Homes for sale - 984 988 Mission DR, Costa Mesa, CA 92626

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$3,963,888

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6,969 Sqft Lot

Pending

984 988 Mission DR Costa Mesa, CA 92626

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Paco Licea

paco@pacotherealtor.com +1(951) 213-9131

UPDATED:

11/13/2024 10:45 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Pending

Purchase Type For Sale

Subdivision Mesa Del Mar

MLS Listing ID OC24192192

HOA Y/N No

Year Built 1964

Lot Size 6,969 Sqft

Property 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.

Location

State CA

County Orange

Area C5 - East Costa Mesa

Interior

Heating Wall Furnace

Fireplace No

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

Laundry Common Area

Exterior

Garage Assigned, Door-Single, Garage, Garage Faces Rear

Garage Spaces 12.0

Garage Description 12.0

Fence Wood

Pool None

Community Features Curbs, Storm Drain(s), Street Lights, Sidewalks

Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected

Roof Type Composition,Shingle

Total Parking Spaces 12

Private Pool No

Building

Lot Description 6-10 Units/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 14166213

Energy Description 2479.0

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

Listed by Mark Bridge • Mark Bridge, Broker • Mark.Bridge@cushwake.com

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Paco Licea

Broker | License ID: 01337048

+1(951) 213-9131