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631 Shalimar Drive

Costa Mesa, CA 92627
  • $1,600,000
  • STATUS: Active Under Contract
  • ON SITE: 46 Days
  • ID#: PW24047406
Under Contract
UPDATED: 148 min ago
$1,600,000
  • 0
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1957
County:

School Ratings & Info

Listing Agent(s): Justin White of Justin White (714-231-2537)


Description

Coastal apartments have long been a favored choice among real estate investors due to their promising appreciation rates and strongrental income potential. In this regard, Costa Mesa has emerged as an increasingly attractive option, propelled by factors such asgentrification, substantial growth, the general appeal of renting among young professionals, and its proximity to the thriving real estatemarkets of Newport Beach and Huntington Beach.The subject property is less than a quarter mile to Eastside Costa Mesa, the bustling retail hub on 17th Street, and the 55 freeway.Additionally, the property is located approximately 1.25 miles from the Pacific Coast Highway (PCH). There are four large sized 1-bedroom 1-bath units in well-maintained condition. Among the appealing aspects of this property is its adjacency to a variety of retail establishments,including PetSmart, Trader Joe's, O'Reilly's Auto Parts, and Walgreens, thereby enriching the overall quality of life needed for its 1-bedoomrenting tenants.Considering its prime location, substantial rental growth potential, and the prospect of securing excellent tenants, this property stands as avaluable addition to an investor's expanding portfolio or as an ideal starting point for someone entering the real estate market.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-04-24T19:38:30.2. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
www.kevinhillre.com/homes/148399745
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631 Shalimar Drive Costa Mesa, CA 92627

  • Price: $1,600,000
  • Status: Active Under Contract
  • On Site: 46 Days
  • Updated: 148 min ago
  • ID#: PW24047406
0
Beds
0
Baths
0
½ Baths
0.14
Acres
1957
Built
Neighborhood:
699 - Not Defined
County:
Orange
Area:
699 - Not Defined
Property Description
Coastal apartments have long been a favored choice among real estate investors due to their promising appreciation rates and strongrental income potential. In this regard, Costa Mesa has emerged as an increasingly attractive option, propelled by factors such asgentrification, substantial growth, the general appeal of renting among young professionals, and its proximity to the thriving real estatemarkets of Newport Beach and Huntington Beach.The subject property is less than a quarter mile to Eastside Costa Mesa, the bustling retail hub on 17th Street, and the 55 freeway.Additionally, the property is located approximately 1.25 miles from the Pacific Coast Highway (PCH). There are four large sized 1-bedroom 1-bath units in well-maintained condition. Among the appealing aspects of this property is its adjacency to a variety of retail establishments,including PetSmart, Trader Joe's, O'Reilly's Auto Parts, and Walgreens, thereby enriching the overall quality of life needed for its 1-bedoomrenting tenants.Considering its prime location, substantial rental growth potential, and the prospect of securing excellent tenants, this property stands as avaluable addition to an investor's expanding portfolio or as an ideal starting point for someone entering the real estate market.
Exterior Features

Entry Level 1 Entry Location 1 Lot Features 2-5 Units/AcreBack YardFront Yard Number Of Separate Electric Meters 4 Parking Features Door-SingleGarage Parking Total 4 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls

Property Features

Additional Parcels YN No Cap Rate 3.3 Common Interest None Community Features Sidewalks Electric Expense 0 Fuel Expense 0 Garage YN Yes Gross Income 90600 Gross Scheduled Income 90600 Insurance Expense 4000 Land Lease YN No Laundry Features None Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Contract Net Operating Income 52789 New Construction YN No New Taxes Expense 16772 Number Of Separate Gas Meters 4 Number Of Separate Water Meters 0 Operating Expense 35093 Other Expense 5850 Possession Close Of Escrow Property Sub Type Mixed Use Rent Control YN No Senior Community YN No Sewer None Special Listing Conditions Standard Trash Expense 0 Utilities Sewer Not Available Vacancy Allowance 3 Water Sewer Expense 2500 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-04-24T19:38:30.2. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
 
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Berkshire Hathaway HomeServices California Properties
25909 Pala Dr, Suite 100
Mission Viejo CA, 92691
Listing Agent(s): Justin White of Justin White (714-231-2537)