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Multifamily

Two83 Lofts

283 Avocado St, Costa Mesa, CA 92627

Listing Price: $12,000,000

Cap Rate
3.85%
Number of Units
25
GRM
16.74
Price/Unit
$480,000
Price/Gross SF
$847.52
Gross SF
14,159

Investment Overview

Marcus & Millichap is pleased to introduce Two83 Lofts, a standout multifamily investment property located in Costa Mesa, CA. It offers a range of one-, two-, and three-bedroom floor plans featuring unique lofts—a distinctive feature in Costa Mesa's rental market.

A substantial investment was made in 2023, with over $1.5 million allocated to capital expenditures. Interior renovations include all appliances, cabinets/counters, electrical work, flooring, HVAC systems, painting and drywall, and all new windows and doors. Common area improvements encompass the roof, painting, termite mitigation and tenting of the entire structure, exterior wood, decking, all new stairs and railings, asphalt, hardscape/softscape, mailboxes, plumbing, house electrical panels, and garage doors.

Above all, the debt component sets this project apart from nearly all other investments within the marketplace. Available to assume is a private note with a 50% LTV and interest-only payments for nine years, starting at 3.5%, with a cap at 5.0%, resulting in a blended interest rate of 4.61% over the term. This equates to an initial cash-on-cash return of 4.2% with a down payment of $6,000,000.

Two83 Lofts is the only multifamily investment currently available in Orange County with positive leverage and a coastal location. It combines modern comfort, true turnkey renovations, and future potential in the heart of Costa Mesa. Contact us for buyer qualification procedures and touring information.

Investment Highlights

  • *Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
  • Turnkey Investment: Featuring one-, two-, and three-bedroom loft floor plans.
  • Substantial Renovation: Significant capital investment in 2023 covering interior unit upgrades and common area improvements.
  • Unique Debt Component: Assumable private note featuring a 50% Loan-to-Value (LTV) ratio and interest-only payments for nine years. The interest rate starts at 3.5% and caps at 5.0%, resulting in a blended rate of 4.61% over the term.
  • Cash-on-Cash Return: Initial cash-on-cash return of 4.2% with a down payment of $6,000,000.
  • Modern Amenities: Amenities updated interiors, private patios, fireplaces, pool, garage parking, upgraded on-site laundry facility, and a garden setting.
  • Prime Coastal Location: With positive leverage and a coastal location, combining modern comfort and turnkey renovations.

Exclusively Listed By

Financing By

Multifamily

Two83 Lofts

Listing Price: $12,000,000

Cap Rate
3.85%
Number of Units
25
GRM
16.74
Price/Unit
$480,000
Price/Gross SF
$847.52
Gross SF
14,159

Investment Highlights

  • *Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
  • Turnkey Investment: Featuring one-, two-, and three-bedroom loft floor plans.
  • Substantial Renovation: Significant capital investment in 2023 covering interior unit upgrades and common area improvements.
  • Unique Debt Component: Assumable private note featuring a 50% Loan-to-Value (LTV) ratio and interest-only payments for nine years. The interest rate starts at 3.5% and caps at 5.0%, resulting in a blended rate of 4.61% over the term.
  • Cash-on-Cash Return: Initial cash-on-cash return of 4.2% with a down payment of $6,000,000.
  • Modern Amenities: Amenities updated interiors, private patios, fireplaces, pool, garage parking, upgraded on-site laundry facility, and a garden setting.
  • Prime Coastal Location: With positive leverage and a coastal location, combining modern comfort and turnkey renovations.

Investment Overview

Marcus & Millichap is pleased to introduce Two83 Lofts, a standout multifamily investment property located in Costa Mesa, CA. It offers a range of one-, two-, and three-bedroom floor plans featuring unique lofts—a distinctive feature in Costa Mesa's rental market. A substantial investment was made in 2023, with over $1.5 million allocated to capital expenditures. Interior renovations include all appliances, cabinets/counters, electrical work, flooring, HVAC systems, painting and drywall, and all new windows and doors. Common area improvements encompass the roof, painting, termite mitigation and tenting of the entire structure, exterior wood, decking, all new stairs and railings, asphalt, hardscape/softscape, mailboxes, plumbing, house electrical panels, and garage doors. Above all, the debt component sets this project apart from nearly all other investments within the marketplace. Available to assume is a private note with a 50% LTV and interest-only payments for nine years, starting at 3.5%, with a cap at 5.0%, resulting in a blended interest rate of 4.61% over the term. This equates to an initial cash-on-cash return of 4.2% with a down payment of $6,000,000. Two83 Lofts is the only multifamily investment currently available in Orange County with positive leverage and a coastal location. It combines modern comfort, true turnkey renovations, and future potential in the heart of Costa Mesa. Contact us for buyer qualification procedures and touring information.

Exclusively Listed By

Financing By

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