NBVP has recently merged with Burr White Realty, providing over 130 of the finest vacation rentals Newport Beach has to offer! Read more

Offered For Sale

283 Avocado Street

#OC24013316

MLF

Built in 1973

$12,000,000

About the property

Legitimate turnkey multifamily investment property offering a range of one-, two-, and three-bedroom loft-style floor plans. Substantial investment was made in 2023 and 2024, with over $1.7M in interior and exterior capital improvements. 100% of the interiors are fully renovated, including all new appliances, cabinets/counters, new electrical panels, flooring, painting and drywall, and all new windows and doors. Common area improvements include the roofs, painting, termite & pest mitigation, and tenting of the entire structure, exterior wood, decking, all new stairs and railings, all new 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 over 4% with a down payment of $6,000,000—no appraisal required, no points for the loan assumption, COE in 30 days or less.

Features

General

  • Half Bathrooms 0
  • Real Estate Sub Type Apartment
  • Real Estate Type MLF
  • Square Feet 14,159
  • Stories 2
  • Year Built 1,973
  • Agent Name Tyler Leeson
  • Broker Id H05626
  • Office Name Marcus & Millichap RE Invest
  • Days On Market 114
  • Status Active
  • Agent Cell 714-713-9086

Location

  • Subdivision College Park (COLP)

Location

Questions

Human check: how many dogs are below?

 

Submit