631 Shalimar Drive, Costa Mesa, CA 92627
- $1,600,000
- Sold Price
- $1,600,000
- List Price
- $1,600,000
- Closing Date
- Apr 29, 2024
- Status
- CLOSED
- MLS#
- PW24047406
- Year Built
- 1957
- Lot Size
- 6,023
- Acres
- 0.14
- Lot Location
- 2-5 Units/Acre, Back Yard, Front Yard
- Days on Market
- 16
- Property Type
- Multifamily
- Property Sub Type
- Mixed Use
Property Description
Coastal apartments have long been a favored choice among real estate investors due to their promising appreciation rates and strong rental income potential. In this regard, Costa Mesa has emerged as an increasingly attractive option, propelled by factors such as gentrification, substantial growth, the general appeal of renting among young professionals, and its proximity to the thriving real estate markets of Newport Beach and Huntington Beach. The subject property is less than a quarter mile to Eastside Costa Mesa, the bustling retail hub on 17th Street, and the 55 freeway. Additionally, the property is located approximately 1.25 miles from the Pacific Coast Highway (PCH). There are four large sized 1-bedroom 1- bath units in well-maintained condition. Among the appealing aspects of this property is its adjacency to a variety of retail establishments, including PetSmart, Trader Joe's, O'Reilly's Auto Parts, and Walgreens, thereby enriching the overall quality of life needed for its 1-bedoom renting tenants. Considering its prime location, substantial rental growth potential, and the prospect of securing excellent tenants, this property stands as a valuable addition to an investor's expanding portfolio or as an ideal starting point for someone entering the real estate market.
/u.realgeeks.media/jeremysifuentes/header.png)
Additional Information
- Pool Description
- None
- Garage Spaces Total
- 4
- Sewer
- None
- Water
- Public
- Attached Structure
- Attached
- Number Of Units Total
- 4
- Gross Scheduled Income
- $90,600
- Operating Expense
- 35093
Listing courtesy of Listing Agent: Justin White (thesbgbp@gmail.com) from Listing Office: Justin White.
Listing sold by Christopher Phipps from 1 Percent Lists SoCal
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.