2077 Wallace Avenue

36

We are honored to exclusively present the 12 unit Westside Costa Mesa investment opportunity located at 2077 & 2083 Wallace Ave. Per assessor, total combined square footage of the lots is approximately 36,830 sqft. Each contiguous parcel has a separate address and Assessor's Parcel Number (APN) - 6 units on each for a total of 12. All units are 2 bedroom/1 bathroom single story bungalow style units. Residents appreciate the private patios, in unit washer/dryer hookups and attached 1 car garage plus 2 additional onsite parking spaces for each. Windows have been replaced in all. The units are separately metered for gas and electric and there no house meter for either of these utilities. The long term residents are all month-to-month and there is big upside in rents. Conservative pro forma income is approximately $2000 a month, which equals a pro forma Gross Scheduled Income (GSI) of $288,000. With updating and upgrades, similar Westside units have rented as high as $2750 per unit. The lots run street to street, extending from Wallace Ave to Palace Avenue. These are located in the Mesa West Residential Ownership Urban Plan specific zoning plan. These 12 units are perfectly located in the Westside renaissance area and are close to the dining, shopping and entertainment of Costa Mesa, while not too far from the ocean breezes of Newport Beach.
2077 Wallace Avenue, Costa Mesa, CA 92627 | Residential Income | Pending | 10200 SF | 36830 SF Lot | Built 1963 | 1 Stories | MLS# PW18228079

Pending $4,300,000

Features

Garage Spaces: 12 | Parking Spaces: 36 | Pool: No

Meet an expert

Troy Palmquist
Agent | DRE# 01772139

805.409.3662

Based on information from California Regional Multiple Listing Service, Inc. as of April 05, 2020. 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, 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.

Listing provided by
Christian Walsh, Coldwell Banker Res. Brokerage, Source: Local MLS