780 Hamilton St Costa Mesa, CA 92627

Property Details for 780 Hamilton St

Year built

1965

Lot size

1.29 lot acres

Property type

Apartment buildings

Description

This exceptional 40-unit apartment building in Costa Mesa, California presents a compelling investment opportunity. Located at 780 Hamilton St, 92627, this property boasts six two-story buildings totaling approximately 26,820 rentable square feet on a 1.29-acre lot. Built in 1965, the complex offers significant value-add potential. The current Net Operating Income (NOI) is $592,179, yielding a 4.56% cap rate. However, a pro-forma NOI of $724,350 projects a 5.57% cap rate, highlighting the potential for increased profitability. The property includes 76 parking spaces – 40 detached garages and 36 open spaces – providing ample parking for residents. Currently, this is the largest apartment complex listed in Costa Mesa, making it a rare offering. Further, its location within an Opportunity Zone provides qualified buyers with potential tax advantages. The property's size and features present a unique opportunity to enhance revenue by converting existing garages into four Accessory Dwelling Units (ADUs). This substantial property offers a strong foundation for immediate income and significant long-term growth. The asking price is $12,995,000, representing a price per unit of $324,875.