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Offered For Sale

283 Avocado Street

#OC24013316

MLF

Built in 1973

$12,000,000

About the property

Two83 Lofts is a standout multifamily investment property located in Costa Mesa, CA. It offers a range of one-, two-, and three-bedroom floor plans featuring unique lofts—a distinctive feature in Costa Mesa's rental market. A substantial investment was made in 2023, with over $1.5 million allocated to capital expenditures. Interior renovations include all appliances, cabinets/counters, electrical work, flooring, HVAC systems, painting and drywall, and all new windows and doors. Common area improvements encompass the roof, painting, termite mitigation and tenting of the entire structure, exterior wood, decking, all new stairs and railings, asphalt, hardscape/softscape, mailboxes, plumbing, house electrical panels, and garage doors. Above all, the debt component sets this project apart from nearly all other investments within the marketplace. Available to assume is a private note with a 50% LTV and interest-only payments for nine years, starting at 3.5%, with a cap at 5.0%, resulting in a blended interest rate of 4.61% over the term. This equates to an initial cash-on-cash return of 4.2% with a down payment of $6,000,000.

Features

General

  • Half Bathrooms 0
  • Real Estate Sub Type Apartment
  • Real Estate Type MLF
  • Square Feet 14,159
  • Stories 2
  • Year Built 1,973
  • Agent Name Tyler Leeson
  • Broker Id H05626
  • Office Name Marcus & Millichap RE Invest
  • Days On Market 0
  • Status Active
  • Agent Cell 714-713-9086

Location

  • Subdivision College Park (COLP)

Location

Questions

Human check: how many dogs are below?

 

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