641 Victoria St, Costa Mesa, CA 92627

Property Description

641 Victoria Street is a great 6 unit investment opportunity with all units currently rented substantially below market. Units are single story with fireplaces with private patio areas. Two of the units are stand alone buildings. 1 unit has a 2 car garage while the remaining 5 have 1 car garages. All units have separate gas & electric meters with tenants paying those expenses. All units are leased on month to month rental agreements to long standing tenants. Units have private laundry areas. Costa Mesa zoning map shows the property is zoned R2-MD 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 an owner with a potential redevelopment opportunity down the road while enjoying the current income stream. Income shown in the Analysis Section is based on current actual. Proforma annual income is $117,000 resulting in net operating income of $85,376 after deducting for new property tax expense. Unit A rent is low due to the owner using the tenant as a quasi property manager in exchange for a reduced rent factor.