Pending

617 Victoria ST

COSTA MESA CA, 92627

$5,995,000


$648.81 per sqft

Pending

2 Beds

1 Bath

9,240 sqft

Multi-family

Built in 1955

**MILLION DOLLAR PRICE REDUCTION, SELLER WILL MOVE THIS ASSET. ALL OFFERS ARE ENCOURAGED** Introducing an exceptional investment opportunity at 615-617 Victoria Street, brought to you by. Spanning three parcels, totaling 1.32 acres, the property presents an array of prospects. Currently there are 12 single-story residences, each with 2 bedrooms and 1 bathroom, a single-car garage, washer/dryer hookups, and private patio. Nestled within the property is a sprawling tree lined, grassy courtyard. With strategic renovations, savvy investors stand to unlock substantial rental upside, potentially exceeding 40% on the existing units alone. Furthermore, ADU regulations established by the city of Costa Mesa present the opportunity to add more units, amplifying rental income and elevating the property's overall value. For developers seeking a larger project in the Costa Mesa market, this property is an unparalleled find. Positioned in the Mesa West Residential Urban Plan, these parcels offer a rare chance for redevelopment, allowing for the creation of new apartments or saleable units with increased density compared to other opportunities in the area. Plus, it is located in an Opportunity Zone. Don't miss out on this investment opportunity, combining current rental income potential with significant future growth prospects.

IV24120357MR

MLS ID

June 12, 2024

Listed

December 6, 2024

Updated

Map

617 Victoria ST
COSTA MESA CA, 92627

Interior Features

Total Stories

1


Bedrooms

2


Total Bathrooms

1


Laundry Description

None


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.46 Acres


Sewer

Public Sewer

Other Property Details

Area Name

Southwest Costa Mesa


Days on Market

127


Garage

Yes


Garage Spaces

12


Parking Total

12


View

No


County

Orange


Water Source

Public


Pool

No


Pool Features

None

Listing History

Date

Event

Price

10/28/2024

Pending

10/21/2024

Active

8/20/2024

Under contract

7/9/2024

Price change

$5,995,000

-15%

Listed by ALBERT LE with LE INVESTMENT GROUP
Listing Contact: 909-256-7889 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Alexander Madrigal | CA DRE# 01897853 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 12/6/2024

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