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Listed by Tyler Leeson and of Marcus & Millichap RE Invest (714-713-9086)
Two83 Lofts is a standout multifamily investment property located in Costa Mesa, CA. It offers a range of one-, two-, and three-bedroom floor plans featuring unique lofts—a distinctive feature in Costa Mesa's rental market. A substantial investment was made in 2023, with over $1.5 million allocated to capital expenditures. Interior renovations include all appliances, cabinets/counters, electrical work, flooring, HVAC systems, painting and drywall, and all new windows and doors. Common area improvements encompass the roof, painting, termite mitigation and tenting of the entire structure, exterior wood, decking, all new stairs and railings, asphalt, hardscape/softscape, mailboxes, plumbing, house electrical panels, and garage doors. Above all, the debt component sets this project apart from nearly all other investments within the marketplace. Available to assume is a private note with a 50% LTV and interest-only payments for nine years, starting at 3.5%, with a cap at 5.0%, resulting in a blended interest rate of 4.61% over the term. This equates to an initial cash-on-cash return of 4.2% with a down payment of $6,000,000.

Property Details of 283 Avocado Street

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Based on information submitted to CRMLS as of February 23, 2024 6:58 PM EST . All data is deemed reliable but is not guaranteed accurate by the MLS. All information should be independently reviewed and verified for accuracy. IDX information is provided exclusively for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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