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