3001 Coolidge
Costa Mesa, CA 92626
Sold
$1,250,000
2021.08.19
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
$1,250,000
Price/Unit
$417,000
Price/SF
GRM
$385
25.56
Cap Rate
1.47%
Property Location
Costa Mesa
