Unlock the potential of this four-unit property in a prime Westside location of Costa Mesa! This property offers tremendous upside potential for investors looking to capitalize on below-market rents and increasing equity. Each of the four 2-bedroom, 1-bathroom units comes with its own garage, offering a desirable and convenient layout for tenants. All units are currently tenant-occupied on a month-to-month basis, presenting an incredible opportunity for the new owner to make upgrades and increase rents to market levels. With rents currently well below market value, this property is ideal for an investor looking to renovate and reposition. Inquire with the City to see if an ADU can be constructed either on top of the garage or built on the existing large 9,211 sqft lot. Market rents in the area for similar units are estimated at $2,700 per unit, giving the new owner the chance to bring the monthly gross income to over $11,000, and offers the investor a fantastic opportunity with generating a 5%+ cap rate' thereby making it an excellent addition to any real estate portfolio. Whether you’re an experienced investor or looking for your first multi-unit property, this gem of a building promises long-term growth and significant returns. Situated in a highly desirable area, close to shopping, dining, freeway and just minutes from the beach, this is a can''t-miss opportunity for those seeking both cash flow and future appreciation. Whether you plan to improve and hold…or renovate and resell, the upside is undeniable. This is your chance to create significant equity while tapping into the strong rental demand in this vibrant community. This is your chance to secure a property with significant equity upside and tap into Costa Mesa’s growing rental market. Don’t miss out—opportunities like this are few and far between!
Property Details
Price:
$1,800,000
MLS #:
OC24207896
Status:
Active
Baths:
0
Address:
758 W 20th Street
Type:
Residential Income
Subtype:
Quadruplex
Neighborhood:
c2southwestcostamesa
City:
Costa Mesa
Listed Date:
Oct 5, 2024
State:
CA
ZIP:
92627
Lot Size:
9,211 sqft / 0.21 acres (approx)
Year Built:
1972
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Schools
Interior
Cooling
None
Fireplace Features
None
Heating
Forced Air
Exterior
Community Features
Sidewalks, Storm Drains, Street Lights
Garage Spaces
4.00
Lot Features
0-1 Unit/ Acre
Parking Spots
4.00
Pool Features
None
Sewer
Public Sewer
Spa Features
None
Stories Total
2
View
None
Water Source
Public
Financial
Association Fee
0.00
Tenant Pays
Electricity, Gas
Map
Community
- Address758 W 20th Street Costa Mesa CA
- AreaC2 – Southwest Costa Mesa
- CityCosta Mesa
- CountyOrange
- Zip Code92627
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Courtesy of Engel & Voelkers Newport Beach. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
758 W 20th Street
Costa Mesa, CA
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