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984 988 Mission Drive

Costa Mesa, CA 92626

PRICE REDUCED

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-$331,112 (-7.71%)

$3,963,888

List Price

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1964

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Property 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, 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.

Listing Information

List Price $3,963,888
Status Active
MLS OC24192192
Type Residential Income
Subtype Apartment
Year Built 1964
Lot Size 6,970
Structure Size N/A
DOM 42
Courtesy Of Mark Bridge, Broker
Listing Agent Mark Bridge DRE#01316702

Interior Features

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Exterior Information

Maps

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$2,150,000

king_bed N/A
shower N/A
straighten N/A
straighten 6,970
1002 Mission Drive,

Costa Mesa, CA 92626
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$5,000/month

king_bed 4
shower 3
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2983 Croftdon Street,

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king_bed N/A
shower N/A
straighten N/A
straighten 6,534
1034 El Camino Drive,

Costa Mesa, CA 92626
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$2,600/month

king_bed 2
shower 1
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straighten 7,405
2869 Mendoza Drive, #A,

Costa Mesa, CA 92626
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$1,549,000

king_bed 4
shower 3
straighten 2,242
straighten 3,294
1044 Coronado Drive,

Costa Mesa, CA 92626

Listing information courtesy of: Mark Bridge, Mark Bridge, Broker 949-372-4888. *Based on information from the Association of REALTORS/Multiple Listing as of Oct 29th, 2024 at 9:57 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.