$4,500,000
2350 Santa Ana AVE Costa Mesa, CA 92627
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$4,500,000
Est. payment /mo
0.41 Acres Lot
UPDATED:
09/30/2024 05:39 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision ,Santa Ana Heights
MLS Listing ID OC24175525
HOA Y/N No
Year Built 1963
Lot Size 0.410 Acres
Property Description
Introducing 2350 Santa Ana Ave, a six-unit apartment complex in Eastside Costa Mesa, CA. Built in 1963 and renovated in 2023-2024, the property blends modern comforts with classic charm on an 18,061 sq. ft. lot. It features a mix of one-, two-, and two-bedroom + den units with private outdoor spaces.
Three units have been fully upgraded with new electrical and plumbing systems, energy-efficient windows, split HVAC units, premium flooring, custom cabinetry, designer bathrooms, and stainless steel appliances. The remaining three units will be similarly renovated before closing, making the property turnkey.
Currently master leased through October 2025, the property generates $25,000 per month, offering a 5.50% cap rate with minimal owner obligations. Additionally, it holds future potential with an approved plan for five 1,700 sq. ft. condominium units.
Whether continuing the lease, repositioning as multifamily, or redeveloping, 2350 Santa Ana Ave offers multiple paths to long-term value creation.
Three units have been fully upgraded with new electrical and plumbing systems, energy-efficient windows, split HVAC units, premium flooring, custom cabinetry, designer bathrooms, and stainless steel appliances. The remaining three units will be similarly renovated before closing, making the property turnkey.
Currently master leased through October 2025, the property generates $25,000 per month, offering a 5.50% cap rate with minimal owner obligations. Additionally, it holds future potential with an approved plan for five 1,700 sq. ft. condominium units.
Whether continuing the lease, repositioning as multifamily, or redeveloping, 2350 Santa Ana Ave offers multiple paths to long-term value creation.
Location
State CA
County Orange
Area C5 - East Costa Mesa
Interior
Fireplace No
Appliance Dryer, Washer
Exterior
Garage Spaces 4.0
Garage Description 4.0
Pool None
Community Features Curbs, Gutter(s), Sidewalks
Total Parking Spaces 9
Private Pool No
Building
Lot Description Street Level
Story 1
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 43923115
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
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Listed by Tyler Leeson • Marcus & Millichap RE Invest • tleeson@marcusmillichap.com
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