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118 Magnolia Street , A-B

Costa Mesa, CA 92627
  • $1,750,000
  • STATUS: Active Under Contract
  • ON SITE: 34 Days
  • ID#: PW22111293
Under Contract
UPDATED: 79 min ago
$1,750,000
  • 0
    BEDS
  • 0.09
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
2020
County:

School Ratings & Info

Listing Agent(s): Chasin Prather of Chasin Re (657-282-1877)


Description

Turnkey Eastside Costa Mesa Two Homes on one Lot in Prime Location, walking distance to Triangle Square, 17th Street Restaurants, Grocery Stores, Salons, Newport Beach Schools, and only 1.7 miles to Newport Beach Harbor. This investment opportunity affords the new owner extremely low maintenance, desirable finishes for excellent rental rates, and upgraded mechanical systems. The property has gone through two phases of development. Unit A - the original main house was one bedroom and one bath before adding dual master suites in 2020. It is now 3 bedrooms and 3 walk-in showers which makes the home ideal for room-share or multi-adult households. The kitchen, flooring, bathrooms, windows, have all be replaced/upgraded, including partial siding replacement, and a 2020 roof. This unit currently utilizes the detached two car garage and has shared common area outdoor space.Unit B - 2022 new construction second story one bedroom one bath with full size kitchen, family room and in-unit laundry. This unit is permitted as an Accessory Dwelling Unit with separate address, laundry, storage room, fully paid solar panels, separate electric meter, separate gas meter, and shared water meter.The two units are entirely detached. Both units have all appliances including inside laundry which will convey with the property. See upgrade list for additional details. Property is also listed for sale as #PW22112591

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-06-29T08:25:04.28. 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 deemed reliable but is not guaranteed accurate by the MLS or Zen Ziejewski and Team | Keller Williams Realty. Licensed in the State of California, USA.
www.homefinderorangecounty.com/homes/129161493
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118 Magnolia Street , A-B Costa Mesa, CA 92627

  • Price: $1,750,000
  • Status: Active Under Contract
  • On Site: 34 Days
  • Updated: 79 min ago
  • ID#: PW22111293
0
Beds
0
Baths
0
½ Baths
0.09
Acres
2020
Built
Neighborhood:
Other (Othr)
County:
Orange
Area:
C5 - East Costa Mesa
Property Description
Turnkey Eastside Costa Mesa Two Homes on one Lot in Prime Location, walking distance to Triangle Square, 17th Street Restaurants, Grocery Stores, Salons, Newport Beach Schools, and only 1.7 miles to Newport Beach Harbor. This investment opportunity affords the new owner extremely low maintenance, desirable finishes for excellent rental rates, and upgraded mechanical systems. The property has gone through two phases of development. Unit A - the original main house was one bedroom and one bath before adding dual master suites in 2020. It is now 3 bedrooms and 3 walk-in showers which makes the home ideal for room-share or multi-adult households. The kitchen, flooring, bathrooms, windows, have all be replaced/upgraded, including partial siding replacement, and a 2020 roof. This unit currently utilizes the detached two car garage and has shared common area outdoor space.Unit B - 2022 new construction second story one bedroom one bath with full size kitchen, family room and in-unit laundry. This unit is permitted as an Accessory Dwelling Unit with separate address, laundry, storage room, fully paid solar panels, separate electric meter, separate gas meter, and shared water meter.The two units are entirely detached. Both units have all appliances including inside laundry which will convey with the property. See upgrade list for additional details. Property is also listed for sale as #PW22112591
Exterior Features

Architectural Style Craftsman Lot Features Front YardLawnRectangular LotSprinkler System Number Of Separate Electric Meters 2 Parking Features Garage Parking Total 2 Pool Features None Pool Private YN No Property Attached YN No Roof Composition

Interior Features

Appliances DishwasherGas RangeMicrowaveRefrigeratorTankless Water Heater Common Walls No Common Walls Cooling Central Air Cooling YN Yes Fireplace Features None Fireplace YN No Heating CentralForced Air Heating YN Yes

Property Features

Additional Parcels YN No Cap Rate 3.62 Common Interest None Community Features Suburban Disclosures Accessory Dwelling Unit Electric 220 Volts in Garage Garage YN Yes Gross Income 87540 Gross Scheduled Income 87540 Insurance Expense 1500 Land Lease YN No Laundry Features Laundry RoomStacked Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New LoanConventional1031 ExchangeFhaFannie MaeFreddie MacVa Loan Maintenance Expense 1440 Net Operating Income 63375 New Construction YN No New Taxes Expense 19425 Number Of Separate Gas Meters 2 Number Of Separate Water Meters 1 Operating Expense 24165 Possession See Remarks Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 0 Water Sewer Expense 1800 Water Source Public Zoning R1



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-06-29T08:25:04.28. 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 deemed reliable but is not guaranteed accurate by the MLS or Zen Ziejewski and Team | Keller Williams Realty. Licensed in the State of California, USA.
 
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Zen Ziejewski and Team | Keller Williams Realty
27101 Puerta Real #150
Mission Viejo CA, 92691
Listing Agent(s): Chasin Prather of Chasin Re (657-282-1877)