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10/08/24
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Hamilton Cove, a newly renovated 15-unit multifamily property in Costa Mesa, traded for $5.625 mil ($375k/unit). Originally constructed in 1964, the two-story, 9.4k sf multifamily building sits on a 0.45-acre lot at 560 Hamilton St.
The property consists of 12 one-bedroom units, one two-bedroom unit, and two one-bedroom accessory dwelling units (ADUs). The apartment homes feature walk-in closets, in-unit washers and dryers, stainless-steel appliances, mini-split A/C systems, and real oak flooring. The property also includes a common patio area, drought-resistant landscaping, nine single-car garages, and 13 open parking spaces.
The seller invested over $1.45 mil in upgrades to all the units and the property exterior. Renovations encompassed a full re-piping of the property, the installation of new tankless water heaters, updated electrical systems with new wiring, main panels, and subpanels, as well as mini-split air conditioning systems in all 15 units.
Kitchens were completely remodeled with new cabinets, countertops, subway tile backsplashes, and stainless-steel appliances. Bathrooms received new tile flooring, showers, vanities, and fixtures. Additional updates included real oak wood flooring, recessed lighting, new windows, and new doors throughout the units.
Exterior improvements included new paint, drought-resistant landscaping, new garage doors, upgraded concrete in the parking lot, as well as updated railings, fencing, hardscaping, and lighting.
Dan Blackwell, Mike O’Neill and Jack O’Connor with CBRE represented both the repeat seller from Newport Beach and the repeat buyer, also from Newport Beach, neither of whom were in a 1031 exchange.
“We generated multiple offers and ultimately connected two repeat clients through our investor network, resulting in a seven-day escrow with a non-contingent offer,” said Blackwell. “The seller had confidence in the buyer’s ability to close escrow quickly, while the buyer seized the opportunity to acquire a highly renovated asset with top-of-market rents in the rapidly improving Westside Costa Mesa submarket.” Earlier this year, the same buyer purchased another multifamily property from this same seller.
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