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Ryan Shimp

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$ 2,199,999

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3133 Coral AVE Costa Mesa, CA 92626

0.31 Acres Lot

UPDATED:

03/02/2025 03:46 AM

Key Details

Property Type Multi-Family

Sub Type Triplex

Listing Status Active

Purchase Type For Sale

MLS Listing ID OC25045542

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1970

Lot Size 0.305 Acres

Property Sub-Type Triplex

Property Description

RARE INVESTMENT PROPERTY INDEED!!! Remodeled Single story Duplex. Built in 1970 with a completely separate Two Story 4 Bedroom House added at the rear of the lot. The Two Story House, built in 1996 is 1,730 Sq. Ft. and has a 2-car garage. The Duplex has a total of 2,293 Sq. Ft. The total Square footage for the Duplex + House is 4,023 Sq. Ft. Each unit in the Duplex has Central Heat. 2br unit has 1.5 bath. The Duplex has been beautifully remodeled in the last year or so with new windows kitchens, Baths and new flooring. The Roofs on the duplex and House were replaced in 2017. This property is in the highly desirable and popular "Spice Street Tract" of 4-Plexes in Costa Mesa. Each unit has its own washer and dryer hook-ups. Extremely large 13,291 Square Foot Lot which allowed for the addition of the 2 story 4br - 2ba separate House built to the rear of the duplex in 1996. This is truly a very Unique opportunity to purchase an exceptional 3 unit investment property with huge income potential. Market rents could generate $124,800 in gross income per year which is more than most of the 4-plexes in the tract. Lease on the 4br currently at $3,376 is ending on September 30, 2024 and can now be raised to $3,675 within the boundaries of CA rent control assuming the cost of living index remains at 3.9%. There is one 2-car garage, one single garage plus 9 open parking spaces, all on concrete, which includes one space in front of each garage. The trash expense is included in the special assessments portion of the property tax bill. So, with this property you will have no Trash Dumpster bill as you would with most properties. Also, it has separate water heaters for each unit. Long term tenants in both duplex units and all 3 rents can be increased on Oct. 1, 2025. There is still the potential to build an ADU or to add onto the Duplex and/or the House. Lots of opportunity to increase income. Additionally, there is no alley to contend with. All the parking is on beautiful concrete (no asphalt with pothole issues). The location in the tract couldn't be better as it is SUPER QUIET for the serenity and peace of all your tenants. Also, there are no tenants above or below another tenant. You will look for a very long time to find another 3 unit property with the amenities of this one. So, hurry on this one to allow yourself the opportunity to own an investment property of this caliper and one that you will want to own for a very long time!!!

Location

State CA

County Orange

Area C1 - Mesa Verde

Interior

Interior Features Stone Counters, Unfurnished

Heating Central, Forced Air, Fireplace(s)

Flooring Laminate

Fireplaces Type Living Room

Fireplace Yes

Appliance Dishwasher

Laundry Washer Hookup, Gas Dryer Hookup, Inside, In Garage

Exterior

Parking Features Door-Multi, Door-Single, Garage, On Street, Unassigned, Uncovered

Garage Spaces 3.0

Garage Description 3.0

Fence Excellent Condition

Pool None

Community Features Curbs, Gutter(s), Park

Utilities Available Cable Available, Cable Connected, Electricity Available, Electricity Connected, Natural Gas Available, Natural Gas Connected

Roof Type Flat,Flat Tile,Rolled/Hot Mop

Accessibility Parking, Accessible Doors

Total Parking Spaces 12

Private Pool No

Building

Lot Description 0-1 Unit/Acre, Irregular Lot, Lawn, Sprinkler System, Street Level

Story 2

Entry Level One,Two

Sewer Public Sewer

Water Public

Architectural Style Contemporary

Level or Stories One, Two

New Construction No

Construction Status Updated/Remodeled

Others

Senior Community No

Tax ID 13949128

Security Features Carbon Monoxide Detector(s),Smoke Detector(s)

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

Listed by Bob Walz • New Dimension Investment Prop • 714-393-8060

Ryan Shimp

Private Office Advisor | License ID: 01864245

+1(818) 314-8606

Ryan Shimp

3133 Coral AVE Costa Mesa, CA 92626

Key Details

Location

Interior

Exterior

Building

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3133 Coral AVE