Investment Overview

Orange Avenue Apartments is a well-maintained 8+1 unit apartment complex located in the sought-after neighborhood of Eastside Costa Mesa. Comprised of eight units and one non-conforming studio unit, Orange Avenue Apartments' large floor plans, excellent amenities, and multiple parking options are attractive qualities that will draw a diverse renter pool. Built in 1954 and 1983, the property contains a mix of single-story cottages in the front and two-story buildings in the back. Meticulous care has been given to the property, evident in its well-kept concrete driveways and interior unit renovations. Current ownership has employed a regularly scheduled capital expenditure program that includes full tenting, wood repairs, and complete roof replacements on the back five units and detached garages. The four single-story cottage roofs are in great shape, boasting a 30/40-year composition shingle. The property offers a total parking count of 23 spaces, which include 15 garage spaces, 6 surface spaces, and 2 tuck-under spaces. Each unit includes one or more garage spaces in addition to a surface parking space, creating a highly desirable 2.5:1 parking ratio. The three-bedroom townhouse "owner's unit" stands out with its large floor plan, fireplace, exclusive pool and spa area, spacious backyard, and two-car attached garage, creating optionality for income or personal use. The property is located in Eastside Costa Mesa and benefits from its prime position in Coastal Orange County. Residents enjoy easy access to renowned coastal destinations, upscale dining options, and vibrant entertainment venues. The area offers excellent schools, proximity to major employment centers, and a variety of recreational activities.