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Colin Farris

[email protected] +1(949) 424-4354

$ 2,049,000

Est. payment -/mo

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330 University DR Costa Mesa, CA 92627

3 Beds

2 Baths

1,400 SqFt

UPDATED:

01/29/2025 07:18 PM

Key Details

Property Type Single Family Home

Sub Type Single Family Residence

Listing Status Active

Purchase Type For Sale

Square Footage 1,400 sqft

Price per Sqft $1,463

MLS Listing ID 25489209

Bedrooms 3

Full Baths 1

Half Baths 1

HOA Y/N No

Year Built 1944

Lot Size 8,276 Sqft

Property Description

Investors and Builders - With a recent rezoning by the County of Orange, this highly desirable property offers unparalleled flexibility and development potential, setting it apart from any other on the market in the Newport-Mesa area. Just 350 yards or so from the serene waters of Newport's Back Bay, this 8,275-square-foot property is ideally located in an unincorporated area of Eastside Costa Mesa. Considering building six new townhomes? How about up to 14 apartments? This property is zoned for both, with a maximum height allowance of 35 feet. Alternatively, design your dream home or even two! You could also renovate the existing 1,400 sqft 3-bedroom, 1.5-bath residence while capitalizing on its two oversized garages and onsite parking for up to 20 vehicles. There are two distinct architectural renderings: Townhouse Rendering - This concept showcases 5 custom townhomes, and 1 custom ADU, all designed in a modern coastal craftsman style. Each townhome is designed with balconies and two-car garages. This configuration could generate an estimated sale of more than $7 million. Apartment Rendering - This option presents 8 high-end custom apartments plus 2 custom ADU apartments. Each apartment includes a private balcony and a single-car garage equipped with an EV charger. Under this plan, the conservative rental income is estimated at $35,000 monthly and $420,000 annually. If you're not a builder and looking for a home to live in, with some minor work this home can be move in ready. This development opportunity offers a wealth of possibilities: 1. Develop and Sell Build and sell all units for an immediate profit. 2. Develop and Rent Lease all units to generate steady rental income while benefiting from long-term appreciation and potential tax write-offs. 3. Build and Live Create your dream property, move into one unit, and rent the others. 4. Build and Retain Keep one or two townhomes for yourself, then sell the remaining units to offset your investment costs. 5. 1031 Exchange Use this opportunity to complete your 1031 exchange and defer capital gains taxes. Please ask Listing agent for Offering Memorandum or look in MLS documents. *Buyer to conduct their own due diligence with the County of Orange to confirm all development standards

Location

State CA

County Orange

Area N7 - West Bay - Santa Ana Heights

Zoning R4

Interior

Interior Features Workshop

Heating Wall Furnace

Cooling None

Fireplaces Type Living Room

Furnishings Unfurnished

Fireplace Yes

Exterior

Parking Features Concrete, Carport, Oversized, RV Garage

Pool None

View Y/N Yes

View Bay, Back Bay

Total Parking Spaces 20

Private Pool No

Building

Story 1

Entry Level One

Architectural Style Traditional

Level or Stories One

New Construction No

Others

Senior Community No

Tax ID 43909213

Special Listing Condition Standard

Listed by John McCann • Lyon Stahl Investment Real Estate, Inc.

Colin Farris

Founder | License ID: 01938669

+1(949) 424-4354

Colin Farris

330 University DR Costa Mesa, CA 92627

Key Details

Location

Interior

Exterior

Building

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330 University DR