984-988 Mission Drive

Costa Mesa, CA 92626

$3,800,000
Last Sold Price
6
Beds
12
Baths
8,150 Sq. Ft.
$466 / Sq. Ft.
8,150
Sq. Ft.
$466
per Sq. Ft.

Closed 12/11/24

Closed 12/11/24

Description

Roof tune-ups completed in 2024, with 5-year warranty. New electrical panels installed in 2024. This is an exceptional investment opportunity in the sought-after Mesa Del Mar enclave of Costa Mesa. Built in 1964, the property is situated on a 6,935-square-foot lot with well-maintained landscaping that reflects a well-kept property. These buildings offer a diverse configuration of units, including a 3-bedroom/2.5-bathroom townhouse, a 2-bedroom/1.5-bathroom townhouse, a 1-bedroom/1-bathroom unit,...Roof tune-ups completed in 2024, with 5-year warranty. New electrical panels installed in 2024. This is an exceptional investment opportunity in the sought-after Mesa Del Mar enclave of Costa Mesa. Built in 1964, the property is situated on a 6,935-square-foot lot with well-maintained landscaping that reflects a well-kept property. These buildings offer a diverse configuration of units, including a 3-bedroom/2.5-bathroom townhouse, a 2-bedroom/1.5-bathroom townhouse, a 1-bedroom/1-bathroom unit, and a studio. Residents enjoy amenities such as a gated, lush community courtyard accessible from both the front and rear, six single-car garages, and a community laundry room. Each property is individually metered for gas and electric, and additional income is generated from the laundry facilities and garage rentals. Strategically located, this property offers easy accessibility to the best of Costa Mesa, including South Coast Plaza, The Camp, The LAB, and the Harbor Blvd shopping corridor. Tenants benefit from quick access to major freeways, including the 405, 55, and 73 Freeways. This well-maintained property represents a secure investment in a prime location, with upside potential. Extensive interior renovations across both 984 and 988 Mission Dr include complete remodels in several units with new kitchens, flooring, and bathrooms, while others have partial updates or require further improvements. While recent renovations and updates have improved the property, there remains value-add potential. Several of the current rents are below market, offering opportunities for rent adjustments. Additionally, multiple units could benefit from further upgrades. Moreover, there is potential to develop Accessory Dwelling Units (ADUs) in the courtyards, which would further enhance rental income. Property owners in the Mesa Del Mar area have already capitalized on identical lots by constructing ADUs in the courtyards and underutilized garages, further demonstrating the potential of this investment.
  1. Listed by Mark Bridge • DRE #01316702 • Brokerage DRE #01316702 • Mark Bridge, Broker • Mark.Bridge@cushwake.com

Property Details for 984-988 Mission Drive

Parking Spaces Total
12
Private Pool
No
Total Units
8.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
8150
Assessor Parcel Number
141-662-13
Property Attached YN
true
LISTING UPDATED: 12/15/2024 02:49 AM

Property Details for 984-988 Mission Drive

StatusClosed
MLS #OC24192192
Days on Market57
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Apartment
Year Built1964
CountyOrange County

Building Information for 984-988 Mission Drive

Building/Complex984-988 Mission DrFloor-Stories2Residences-Pet Policy-Year Built1964Building Size-

Property Information for 984-988 Mission Drive

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $233,340
  • Gross Scheduled Income: $233,340
  • Vacancy Allowance: 4667
  • Vacancy Allowance Rate: 2
  • Gross Operating Income: $228,673
  • Net Operating Income: $166,217
  • Garage Rental Rate: $5,460
  • Laundry Income: $4,800
  • Gross Multiplier: 17.12
  • Cap Rate: 4.18
  • Financing: Conventional
Expense Details
  • Operating Expense: $72,716
  • New Taxes Expense: $41,708
  • Gardener Expense: $2,820
  • Fuel Expense: $2,479
  • Electric Expense: $1,000
  • Insurance Expense: $4,345
  • Maintenance Expense: $6,000
  • Professional Management Expense: $0
  • Other Expense: $5,578
  • Other Expense Description: Misc
  • Trash Expense: $4,782
  • Water Sewer Expense: $4,004
  • Total Expenses: $72,716
Tax / Assessment Info
  • Tax Tract Number: 662
  • Tax Lot: 141
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Special Assessments
  • Community Features: Curbs, Sidewalks, Storm Drains, Street Lights
Property / Structure Info
Interior Features
  • Appliances: Electric Range, Disposal, Gas Oven, Gas Range, Range Hood, Water Heater
  • Equipment: Community
  • Laundry: Yes
  • Laundry Features: Community
  • Heating Type: Wall
  • Heating: Wall Furnace
Exterior Features
  • Roof: Composition, Shingle
  • Entry Location: First
  • Fence: Yes
  • Fence: Wood
  • Fencing: Wood
  • Pool Features: None
  • Pool Description: None
Land/Lot Info
  • Additional Parcels Description: 14166214
  • Lot Features: 6-10 Units/Acre
  • Number Of Units: 8
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
  • Electric: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
  • Water Source: Public
Parking Info
  • Garage Spaces: 12
  • Parking: Yes
  • Parking Garage: Assigned, Garage - 1 Car
  • Parking Garage Spaces: 12
  • Carport Spaces: 0
  • Parking Features: Assigned, Garage Faces Rear, Garage - Single Door
Property / Structure Info
  • Builders Tract Name: Other
  • Builders Tract Code: Other (OTHR)
Unit Information
Unit 1
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: Yes
  • Unit Type Actual Rent: $1,963
  • Unit Type Total Rent: $3,925
  • Unit Type Pro Forma: 4190
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: Yes
  • Unit Type Actual Rent: $1,975
  • Unit Type Total Rent: $3,950
  • Unit Type Pro Forma: 5190
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 4
  • Unit Type Garage Attached: Yes
  • Unit Type Actual Rent: $2,423
  • Unit Type Total Rent: $4,845
  • Unit Type Pro Forma: 6390
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 4
  • Unit Type Garage Attached: Yes
  • Unit Type Actual Rent: $3,363
  • Unit Type Total Rent: $6,725
  • Unit Type Pro Forma: 7790
  • Unit Type Type: 4
Unit Information
  • Number Of Units Leased: 8
  • Rent Controlled: No
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 10
  • Number Of Separate Gas Meters: 8
  • Number Of Separate Water Meters: 2
  • Number With Range: 8
  • Number With Disposal: 8

Property History for 984-988 Mission Drive

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 984-988 Mission Drive

This home is within Newport-Mesa Unified School District.
Rating
School
Type
Grades
Distance
Sonora Elementary School
Public - K to 6
Costa Mesa High School
Public - 7 to 12
Maude B. Davis Elementary School
Public - K to 6
Monte Vista High School
Public - K to 12
Rating
School
Distance
Sonora Elementary School
PublicK to 6

Costa Mesa High School
Public7 to 12

Maude B. Davis Elementary School
PublicK to 6

Monte Vista High School
PublicK to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Mark Bridge, Broker, Mark Bridge, DRE #01316702

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.