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$ 4,650,000
Est. payment | /mo
3 Beds
2 Baths
0.43 Acres Lot
$ 4,650,000
Est. payment | /mo
3 Beds
2 Baths
0.43 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC26201829
Bedrooms 3
Lot Size 0.430 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
383 West Wilson Street is a 12-unit multifamily investment property located in Costa Mesa, California. Situated on approximately 0.43 acres, the property features a unit mix of 10 one-bedroom units and 2 two-bedroom units and combines a substantially renovated existing asset with significant additional unit development potential. Central to the investment opportunity is the approval to convert existing garage space into 5 studio Accessory Dwelling Units (ADUs), totaling approximately 2,045 square feet. Construction of the approved ADUs has not yet commenced, providing new ownership the opportunity to complete the conversions and increase the property from 12 to 17 units, a roughly 42% increase in rentable unit count. The approved conversions create a defined path to expand the property's income-producing capacity within the existing site. Importantly, this development upside is paired with substantial improvements to the existing 12 units. All units have been renovated with upgrades including quartz countertops, updated appliances and bathrooms, fresh paint, and vinyl and carpet flooring. With the existing interiors already improved, future investment can be focused on completion of the approved ADUs rather than a property-wide interior renovation program. 383 West Wilson Street also benefits from a sizable site and an attractive collection of resident amenities. The property provides 22 parking spaces, including 13 garage and 9 surface spaces, along with gated access, an on-site laundry facility, security doors, and a spacious central courtyard. The property is positioned
Location
State CA
County Orange
Zoning Assessor
Direction Cross Streets of West Wilson Street & Harbor Boulevard
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 41903204
Acceptable Financing Cash, Conventional, Exchange
Listing Terms Cash, Conventional, Exchange
Listed by Tyler Leeson, DRE#01451551 Marcus & Millichap RE Invest
Nearby Locations
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