For Sale $12,000,000
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.

Contacts

Michael Cavner

The Leeson Group Marcus & Millichap

(949) 419-3327

Location

Getting Around

Walk Score ®
76/100 Very Walkable
Transit Score ®
42/100 Some Transit
Bike Score ®
67/100 Bikeable

Map
Street

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

Norms

0.46 miles
Panda Express

0.49 miles
Nick's Pizza

0.50 miles
McDonald's

0.51 miles
Filomena's Italian Kitchen & Market

0.58 miles
Celebrations by Turnip Rose

0.72 miles
Yard House

0.85 miles
SOCIAL Costa Mesa

0.86 miles
In-N-Out Burger

0.99 miles
Subway

1.06 miles

College Park Elementary School

0.51 miles
Lindbergh School

0.59 miles
Heritage Montessori School

0.66 miles
McNally School

0.76 miles
Vanguard University

0.77 miles
Saint Joachim School

0.78 miles
Heinz Kaiser Elementary School

0.86 miles
Rea Elementary School

0.93 miles
Woodland Elementary

0.93 miles
Pomona Elementary School

1.07 miles

Environmental Nature Center Nature Preschool

2.24 miles
KinderCare

3.01 miles
University Montessori

4.36 miles
KinderCare

4.63 miles
KinderCare

6.78 miles
Kinderland Academy

6.93 miles
Boys & Girls Club of Tustin

7.58 miles
Kiddie Academy

7.88 miles
The Leaning Spot

8.31 miles
Carden Conservatory

8.44 miles

Frequently Asked Questions

What is the lease rate for Two83 Lofts?

Rental asking rate at Two83 Lofts is $6,000,000.00/YR.

What is the total square footage of Two83 Lofts?

Two83 Lofts totals 14,159 square feet.

When was this property built?

Two83 Lofts was built in 1973.

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