984 El Camino Dr Costa Mesa, CA 92626

Property Details for 984 El Camino Dr

Year built

1964

Property size

5,241 SF

Property type

Commercial real estate

APN

141-665-25

Description

This exceptional 6-unit apartment building in Costa Mesa, CA presents a compelling investment opportunity. Located in the desirable Mesa Del Mar neighborhood, this meticulously maintained property boasts a 5.1% cap rate based on current net operating income (NOI) of $174,430. A comprehensive renovation completed in 2023, totaling approximately $1.3 million, included a full exterior refresh and complete interior remodeling of all six units. Upgrades encompass modern, high-end finishes, new in-unit laundry in many units, new air conditioning and heating systems, stainless steel appliances, microwaves, ceiling fans, and updated sinks. The property features a two-story building with 5,241 square feet on a 7,405 square foot lot. Ample parking is provided with four garages, four additional spaces in front of the garages, and five open spaces, resulting in a generous 13 parking spaces total. The building, constructed in 1964, offers a strong pro-forma cap rate of 5.60% and a pro-forma NOI of $194,264, indicating significant upside potential. Currently operating at 100% occupancy, this turnkey asset offers immediate cash flow and a strong return on investment. The asking price is $3,450,000, with a price per unit of $575,000 and a price per square foot of $658.27. The property is a fee simple ownership and has an APN of 141-665-25. This is a rare opportunity to acquire a stabilized, high-quality multifamily property in a prime Costa Mesa location.