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1582 Coriander Drive, Costa Mesa, CA 92626
9
beds
8
baths
4532
ft2
· 8276
ft2 lot
$1,735,000
$383 / ft2
Listing provided courtesy of Rick Applebaum, Morgan Skenderian.
Source CRMLS.
We are pleased to offer 1582 Coriander Drive, a 4-unit apartment investment opportunity located in the coastal community of Costa Mesa. Located in the highly coveted "Spice Streets" neighborhood of the Mesa Verde area, this Covington-style 4-plex offers stand out curb appeal on a street full of pride-of-ownership properties. Comprised of 2 & 3-bedroom units, this investment opportunity is located close to major retail, dining, and shopping, and approximately 1.5 miles from the ever-expanding Orange Coast College (OCC). Tenants enjoy large units with on-site laundry and spacious exterior common areas. The Coriander Drive apartments will offer continuous growth and appreciation that will be further amplified by a new owner improving and modernizing interiors that will allow an investor to capitalize on market rents and improve cash-flow. *Fantastic "Spice Streets" Location within Mesa Verde *Excellent Mix of 2 & 3-Bedroom Units *Ample Garage Parking and Additional Open Spaces *Priced Below Most Recent Sales in the Neighborhood *Impressive Growth Potential *New Exterior Paint
HOA
$—/month
On market
7 months
Year built
1965
Property type
Multi-Family
Parking
6
MLS
PW20188585
Price / Sq.Ft.
$383 / ft2
Status
Active
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Based on a price of $1,735,000
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Property Details
Interior Features & Layout
Appliances
•   
Laundry Details: Community
•   
Laundry: 1
Rooms Info
•   
Average3 Bed Area Units: Square Feet
•   
Average Studio Area Units: Square Feet
•   
Average2 Bed Area Units: Square Feet
•   
Average1 Bed Area Units: Square Feet
Interior Size
•   
Building Area Total: 4532.00
Property, Lot, Community & Exterior Features
Parking Info
•   
Garage Spaces: 5.00
•   
Uncovered Spaces: 1.00
Building Info
•   
Building Area Units: Square Feet
•   
Stories Total: 2
•   
Num Stories: Two
•   
Year Built Source: Assessor
Lot Info
•   
Lot Features: 2-5 Units/Acre
•   
Lot Size Source: Assessor
•   
Elevation Units: Feet
•   
Lot Size Acres: 0.1900
•   
Lot Size Area: 8276.0000
•   
Lot Size Units: Square Feet
Community Info
•   
Number Of Buildings: 1
•   
Total Units: 4
Property Features
•   
Common Walls: No Common Walls
Utilities & Other Information
Utilities
•   
Number Of Separate Electric Meters: 5
•   
Number Of Separate Gas Meters: 5
•   
Number Of Separate Water Meters: 1
Water & Sewer Info
•   
Water Source: Public
•   
Sewer: Public Sewer
Listing Details, Costs & Financing Information
Financial Info
•   
Operating Expense Percent: 35.60
•   
Gross Operating Income: 85030.00
•   
Water Sewer Expense: 0.00
•   
Other Expense Description: Utility
•   
Other Expense: 4297.00
•   
Laundry Income: 1080.00
•   
Vacancy Allowance Rate: 3.00
•   
Maintenance Expense: 4252.00
•   
Cap Rate: 3.10
•   
Fuel Expense: 0.00
•   
Trash Expense: 0.00
•   
New Taxes Expense: 18267.00
•   
Insurance Expense: 1400.00
•   
Vacancy Allowance: 2630
•   
Total Expenses: 31249.00
•   
Gross Scheduled Income: 87660.00
•   
Maintenance Percent: 5.00
•   
Operating Expense: 31249.00
•   
Gardener Expense: 1560.00
•   
Gross Multiplier: 19.79
•   
Rent Control Yn: 1
Tax/Assessment Info
•   
Gross Income: 1080.00
•   
Tax Year: 2020
•   
Taxes: 18177.0
Lease Info
•   
Net Operating Income: 53781.00
Listing Info
•   
Status: Active
Other
•   
Electric Expense: 0.00
Multi Unit Information
Unit 3 Information
•   
Unit 3 Bedrooms: 2
•   
Unit 3 Actual Rent: 1750.00
•   
Unit 3 Total Units: 1
•   
Unit 3 Furnished Units: Unfurnished
•   
Unit 3 Garage Spaces: 1.00
•   
Unit 3 Bathrooms: 2
•   
Unit 3 Total Rent: 1750.00
Unit 2 Information
•   
Unit 2 Actual Rent: 1695.00
•   
Unit 2 Bedrooms: 2
•   
Unit 2 Total Units: 1
•   
Unit 2 Furnished Units: Unfurnished
•   
Unit 2 Bathrooms: 2
•   
Unit 2 Garage Spaces: 1.00
•   
Unit 2 Total Rent: 1695.00
Unit 1 Information
•   
Unit 1 Bedrooms: 2
•   
Unit 1 Total Units: 1
•   
Unit 1 Furnished Units: Unfurnished
•   
Unit 1 Garage Spaces: 1.00
•   
Unit 1 Bathrooms: 2
•   
Unit 1 Actual Rent: 1670.00
•   
Unit 1 Total Rent: 1670.00
Unit 4 Information
•   
Unit 4 Actual Rent: 2100.00
•   
Unit 4 Total Units: 1
•   
Unit 4 Furnished Units: Unfurnished
•   
Unit 4 Total Rent: 2100.00
•   
Unit 4 Bathrooms: 2
•   
Unit 4 Garage Spaces: 1.00
•   
Unit 4 Bedrooms: 3
Multi Unit Information
•   
# Of Units: 4
School Neighborhood & Directions
Location
•   
Other Subdivision Name: Spice Streets
•   
Subdivision: Other (OTHR)
•   
Community Features: Curbs, Sidewalks, Storm Drains, Street Lights
•   
Directions: North of Baker Street & West of Harbor Boulevard
Other
Calculation
•   
Dom: 19
•   
Cdom: 19
The information contained in this listing has not been verified by Flyhomes and should be verified by the buyer.

Data last updated: Apr 18, 2021 2:34am
Neighborhood snapshot
46
Properties for sale
6
Median days on market
$485.83
Median sold price/sqft
100.51%
Sold/List %
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Property History
12/23/2020
12/23/2020
Public Record
sold
Public Record
$1,750,000
+0.86%
09/29/2020
09/29/2020
CRMLS #PW20188585
active
CRMLS #PW20188585
$1,735,000
--0.86%
09/10/2020
09/10/2020
CRMLS #PW20188585
active
CRMLS #PW20188585
$1,750,000
+12.90%
12/12/2017
12/12/2017
Public Record
sold
Public Record
$1,550,000
+307.89%
12/14/1995
12/14/1995
Public Record
sold
Public Record
$380,000
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