Costa Mesa Land - LoopNet€¦ · Costa Mesa Land $6,000,000 Avison Young Hauser | Multifamily 2030...

Costa Mesa Land

$6,000,000

Avison Young Hauser | Multifamily 2030 Main Steet | Suite 150Irvine, CA 92614www.multifamilysc.com

777-779 W. 19th Street | Costa Mesa, CA 92627

Units Type Unit SF Total SF Current Rent Avg

Market Rent

CurrentRent/SF

MarketRent/SF

1 Rivas 486 486 $1,200 $1,250 $2.47 $2.571 Parsion 270 270 $550 $600 $2.04 $2.221 Pena 270 270 $475 $525 $1.76 $1.941 Farshid 270 270 $600 $625 $2.22 $2.311 Banerjee 270 270 $500 $525 $1.85 $1.941 Romero 350 350 $685 $700 $1.96 $2.001 Trantum 760 760 $1,450 $1,500 $1.91 $1.971 Martinez 160 160 $510 $530 $3.19 $3.311 Pending 370 370 $620 $650 $1.68 $1.761 Pending 260 260 $510 $550 $1.96 $2.121 Garciia 460 460 $850 $900 $1.85 $1.961 Sanchez 270 270 $1,640 $1,675 $6.07 $6.201 Pagulayan 540 540 $1,050 $1,075 $1.94 $1.991 Sanchez 640 640 $1,240 $1,295 $1.94 $2.021 Alimagham 360 360 $749 $775 $2.08 $2.151 Seaberry 280 280 $575 $600 $2.05 $2.141 Mizrachi 280 280 $600 $625 $2.14 $2.231 Casillas 1,140 1,140 $2,685 $2,750 $2.36 $2.411 Connected 540 540 $990 $1,025 $1.83 $1.901 Ceja 270 270 $500 $525 $1.85 $1.941 Maddock 270 270 $600 $625 $2.22 $2.311 Dustfree 270 270 $500 $525 $1.85 $1.941 Fusion 270 270 $475 $500 $1.76 $1.851 Babak 270 270 $475 $500 $1.76 $1.851 Ansari 260 260 $475 $500 $1.83 $1.921 Negri 270 270 $500 $525 $1.85 $1.941 Caro 270 270 $500 $525 $1.85 $1.941 **Procopio 1,190 1,190 $1,600 $1,625 $1.34 $1.37

28 404 11,316 $825 $858 $2.04 $2.12

Income Current Market

Scheduled Market Rent $277,248 $288,300 Less: Vacancy 2.00% ($5,545) ($5,766)Net Rental Income $271,703 $282,534

Plus: Late Fee $988 $995 Plus: Signage $2,112 $2,125 Plus: Buy Out / Termination $1,200 $1,250Total Operating Income (EGI) $276,003 $286,904

Expenses Per UnitAdministrative $65 $1,828 $1,828Repairs & Maintenance/Turnover $179 $5,000 $5,000Management Fee 2.00% $197 $5,520 $5,738Utilities $665 $18,624 $18,624Contracted Services $118 $3,310 $3,310Insurance $97 $2,725 $2,725

Total Expenses $37,007 $37,225

Per Unit: $1,322 $1,329Per SF: $3.27 $3.29

Net Operating Income $238,996 $249,679

Less: Debt Service $0 $0Projected Net Cash Flow $238,996 $249,679

List GRM 0.00 0.00

* Area Tax Rate is 1.0528% and property special assessments is $2,190

** occupies two spaces

IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Avison Young and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Avison Young Employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. COPYRIGHT 2017, All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.

Pro Forma Income & ExpensesWest 19th Street Office

777-779 West 19th Street Costa Mesa CA

PROFORMA | VALUATION 777-779 W. 19th Street, Costa Mesa

MARKET POSITIONINGLand Sales Comparables

Address City Zip Sale Date Sale Price Acres Price / Acre Sqft Price / Sqft Land Type Proposed Use

123 VIA BILBOA SAN CLEMENTE 92672 8/25/2017 $2,755,000.00 0.28 $9,839,286 12,233 $225.21 RESIDENTIAL CONDOMINIUM, PUD

102 VIA ALMODOVAR SAN CLEMENTE 92672 12/19/2017 $2,343,000.00 0.25 $9,372,000 10,664 $219.71 RESIDENTIAL CONDOMINIUM, PUD

671 w 17TH STREET COSTA MESA 92627 6/30/2017 $17,100,000.00 2.16 $7,916,667 94,090 $181.74 RESIDENTIAL TOWNHOMES

3303‐3355 VIA LIDO NEWPORT BEACH 92663 10/5/2017 $25,500,000.00 1.18 $21,610,169 51,401 $496.10 RESIDENTIAL CONDOMINIUM, PUD

DUET @ CADENCE PARK IRVINE 92618 9/20/2017 $40,224,000.00 3.73 $10,793,463 162,335 $247.78 RESIDENTIAL CONDOMINIUM, PUD

$17,584,400.00 1.52 $11,906,317 66,145 $274.11

777‐779 W. 19th Street Costa Mesa 92627 $6,000,000 0.728 $7,620,000 31,698 $189.28

