Two83 Lofts

For Sale

283 Avocado Street, Costa Mesa, CA 92627

This Costa Mesa property for sale is located at 283 Avocado Street. The current listed sale price for Two83 Lofts is $12,000,000. Two83 Lofts is situated on a lot that is 0.85 acre in size.

Contacts

broker

Michael Cavner

The Leeson Group Marcus & Millichap

(949) 419-3327

Property Details

  • Property Type Multi-Family
  • Property Size 14,159 SF
  • Units 25
  • Lot Size 0.85 Acre
  • Year Built 1973
  • Year Renovated 2023
  • Date Updated Apr 23, 2024
N/AAs the exclusive listing agent, the Leeson Group of 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.

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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 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 4.2% 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 Location: With positive leverage and a coastal location, combining modern comfort and turnkey renovations.

Getting around

  • 76/100

    Walk Score ®

  • 42/100

    Transit Score ®

  • 67/100

    Bike Score ®

Powered by Walk Score ®

Location

  • City Costa Mesa, CA
  • Neighborhood Westside Costa Mesa
  • Zip Code 92627
  • Market Orange County

Points of Interest

  • Tustin Metrolink Station

    7.10 miles

  • Tustin

    7.10 miles

  • Santa Ana

    7.45 miles

  • Orange

    9.83 miles

  • True Zero

    0.58 miles

  • Arco

    0.70 miles

  • 76

    0.78 miles

  • Mobil

    1.39 miles

  • Express

    1.41 miles

  • Arco

    1.92 miles

  • Chevron

    2.11 miles

  • EV Chargepoint

    2.13 miles

  • 76

    2.17 miles

  • Superior Car Wash & Detail Center

    2.18 miles

  • Adams Lot

    1.33 miles

  • Adams 33

    1.38 miles

  • Dolphin Parking Structure

    2.23 miles

  • Villa Balboa Cagney Ln. Parking A

    2.40 miles

  • Pool House Parking

    2.40 miles

  • Physician & Staff Parking

    2.44 miles

  • Patient Parking

    2.46 miles

  • Advanced Technology Pavilion Parking

    2.50 miles

  • Royal Thai Valet Parking

    2.60 miles

  • Sunset Parks Parking Lot

    2.65 miles

  • Ali Baba Motel

    0.27 miles

  • Tern Inn

    0.27 miles

  • Motel 6 Costa Mesa, CA - Newport Beach

    0.30 miles

  • Days Inn Costa Mesa-Newport Beach

    0.35 miles

  • Holiday Inn Express Costa Mesa

    0.41 miles

  • Cozy Inn

    0.42 miles

  • Sandpiper Motel

    0.57 miles

  • BLVD Hotel, Ascend Hotel Collection

    0.59 miles

  • Travelodge by Wyndham Costa Mesa Newport Beach Hacienda

    0.63 miles

  • Best Western Plus Newport Mesa Inn

    1.12 miles

  • Albertsons

    0.41 miles

  • TJ Maxx

    0.44 miles

  • The Triangle

    0.88 miles

  • Smart & Final

    1.26 miles

  • Vons

    1.35 miles

  • Trader Joe's

    1.42 miles

  • Vons

    1.44 miles

  • Ralphs

    1.52 miles

  • Henrys

    1.96 miles

  • Mitsuwa

    2.46 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Listing Broker

broker

Michael Cavner

The Leeson Group Marcus & Millichap

(949) 419-3327