual Per SF | $43.72 |
| Other Income | |
|---|---|
| Annual | $10,560 |
| Annual Per SF | $2.01 |
| Vacancy Loss | |
|---|---|
| Annual | $7,191 |
| Annual Per SF | $1.37 |
| Effective Gross Income | |
|---|---|
| Annual | $232,509 |
| Annual Per SF | $44.36 |
| Taxes | |
|---|---|
| Annual | $38,164 |
| Annual Per SF | $7.28 |
| Operating Expenses | |
|---|---|
| Annual | $19,915 |
| Annual Per SF | $3.80 |
| Total Expenses | |
|---|---|
| Annual | $58,079 |
| Annual Per SF | $11.08 |
| Net Operating Income | |
|---|---|
| Annual | $174,430 |
| Annual Per SF | $33.28 |
Property Facts
| Price | $3,450,000 | Apartment Style | Low Rise |
| Price Per Unit | $575,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.06% | Building Size | 5,241 SF |
| Gross Rent Multiplier | 14.39 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1964/2024 |
| Property Subtype | Apartment | Parking Ratio | 2.48/1,000 SF |
| Price | $3,450,000 |
| Price Per Unit | $575,000 |
| Sale Type | Investment |
| Cap Rate | 5.06% |
| Gross Rent Multiplier | 14.39 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 5,241 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1964/2024 |
| Parking Ratio | 2.48/1,000 SF |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Refrigerator
- Oven
- Stainless Steel Appliances
- Tub/Shower
- Dining Room
- Instant Hot Water
- Island Kitchen
- Skylights
- Smoke Free
- Vinyl Flooring
Site Amenities
- Controlled Access
- Courtyard
- Laundry Facilities
- Picnic Area
- Gated
- Grill
- Smoke Free
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $2,250 | 350 - 485 |
| 2+1 | 1 | $2,995 | 720 |
| 2+2 | 2 | $3,563 | 748 - 1,199 |
| 4+3 | 1 | $4,525 | 1,739 |
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PROPERTY TAXES
| Parcel Number | 141-665-25 | Total Assessment | $1,908,396 (2024) |
| Land Assessment | $1,664,640 (2024) | Annual Taxes | $38,164 ($7.28/SF) |
| Improvements Assessment | $243,756 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
141-665-25
Land Assessment
$1,664,640 (2024)
Improvements Assessment
$243,756 (2024)
Total Assessment
$1,908,396 (2024)
Annual Taxes
$38,164 ($7.28/SF)
Tax Year
2023
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