Costa Mesa, CA 92627
This R2-HD triplex is a rare investment opportunity in growing Westside Costa Mesa, just two blocks from Trader Joe’s and the new Superior Pointe development by Taylor Morrison and within the boundaries of the Mesa West Residential Ownership Urban Plan Initiative. The property’s three units occupy an oversized 10,454 sq. ft. lot with the ability to develop a fourth unit. Alternatively, the City Initiative pre-approves the scraping of the existing improvements to build 4-5 new units for individual sale. Current configuration includes a private courtyard, dining veranda and shared laundry. Units A & C feature three bedrooms and two baths; Unit B, a legal garage conversion, features two bedrooms and one bath. A substantial renovation took place in 2012 including new kitchens and bathrooms, stainless appliances, granite countertops, wood floors, windows and landscaping. With net operating income of nearly $65k per year, the as-is value is a true 5.5%+ cap with significant development potential.