Avison Young | Hauser | Multifamily 3

MARKET POSITIONINGLand Sales Comparables

$181.74 $189.28

$219.71 $225.21

$247.78

$496.10

$-

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

671 W 17th Street 777-779 W. 19th Street 102 Via Almodovar 123 Via Bilboa Duet @ Cadence 3303-3355 Via Lido

Price/SF

Average: $274.11

$7,620,000 $7,916,667

$9,372,000 $9,836,286

$10,793,463

$21,610,169

$-

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

777-779 W. 19thStreet

671 W 17thStreet

102 ViaAlmodovar

123 Via Bilboa Duet @ Cadence 3303-3355 ViaLido

Price/Acre

Average: $11,906,317

SUBJECT SUBJECT


MARKET POSITIONINGLand Sales Comparables Map

A. 123 Via Bilboa San Clemente

B. 102 Via Almodovar San Clemente

C. 671 W 17th Street Costa Mesa

D. 3303-3355 Via Lido Newport Beach

E. Duet @ Cadence Park Irvine

F. 777-779 W. 19th St Costa Mesa

A

B

C

D

E

F


MARKET POSITIONINGCondominium Sales Comparables

Address Community Name Sale Date City BRBaths (FTHQ)

SqFt Sale Price/SqFt List Price Sale Price Year Built Notes

1685 Monarch #79 17 West ‐ Lofts 8/9/2017 COSTA MESA 2 4 2,104 $391.41 $805,990 $823,527 2017

671 W 17th ST #14 17 West ‐ The Gallery 8/13/2017 COSTA MESA 3 3 2,051 $398.28 $829,523 $816,864 2017

669 W 17th ST #15 17 West ‐ The Gallery 4/10/2018 COSTA MESA 2 3 1,905 $444.61 $850,998 $846,990 2017

2632 Clarion DR Aura ‐ Denova Homes 4/8/2018 COSTA MESA 3 3.5 2,143 $404.34 $866,490 $866,490 2018

405 Aura DR Aura ‐ Denova Homes 4/27/2018 COSTA MESA 3 2.5 2,143 $405.27 $866,490 $868,490 2018

1687 Monarch #78 17 West ‐ Lofts 8/13/2017 COSTA MESA 2 4.5 2,243 $400.30 $882,365 $897,867 2017

1560 Placentia Ave** Ebb Tide ‐ MBK HomesUnder

Construction NEWPORT BEACH 4 4 1,809 $533.00 $964,200 2018Preselling. Built to suit. On the market.

1625 Hampton Drive* Lighthouse Plan 1 11/22/2017 COSTA MESA 4 3 1,858 $526.37 $978,000 $978,000 2018 Preselling. Built to suit.

2110 Two Harbors Circle Trumark Up Coast 1/30/2018 COSTA MESA 3 3.5 2,318 $506.90 $1,225,000 $1,175,000 2016

Averages: 2.9 3.4 2,064 $445.61 $918,784 $909,154


MARKET POSITIONINGCondominium Sales Comparables

$391.41 $398.28 $400.30 $404.34 $405.27

$444.61

$506.90

$526.37 $533.00

$-

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

1685 Monarch 671 W. 17thStreet

1687 Monarch 2632 Clarion Dr 405 Aura Dr 669 W. 17thStreet

2110 TwoHarbors

1625 HamptonDr

1560 PlacentiaAve

Condo Sales Price/SF

Average: $445.61

$816,864 $823,527 $846,990

$866,490 $868,490 $897,867

$978,000

$1,175,000

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

671 W. 17th Street 1685 Monarch 669 W. 17thStreet

2632 Clarion Dr 405 Aura Dr 1687 Monarch 1625 Hampton Dr 2110 Two Harbors

Condo Sale Price

Average: $909,154


MARKET POSITIONINGCondominium Sales Comparables Map

A. 1685 Monarch #79 Costa Mesa

B. 671 W 17th ST #14 Costa Mesa

C. 669 W 17th ST #15 Costa Mesa

D. 2632 Clarion DR Costa Mesa

E. 405 Aura DR Costa Mesa

F. 1687 Monarch #78 Costa Mesa

G. 2110 Two Harbors Circle Costa Mesa

H. 1560 Placentia Ave Newport Beach

I. 1625 Hampton Drive Costa Mesa

J. 777 W. 19th Street Costa Mesa

ABC

D

E

G

F

J

H

I


PROPERTY FEATURES:

• Prime Coastal Submarket

• Current Use – Existing Garden Style Office

• Value-Add Opportunity

• Residential Zoning Overlay

• Potential to Develop 35 Condominium Units

• Unique Ability to Generate Existing Income While Processing For Residential Entitlements

Bella Terra

POINTS OF INTEREST MAP

South Coast Plaza

Fashion Island

Pacific City

Lido Marina Village

Balboa Island

Triangle Square

Tustin Legacy &The District

SUBJECT PROPERTY

10Avison Young | Hauser | Multifamily

DEMOGRAPHIC OVERVIEW

POPULATION118,474

AVERAGEHOUSEHOLD

INCOME$97,514

MEDIAN 2018 HOME SALE

$962,500

MEDIAN AGE34.6

COSTA MESA

67.7% have some college education

or a degree


PETER [email protected]

CA License #00856966

MATT [email protected]

CA License #01996149

MASA [email protected] License #02060408

777-779 W. 19th Street | Costa Mesa, CA 92627

W. 19th Street

Placentia Ave

PACIFIC OCEANNEWPORT HARBOR

HOAG HOSPITAL

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