3001 Coolidge

Costa Mesa, CA 92626

Active

$1,200,000

1/40

Property Description

The subject property is a two-story, 3 unit apartment complex situated West of the 405, and North of the 55 freeways, on Coolidge Avenue in Costa Mesa, CA 92626. The property is a 15 minute drive from Newport Beach, 10 minute drive to John Wayne Airport, and walking distance from local schools, shopping, and restaurants/bars. The property was originally built circa 1962, and contains (3)
units. The property is comprised of (1) 2bed+1bath unit, and (2) 2bed+1.5bath units, for an approximate total of 3,166 rentable square feet. There is (1) single car garage, and (1) two car garage, with an additional 3 on-site parking spaces. Held long-term by current ownership, the property represents an excellent value-add opportunity for astute investors to fix up the units and increase cash flow. In addition to upside in the rents, it is possible to monetize the parking garages/spaces to create additional income.

Property Details

Property Type

Multifamily

Units

3

SqFt

3,166

Unit Mix

Year Built

(2) 2+1.5, (1) 2+1

1962

Price

$1,200,000

Price/Unit

$400,000

Price/SF

GRM

$379

24.54

Cap Rate

1.53%

Property Location

Costa Mesa

Contact Agent

Mike Mignosa

858.683.3979

DRE # 02049221

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