7,501 Sqft Lot
7,501 Sqft Lot
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
Subdivision Westside Costa Mesa South (Wscm)
MLS Listing ID OC26200536
HOA Y/N No
Year Built 1948
Lot Size 7,501 Sqft
Property Sub-Type Single Family Residence
Property Description
The property currently generates $8,500 per month in gross rental income, with a projected pro forma rent of approximately $10,000 per month in its current configuration. The front 2-bedroom, 1-bathroom residence is currently occupied on a month-to-month basis at a below-market rental rate. The existing tenant has been receiving discounted rent in consideration for living through construction of the recently completed ADU, providing a future owner with meaningful potential to increase rental income. The newly constructed rear ADU is currently leased on a one-year term.
The property consists of an existing 2-bedroom, 1-bathroom single-family home along with a newly constructed, freestanding 3-bedroom, 3-bathroom ADU offering approximately 1,200 square feet of modern living space. The ADU features 10-foot ceilings, quartz countertops, stainless steel appliances, recessed LED lighting, an in-unit stackable washer and dryer, solar, a private yard, gated entrance, dedicated driveway, and no common walls.
For investors and builders, the property includes an approved site plan to remove the existing front residence and construct three new residential units while retaining the recently completed rear ADU, resulting in a potential four-unit property.
Based on projected rents, completion of the three new units is expected to increase total property rental income to approximately $18,000 per month, or $216,000 annually, on a pro forma basis.
Importantly, the rear ADU can remain income-producing while the front portion of the property is redeveloped, giving a future owner the ability to continue collecting rent during construction and help offset carrying and development costs.
Located in highly desirable Westside Costa Mesa, just minutes from the beach, the property offers convenient access to dining, shopping, bike trails, Newport Beach, and the surrounding coastal communities.
With approximately $102,000 in current annual gross income, $120,000 in stabilized pro forma income in its existing configuration, and approximately $216,000 in projected annual gross income following redevelopment, this property offers a compelling combination of current cash flow and significant long-term development upside.
Location
State CA
County Orange
Area C2 - Southwest Costa Mesa
Interior
Heating Central
Cooling Central Air, See Remarks
Fireplace No
Laundry Inside, In Garage, See Remarks
Exterior
Parking Features Driveway, Garage
Garage Spaces 1.0
Garage Description 1.0
Pool None
Community Features Biking, Dog Park, Hiking
Total Parking Spaces 6
Private Pool No
Building
Lot Description 2-5 Units/Acre
Story 1
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 42424140
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
Special Listing Condition Standard
Nearby Locations
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