432 Hamilton Street

Description

Pleased to present 432 Hamilton Street, a turnkey triplex in Costa Mesas developing West Side. This immaculate building has been meticulously improved and upgraded in 2023 with all units receiving new kitchen cabinets, stone countertops, new appliances, fixtures, lighting, vanities, shower enclosures and more. The exterior of the property has recently been painted and all windows and sliders are brand new. The property is comprised of two large two-bedroom/two-bathroom units and one large three-bedroom/two-bathroom unit that will be delivered fully furnished with brand new furniture, televisions and decorative items. Each unit also contains a private patio or balcony with one unit receiving an expansive backyard. Every tenant of the property enjoys washer and dryer hookups, and each unit comes with new washer/dryer machines, refrigerators and microwaves included in the rental. Three individual garages are available for parking along with (5) open parking spaces.The current owner has obtained approval for the ability to construct (2) additional ADUs. Each ADU would be a two bedroom/two bathroom unit which would add approximately 1,551 rentable square feet to the premises. All plans and documents will be transferred with the sale and new ownership will only need to obtain their permits and immediately begin construction. The existing unit income added to the additional income from the new ADUs will produce a projected 11.7% cash-on-cash return which includes the costs to build the new units. Not to mention, the value of the ADU's are estimated to be more than twice as much as their cost to build and these units would not be subject to current rent control laws. This is a rare opportunity to purchase a turnkey property with the potential for massive growth.