287 E 16th Place, Costa Mesa

$3,895,000

16 Beds
14 Baths
9,049 Sqft
.3 Acres
2 Garages

287 E. 16th Place is a unique 8 unit Eastside Costa Mesa investment opportunity advantageously located near the border of Newport Beach and the shopping, dining and entertainment of popular 17th St. in Costa Mesa.

Per assessor, total building square footage is over 9,000 sqft and lot size is over 13,000 sqft. The smart unit mix includes oversized floorplans and features two 3 bedroom/2 bath units, two 1 bedroom/1 bath units and four 2 bedroom/2 bath units. Residents share the charming interior courtyard.

The windows have been replaced throughout the building and most units have upgraded interiors, including newer bathrooms/kitchens and newer flooring.

There is big upside in rental rates, with several units on month-to-month rental agreements. Conservative pro forma rents include: 1 bedroom - $1900, 2 bedroom - $2300 and 3 bedroom - $2750, which equates to a conservative pro forma Gross Scheduled Income of $222,000.

There are two single car garages, plus carport and assigned parking spots. The small laundry room is shared and some units have washer/dryer hookups. Units are separately metered for gas and electric.

Essential Information
MLS® #PW18212039
Price$3,895,000
Bedrooms16
Bathrooms14.00
Square Footage9,049
Acres0.30
Year Built1963
TypeResidential Income
StatusActive
Community Information
Address287 E 16th Place
AreaEast Costa Mesa (C5)
SubdivisionEastside Heights (EHCM)
CityCosta Mesa
CountyOrange
StateCA
Zip Code92627
Amenities
Parking Spaces13
# of Garages2
Interior
AppliancesStackable
# of Stories2
StoriesTwo
Exterior
Lot Description16-20 Units/Acre
Additional Information
Date ListedAugust 30th, 2018
Days on Market107
Listing Details
AgentChristian Walsh(01804983)
OfficeColdwell Banker Res. Brokerage
Property History
Price Reduced from $4,000,000 to $3,895,000

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Based on information from California Regional Multiple Listing Service, Inc. as of December 17th, 2018 at 12:11pm CST. 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.

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