James Melton
James Melton, California Value Group, Inc.Phone: (714) 318-4664
Email: [email protected]

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listing
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Residential IncomeFor Sale
$12,000,000
283 Avocado Street
Costa Mesa, CA 92627
Listed by Tyler Leeson DRE#01451551 [email protected] Marcus & Millichap Re Invest
MLS: California Regional MLS (CRMLS)
Est. Mortgage
$62,042/mo

Legitimate turnkey multifamily investment property offering a range of one-, two-, and three-bedroom loft-style floor plans. Substantial investment was made in 2023 and 2024, with over $1.7M in interior and exterior capital improvements. 100% of the interiors are fully renovated, including all new appliances, cabinets/counters, new electrical panels, flooring, painting and drywall, and all new windows and doors. Common area improvements include the roofs, painting, termite & pest mitigation, and tenting of the entire structure, exterior wood, decking, all new stairs and railings, all new asphalt, hardscape/softscape, mailboxes, plumbing, house electrical panels, and garage doors. ABOVE ALL, the debt component sets this project apart from nearly all other investments within the marketplace. Available to assume is a private note with a 50% LTV and interest-only payments for nine years, starting at 3.5%, with a cap at 5.0%, resulting in a blended interest rate of 4.61% over the term. This equates to an initial cash-on-cash return of over 4% with a down payment of $6,000,000—no appraisal required, no points for the loan assumption, COE in 30 days or less.

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Information courtesy of Marcus & Millichap Re Invest is subject to verification and is not guaranteed.
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