This is an exceptional investment opportunity in the sought-after Mesa Del Mar enclave of Costa Mesa. Built in 1964, the property is situated on a 6,935-square-foot lot with well-maintained landscaping that reflects a well-kept property. These buildings offer a diverse configuration of units, including a 3-bedroom/2.5-bathroom townhouse, a 2-bedroom/1.5-bathroom townhouse, a 1-bedroom/1-bathroom unit, and a studio. Residents enjoy amenities such as a gated, lush community courtyard accessible from both the front and rear, six single-car garages, and a community laundry room. Each property is individually metered for gas and electric, and additional income is generated from the laundry facilities and garage rentals.
Strategically located, this property offers easy accessibility to the best of Costa Mesa, including South Coast Plaza, The Camp, The LAB, and the Harbor Blvd shopping corridor. Tenants benefit from quick access to major freeways, including the 405, 55, and 73 Freeways. This well-maintained property represents a secure investment in a prime location, with upside potential. Extensive interior renovations across both 984 and 988 Mission Dr include complete remodels in several units with new kitchens, flooring, and bathrooms, while others have partial updates or require further improvements. While recent renovations and updates have improved the property, there remains value-add potential. Several of the current rents are below market, offering opportunities for rent adjustments. Additionally, multiple units could benefit from further upgrades. Moreover, there is potential to develop Accessory Dwelling Units (ADUs) in the courtyards, which would further enhance rental income. Many property owners in the Mesa Del Mar area have already capitalized on identical lots by constructing ADUs in the courtyards and underutilized garages, further demonstrating the potential of this investment. This property offers not only a secure investment but also an inviting residential haven at the heart of Costa Mesa’s vibrant offerings.
Strategically located, this property offers easy accessibility to the best of Costa Mesa, including South Coast Plaza, The Camp, The LAB, and the Harbor Blvd shopping corridor. Tenants benefit from quick access to major freeways, including the 405, 55, and 73 Freeways. This well-maintained property represents a secure investment in a prime location, with upside potential. Extensive interior renovations across both 984 and 988 Mission Dr include complete remodels in several units with new kitchens, flooring, and bathrooms, while others have partial updates or require further improvements. While recent renovations and updates have improved the property, there remains value-add potential. Several of the current rents are below market, offering opportunities for rent adjustments. Additionally, multiple units could benefit from further upgrades. Moreover, there is potential to develop Accessory Dwelling Units (ADUs) in the courtyards, which would further enhance rental income. Many property owners in the Mesa Del Mar area have already capitalized on identical lots by constructing ADUs in the courtyards and underutilized garages, further demonstrating the potential of this investment. This property offers not only a secure investment but also an inviting residential haven at the heart of Costa Mesa’s vibrant offerings.
Property Details
Price:
$4,295,000
MLS #:
OC24192192
Status:
Active
Baths:
0
Address:
984 Mission Drive
Type:
Residential Income
Subtype:
Apartment
Neighborhood:
c5eastcostamesa
City:
Costa Mesa
Listed Date:
Sep 5, 2024
State:
CA
ZIP:
92626
Lot Size:
6,970 sqft / 0.16 acres (approx)
Year Built:
1964
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Schools
Interior
Appliances
Electric Range, Disposal, Gas Oven, Gas Range, Range Hood, Water Heater
Heating
Wall Furnace
Exterior
Community Features
Curbs, Sidewalks, Storm Drains, Street Lights
Fencing
Wood
Garage Spaces
12.00
Lot Features
6-10 Units/ Acre
Parking Features
Assigned, Garage Faces Rear, Garage – Single Door
Parking Spots
12.00
Pool Features
None
Roof
Composition, Shingle
Sewer
Public Sewer
Stories Total
2
Water Source
Public
Financial
Tenant Pays
Electricity, Gas
Utilities
Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
Map
Community
- Address984 Mission Drive Costa Mesa CA
- AreaC5 – East Costa Mesa
- CityCosta Mesa
- CountyOrange
- Zip Code92626
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Courtesy of Mark Bridge, Broker. 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.
984 Mission Drive
Costa Mesa, CA
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