Active

984 988 Mission Drive

Costa Mesa CA, 92626

$3,995,000


$490.18 per sqft

Active

8,150 sqft

Condo

Built in 1964

Listed by Mark Bridge with Mark Bridge, Broker [email protected]

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.

OC24192192

MLS ID

September 17, 2024

Listed

October 3, 2024

Updated

Map

984 988 Mission Drive
Costa Mesa CA, 92626

Interior Features

Total Stories

2


Appliances

Electric Range, Disposal, Gas Oven, Gas Range, Range Hood, Water Heater


Laundry Description

Common Area


Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Wall Furnace

Exterior/Building Features

Lot Size

0.16 Acres


Lot Features

6-10 Units/Acre


Roof

Composition, Shingle


Sewer

Public Sewer

Other Property Details

Area Name

C5 - East Costa Mesa


Days on Market

15


Garage

Yes


Garage Spaces

12


Parking

Assigned, Door-Single, Garage, Garage Faces Rear


Parking Total

12


View

No


County

Orange


Water Source

Public


Pool

No


Pool Features

None

Listing History

Date

Event

Price

10/2/2024

Price change

$3,995,000

-7%

Listing Contact: 949-474-4004 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 10/3/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 10/3/2024 at 12:55 AM UTC

 

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