REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Listed by Chris Hsuan-Chu Lee • Berkshire Hathaway HomeService
$ 1,750,000
Est. payment /mo
Active Under Contract
2648 Newport Boulevard Costa Mesa, CA 92627
UPDATED:
Key Details
Property Type Commercial
Sub Type Business
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID OC-25030847
Property Sub-Type Business
Property Description
Perfect for your 1031 Client! Wonderful opportunity to own a large lot on a prime Eastside Costa Mesa with Two month-to-month tenants making it easy to shift gears when you have applied for zone change and when you are ready to build! Undermarket but vary Stable rent roll, minimal expenses while you decide what to do with this property. Wonderful opportunity to develop or hold a rare piece of land in Eastside Costa Mesa with simple month-to-month tenancy in place. Lot is zoned C-1, but Residential or Mixed Use zoning is viable if one is to propose a General Plans Amendment, Rezone, and Specific Plans. In 2020, a 9-unit condo passed the General Plan Screening* at the city council - does not equal to entitlement or being shovel ready. All plans have since expired and one would need to bring plans and proposals up to current requirements and code. Please note, it would take 6 months to 3 years to get the entitlements and be shovel ready as each proposal is different. Expired plans can be included in the sale of the property. This is an AS-IS purchase. *General Plan Screening is a precondition to the entitlement process; the City Council determined the proposal may proceed through the entitlement process. Staff believed the proposed development would provide an opportunity to improve the condition of the site and would provide additional housing in the City. The proposed condominiums were designed to complement the street frontage; however, the site plans would need refinement in terms of parking, design, and open space. The Council voted to move forward, submittal of applications for a General Plan Amendment, Rezone and Specific Plan would be required to process the necessary entitlements. After the General Plan Screening, the project was put on hold due to Covid uncertainties.
Location
State CA
County Orange
Area C5 - East Costa Mesa
Interior
Laundry None
Building
Lot Description Value In Land, Level, Rectangular Lot
Nicole Van Parys & Gary Nesen
License Partners, Private Office Advisors | License ID: 01108944