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5/08/24
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We’ve got three recent multifamily property comps from Costa Mesa to share with you. The transactions totaled 13 units with a combined price of $7.42 mil.
2666 Orange Ave, Costa Mesa |
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In one deal, a six-unit property at 2666 Orange Ave sold for $3.235 mil or $539.2k/unit. Built in 1954, 1956 and 1965, the property features five buildings totaling 4.5k sf on a 0.42-acre lot. It consists of three individual detached two-bedroom bungalows, two two-bedroom units (duplex) plus one one-bedroom single-family detached residence with a large backyard.
Dan Blackwell and Mike O’Neill with CBRE represented the buyer, a private investor from Newport Beach, and the seller, an L A. County private investor, in the deal.
“This property, set on a large 18.3k sf lot, features a collection of individual cottages and a duplex facing Orange Avenue,” Blackwell commented. “We generated multiple offers through our investor network and sold it to a repeat client who was looking for such a property in this geographic location.”
In the second transaction, a three-unit property at 140 Albert Place traded for $2.15 mil or $716.7k/unit. Built in 1920 and 1981 on a 9.1k sf lot, the property consists of one detached two-bedroom house in front and two two-bedroom back units totaling a combined 2.6k sf. The front house has a charming front porch and private yard space. The other two units have private balconies and separate entrances. All units are well maintained, separately metered for gas and electricity and have private garages and in-unit laundry hook-ups.
CBRE’s Blackwell represented the buyer in the sale. Both parties were private investors from Newport Beach and not in a 1031 exchange.
In the third deal, a four-unit property at 122 Magnolia St was purchased by an OC-buyer for $2.04 mil ($509.6k/unit). Built in 1961 on a 4k sf lot, the property boasts a Walk Score of 94 and features four one-bedroom units totaling 2.5k sf. Each unit is separately metered for gas and electricity and comes with one designated parking space per unit. The detached two-car garage is leased separately. Other features include dual pane windows, tankless water heaters, and a community laundry area with coin-operated machines.
CBRE’s Blackwell and O’Neill repped the OC buyer in this deal as well. The seller was the same as 140 Albert Place.
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