2013 Charle St Costa Mesa, CA 92627-5536
- Apartment buildings
- 9,159 SF
- 0.60 lot acres
Jul 17, 2023
Current Use by Public Records
- Apartment buildings
Property Details for 2013 Charle St
- Year built
- 1962
- Lot size
- 0.60 lot acres
- Property size
- 9,159 SF
- Property type
- Apartment buildings
- APN
- 422-092-14
- APU
- 42209214
Description
This exceptional turnkey investment opportunity presents the Charle Square Apartments, a 16-unit multifamily property ideally situated at 2013 Charle Street in Costa Mesa, California. The property comprises two two-story buildings, offering a total of 9,159 square feet of net rentable space on a 26,173 square foot lot. Each of the sixteen one-bedroom units boasts a modern, renovated interior, featuring in-suite laundry, plank vinyl flooring, new cabinets, quartz countertops, updated bathrooms, new electrical subpanels, complete electrical rewiring, upgraded lighting, fresh paint, new AC units, stainless steel appliances, and contemporary finishes. Extensive exterior improvements, exceeding $1,000,000 in capital expenditures, include new windows and sliding glass doors, new unit entry doors, new fencing, complete landscaping replacement, concrete repair, roof repair and replacement, stucco repair and exterior paint, asphalt repair, new exterior lighting, and new mailboxes. Smart locks have been installed on all units. All improvements were completed with the necessary permits. Ground floor units enjoy large private yards. The property features ample on-site parking, a community BBQ area, and a courtyard. Currently operating at 100% occupancy, the property boasts a strong NOI of $327,084 and a 4.51% cap rate, with an asking price of $7,250,000 ($453,125 per unit and $791.57 per square foot). The property's 1962 construction was extensively renovated in 2024. This stabilized investment offers a compelling return and significant upside potential. The property's location in Costa Mesa, Orange County, provides easy access to major freeways, beaches, and a vibrant local economy. The property is zoned for potential Accessory Dwelling Unit (ADU) development. SB721 inspections have been completed.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $5,380,000
- ML approach
- $5,660,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $5,937,000
Market price range: $1.97M - $5.94M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $4,390,000 Current use
- RESTAURANT
- $6,250,000 Change: +42% Conversion: Difficult
- INDUSTRIAL (GENERAL)
- $5,850,000 Change: +33% Conversion: Difficult
- RETAIL STORES
- $5,595,000 Change: +27% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $5,545,000 Change: +26% Conversion: Moderate
- NEIGHBORHOOD: SHOPPING CENTER
- $4,295,000 Change: -2% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $4,085,000 Change: -7% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Costa Mesa
- County
- Orange
- State
- California
- Longitude
- -117.921
- Latitude
- 33.6478
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
