RARE INVESTMENT PROPERTY INDEED!!! Remodeled Single story Duplex. Built in 1970 with a completely separate Two Story 4 Bedroom House added at the rear of the lot. The Two Story House, built in 1996 is 1,730 Sq. Ft. and has a 2-car garage. The Duplex has a total of 2,293 Sq. Ft. The total Square footage for the Duplex + House is 4,023 Sq. Ft. Each unit in the Duplex has Central Heat. 2br unit has 1.5 bath. The Duplex has been beautifully remodeled in the last year or so with new windows kitchens, Baths and new flooring. The Roofs on the duplex and House were replaced in 2017. This property is in the highly desirable and popular “SPICE STREET TRACT” of 4-Plexes in Costa Mesa. Walk 1 block to nearby park within the tract. Tenants have their own washer and dryer hook-ups. Extremely large 13,292 Square Foot Lot which allowed for the addition of the 2 story 4br – 2ba separate House built to the rear of the duplex in 1996. This is truly a very Unique opportunity to purchase an exceptional 3 unit investment property with huge income potential. Market rents could generate $124,800 in gross income per year which is more than most of the 4-plexes in the tract. Lease on the 4br currently at $3,376 is ends on September 30, 2025 and can then be raised to $3,675 within the boundaries of CA rent control assuming the cost of living index remains at 3.9%. There is one 2-car garage, one single garage plus 9 open parking spaces, all on concrete, which includes one space in front of each garage. The trash expense is included in the special assessments portion of the property tax bill. So, with this property you will have no Trash Dumpster bill as you would with most properties. Also, it has separate water heaters for each unit. Long term tenants in both duplex units and all 3 rents can be increased on Oct. 1, 2025. There is still the possibility to build an ADU or to add onto the Duplex and/or the House. Lots of opportunity to increase income. Additionally, there is no messy alley to contend with. All parking is on beautiful concrete (no asphalt with pothole issues). The location in the tract couldn’t be better. Walk 1 block to park inside the tract. SUPER QUIET AREA. Also, there are no tenants above or below another tenant. You will look for a very long time to find another 3 unit property with the amenities of this one. Hurry on this one to allow yourself the opportunity to own an investment property of this caliper and one that you will want to own for a very long time!!!
Lechavarria@onthegorealestate.com
