MLS® ID: PW18212039
287 E 16th Place
Costa Mesa, California, 92627 $3,795,000
Active Under Contract
287 E. 16th Place is a unique 8 unit Eastside Costa Mesa investment opportunity advantageously located near the border of Newport Beach and the shopping, dining and entertainment of popular 17th St. in Costa Mesa.
Per assessor, total building square footage is over 9,000 sqft and lot size is over 13,000 sqft. The smart unit mix includes oversized floorplans and features two 3 bedroom/2 bath units, two 1 bedroom/1 bath units and four 2 bedroom/2 bath units. Residents share the charming interior courtyard.
The windows have been replaced throughout the building and most units have upgraded interiors, including newer bathrooms/kitchens and newer flooring.
There is big upside in rental rates, with several units on month-to-month rental agreements. Conservative pro forma rents include: 1 bedroom - $1900, 2 bedroom - $2300 and 3 bedroom - $2750, which equates to a conservative pro forma Gross Scheduled Income of $222,000.
There are two single car garages, plus carport and assigned parking spots. The small laundry room is shared and some units have washer/dryer hookups. Units are separately metered for gas and electric.