1975 Wallace Ave, Costa Mesa, CA 92627

Property Description

1975 Wallace Avenue is a great 6 unit investment opportunity. All units are single story. Two units are stand alone buildings with private patio areas. Rear units share a private yard area. Four units have separate electric and gas meters with tenants paying those expenses. Units E & F share utility meters and expense is paid by owner. All units are occupied with long standing tenants. Units have individual outside laundry areas. Currently, the 1 car garage is not assigned to any unit. All rental/lease agreements are on a month to month basis. Lot has frontage on Wallace and Palace. Costa Mesa zoning map shows the property is zoned R2-HD and the city shows the property lies in the Mesa West Residential Ownership Urban Plan which allows an owner to rebuild the existing number of units even if the minimum lot size cannot be met under the current Residential Development Standards. Buyer to verify with city. This would provide a potential redevelopment opportunity while an owner enjoys the current income stream. Income shown in Analysis section is based on current actual. Proforma annual income is $93,600 resulting in net operating income of $64,982. Unit F rent is low & is leased to a very long standing tenant. Proforma rent for unit F includes garage.