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Listed by Geoffrey Fearns • TriPacific Managers Inc
$2,200,000
Est. payment /mo
2,144 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
Square Footage 2,144 sqft
Price per Sqft $1,026
MLS Listing ID OC-26200536
Year Built 1948
Lot Size 7,500 Sqft
Property Sub-Type Single Family Residence
Source California Regional Multiple Listing Service (CRMLS)
Property Description
Exceptional Westside Costa Mesa investment opportunity featuring strong existing income, immediate rent-growth potential, and a clear path to substantially higher future revenue.
The property currently generates $8,500 per month in gross rental income, with a projected pro forma rent of approximately $10,000 per month in its current configuration. The front 2-bedroom, 1-bathroom residence is currently occupied on a month-to-month basis at a below-market rental rate. The existing tenant has been receiving discounted rent in consideration for living through construction of the recently completed ADU, providing a future owner with meaningful potential to increase rental income. The newly constructed rear ADU is currently leased on a one-year term.
The property consists of an existing 2-bedroom, 1-bathroom single-family home along with a newly constructed, freestanding 3-bedroom, 3-bathroom ADU offering approximately 1,200 square feet of modern living space. The ADU features 10-foot ceilings, quartz countertops, stainless steel appliances, recessed LED lighting, an in-unit stackable washer and dryer, solar, a private yard, gated entrance, dedicated driveway, and no common walls.
For investors and builders, the property includes an approved site plan to remove the existing front residence and construct three new residential units while retaining the recently completed rear ADU, resulting in a potential four-unit property.
Based on projected rents, completion of the three new units is expected to increase total property rental income to approximately $18,000 per month, or $216,000 annually, on a pro forma basis.
Importantly, the rear ADU can remain income-producing while the front portion of the property is redeveloped, giving a future owner the ability to continue collecting rent during construction and help offset carrying and development costs.
Located in highly desirable Westside Costa Mesa, just minutes from the beach, the property offers convenient access to dining, shopping, bike trails, Newport Beach, and the surrounding coastal communities.
With approximately $102,000 in current annual gross income, $120,000 in stabilized pro forma income in its existing configuration, and approximately $216,000 in projected annual gross income following redevelopment, this property offers a compelling combination of current cash flow and significant long-term development upside.
The property currently generates $8,500 per month in gross rental income, with a projected pro forma rent of approximately $10,000 per month in its current configuration. The front 2-bedroom, 1-bathroom residence is currently occupied on a month-to-month basis at a below-market rental rate. The existing tenant has been receiving discounted rent in consideration for living through construction of the recently completed ADU, providing a future owner with meaningful potential to increase rental income. The newly constructed rear ADU is currently leased on a one-year term.
The property consists of an existing 2-bedroom, 1-bathroom single-family home along with a newly constructed, freestanding 3-bedroom, 3-bathroom ADU offering approximately 1,200 square feet of modern living space. The ADU features 10-foot ceilings, quartz countertops, stainless steel appliances, recessed LED lighting, an in-unit stackable washer and dryer, solar, a private yard, gated entrance, dedicated driveway, and no common walls.
For investors and builders, the property includes an approved site plan to remove the existing front residence and construct three new residential units while retaining the recently completed rear ADU, resulting in a potential four-unit property.
Based on projected rents, completion of the three new units is expected to increase total property rental income to approximately $18,000 per month, or $216,000 annually, on a pro forma basis.
Importantly, the rear ADU can remain income-producing while the front portion of the property is redeveloped, giving a future owner the ability to continue collecting rent during construction and help offset carrying and development costs.
Located in highly desirable Westside Costa Mesa, just minutes from the beach, the property offers convenient access to dining, shopping, bike trails, Newport Beach, and the surrounding coastal communities.
With approximately $102,000 in current annual gross income, $120,000 in stabilized pro forma income in its existing configuration, and approximately $216,000 in projected annual gross income following redevelopment, this property offers a compelling combination of current cash flow and significant long-term development upside.
Location
State CA
County Orange
Area C2 - Southwest Costa Mesa
Interior
Heating Central
Laundry See Remarks, In Garage, Inside
Exterior
Parking Features Garage, Driveway
Garage Spaces 1.0
Pool None
Community Features Biking, Dog Park, Hiking
Building
Lot Description 2-5 Units/Acre
Sewer Public Sewer
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900