553 Victoria St Costa Mesa, CA 92627

Property Details for 553 Victoria St

Year built

1962

Property type

Commercial real estate

Description

This exceptional Costa Mesa investment opportunity presents a 13-unit apartment building situated on a substantial 34,848 square foot lot. The property, comprised of eight two-bedroom cottages and five three-bedroom townhomes, boasts a strong rental history and significant upside potential. Built in 1962 and extensively renovated in 1991, the complex offers a blend of charm and modern updates. The current Net Operating Income (NOI) stands at $301,100, yielding a 3.36% cap rate. However, a pro-forma analysis projects a NOI of $425,999, resulting in a compelling 4.76% cap rate, reflecting the significant opportunity to increase rental income given that current rents are 26% below market rates. The asking price is $8,950,000, translating to $688,462 per unit. This represents a rare generational acquisition opportunity, as the property hasn't been on the market for over 47 years. Located in an Opportunity Zone, this property offers potential tax advantages for qualified buyers. Furthermore, the oversized rear garage presents the possibility of constructing an Accessory Dwelling Unit (ADU), further enhancing the property's value and income stream. The property's prime location in Costa Mesa, California (92627), within Orange County, ensures strong rental demand and long-term stability. This is a truly unique opportunity to acquire a well-maintained, high-performing multifamily asset with substantial room for growth. The total net rentable square footage is 13,712 across ten buildings, each two stories high.