984 Mission Drive
Costa Mesa, CA 92626
0.16 acres | #OC24192192
Description
Roof tune-ups completed in 2024, with 5-year warranty. New electrical panels installed in 2024. 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. 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.
Property Details
- Lot DescriptionSixToTenUnitsAcre
- Stories2
Measurements
- Acres0.16
Parking
- Parking Spaces12
Construction Details
- Property TypeMulti-Family
Condition
- Year Built1964
Utilities / Energy Details
- Utility FeaturesCableConnected, ElectricityConnected, NaturalGasConnected, PhoneConnected, SewerConnected, WaterConnected
- Sewer InformationPublicSewer
- Utility SourcePublic
Community and Neighborhood Details
- Subdivision, Mesa Del Mar
Location
- CountyOrange
Financial Details
- Original List Price$4,295,000
Other
- MLS #OC24192192
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Mark Bridge (#SBRIDMA2)
Listing Office: Mark Bridge, Broker (#OC08174)
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