Assumable 3.50% IO Loan Due in 2033
25 Unit Apartment Building | $12,000,000 ($480,000/Unit) | 3.80% Cap Rate | Costa Mesa, CA 92627
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
Asking Price $12,000,000
- Property Type
-
Multifamily
- Square Feet
- 14,159 SF
Listing Contacts
Tyler Leeson
Verified Profile
Michael Cavner
Verified Profile
- Property Info
Property Overview
Two83 Lofts in Costa Mesa, CA, offers distinctive loft-style one-, two-, and three-bedroom floor plan apartment homes, standing out in the local rental market. Extensive renovations through 2023 include interior and common area upgrades totaling over $1.6 million in hard costs alone.
The project offers a private note with highly favorable terms: 50% LTV. The 3.5% interest initial interest rate is capped at 5.0%, resulting in a blended rate of 4.61% over a nine-year term. All payments are interest-only unit 2033, and a down payment of $6,000,000 yields an initial cash-on-cash return of 4.1%.
Two83 Lofts is the sole multifamily investment in Orange County with positive leverage and an “A” coastal location, promising comfort, turnkey renovations, and future potential.
Contact us for buyer qualification and tour details. Drive-by viewing only; please respect residents' privacy. Contact the Listing Agent(s) for inquiries.
The project offers a private note with highly favorable terms: 50% LTV. The 3.5% interest initial interest rate is capped at 5.0%, resulting in a blended rate of 4.61% over a nine-year term. All payments are interest-only unit 2033, and a down payment of $6,000,000 yields an initial cash-on-cash return of 4.1%.
Two83 Lofts is the sole multifamily investment in Orange County with positive leverage and an “A” coastal location, promising comfort, turnkey renovations, and future potential.
Contact us for buyer qualification and tour details. Drive-by viewing only; please respect residents' privacy. Contact the Listing Agent(s) for inquiries.
Property Details
- Class
- C
- Year Built/Renovated
- 1973/2023
- Stories
- 2
- Lot Size (sq. ft)
- 37,026 SF
- Units
- 25
Highlights
- 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 note with 50% LTV and IO payments for 9 years. 3.5% interest start rate and blended 4.6% over term.
- Cash-on-Cash Return: Initial cash-on-cash return of 4.10% with a down payment of $6,000,000.
- Modern Amenities: All interiors fully updated, large patios, fireplaces, pool, garages, on-site laundry, beautiful xeriscape garden setting.
- Prime Coastal 'A' Location: With positive leverage and a coastal location, combining modern comfort and turnkey renovations.
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