408 Ford RdCosta Mesa, CA 92627

Property Details for 408 Ford Rd

Year built

1961

Property size (Sq ft)

3,802 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a well-maintained, single-story triplex located at 408 Ford Road, Costa Mesa, CA 92627. The property boasts three units, offering a compelling blend of income generation and future appreciation potential. The building, constructed in 1961, comprises two structures totaling 3,802 square feet and features a desirable mix of unit configurations: one two-bedroom/two-bathroom unit with a large front patio, and two two-bedroom/one-bathroom units. Each unit includes private outdoor space and storage. Ample parking is available, including a double-car garage, two covered carport spaces, and additional street parking. A separate laundry room provides an additional income stream. The property sits on a fee-simple lot (APN 419-201-02) and is currently operating at 100% occupancy, generating a current NOI of $69,611 and a pro-forma NOI of $86,663, representing a 4.04% cap rate and a pro-forma cap rate of 5.02%. The asking price is $1,725,000, or $575,000 per unit, and the price per square foot is $453.71. Its prime location offers convenient access to The Triangle and the vibrant retail, shopping, and entertainment options along Newport Boulevard and 19th Street. The property's proximity to newly developed areas, such as the West Walk Condos, further enhances its desirability and potential for future growth. This is a 1031 exchange eligible property. The motivated seller presents a unique opportunity for investors seeking a strong return on investment through potential modernization and rent increases.

Location Insight

City

Costa Mesa

County

Orange

State

California

Latitude

33.6466

Longitude

-117.916

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