1827 Pomona Avenue, Costa Mesa, CA 92627

About this property

This R2-HD triplex is a rare investment opportunity in growing Westside Costa Mesa, just two blocks from Trader Joe’s and the new Superior Pointe development by Taylor Morrison and within the boundaries of the Mesa West Residential Ownership Urban Plan Initiative. The property’s three units occupy an oversized 10,454 square foot lot with the ability to develop a fourth unit; alternatively, the City Initiative pre-approves the scraping of the existing improvements to build 4-5 new units for individual sale. Current configuration includes a private courtyard, dining veranda and shared laundry. Units A & C feature three bedrooms and two baths; Unit B, a legal garage conversion, features two bedrooms and one bath. A substantial renovation took place in 2012 including new kitchens and bathrooms, stainless appliances, granite countertops, wood floors, windows and landscaping. With net operating income of nearly $65k per year, the as-is value is a true 5.5%+ cap with significant development potential.

Listing description from the September 2016 sale, as reported to CRMLS.

Sale history

$1,100,000

Sold September 2016 · listed $1,175,000, orig. $1,300,000, on market April 2016 · MLS #NP16072498 · Source: CRMLS

Listing Agent: Michelle Linovitz · Listing Office: HOM Sotheby's International Re · Contact: 949-554-1200 · Bought with: Manuel Ruiz · Fenix Properties

$695,000

Sold January 2013 · listed $675,000, on market November 2012 · MLS #P841921 · Source: CRMLS

Listing Agent: Christian Walsh · Listing Office: Atlantic & Pacific Real Estate · Contact: 877-330-2773 · Bought with: Christopher Ganan · Cratus Realty, Inc.

$410,000

Sold October 2012 · listed $349,999, orig. $310,000, on market May 2012 · MLS #L38921 · Source: CRMLS

Listing Agent: Debbie Brown · Listing Office: Laguna Beach Realty · Contact: 949-735-4185 · Bought with: Out Side Agent · N/A

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