$3,963,888
For Sale

984 Mission Drive

Costa Mesa, CA 92626
0.16 acres | #OC24192192
Listing OfficeMark Bridge, Broker
Browse 50 photos
Type:Multi-Family
Structure:House
Zone:Residential

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

Joshua HenryBerkshire Hathaway Home Services California Properties
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Down Payment

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10.0%

Interest Rate

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6.0%

Tax Rate

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2.6%
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Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.

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