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Hamilton Cove Multifamily Property Sold For $5.625M With Brokers Daniel Blackwell, Jack O’Connor & Mike O’Neill

Property Image
SOLD
$5,625,000
Mike O’Neill
Daniel (Dan) Blackwell
Jack O’Connor

California

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MultiFamily9,372 SF
Sold 10/07/2024
the dealplayerscompscontact
Property Image
SOLD

Hamilton Cove Multifamily Property Sold For $5.625M With Brokers Daniel Blackwell, Jack O’Connor & Mike O’Neill

560 Hamilton Street

See Similar Deals
MultiFamily9,372 SF
Sold 10/07/2024
Mike O’Neill
Daniel (Dan) Blackwell
Jack O’Connor
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$600
Total Square Footage:9,372 SF
Transaction Type:Sale

Hamilton Cove, a 15-unit multifamily property located at 560 Hamilton Street in Costa Mesa, has been sold for $5.625 million. The property spans 9,372 square feet and is situated on 0.45 acres, offering a price per unit of $375,000 and a price per square foot of $600. Recent renovations have included over $1.45 million in upgrades.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $5,625,000
  • Units: 15
  • Square Footage: 9,372
  • Address: 560 Hamilton Street
  • Market: Costa Mesa
  • Brokers: Daniel Blackwell, Jack O’Connor & Mike O’Neill - CBRE
  • Escrow: Seven-day, non-contingent
  • Buyer: Private Investor

The transaction was facilitated by CBRE, representing the seller. The property is located in a rapidly improving submarket and is within an Opportunity Zone, which provides potential tax advantages and immediate stable income for the buyer.

Players

Daniel (Dan) Blackwell
CBRE
Daniel Blackwell
61 deals$439.4M volume(949) 725-8655
BROKER
Mike O’Neill
CBRE
Mike O’Neill
25 deals$160.8M volume
BROKER
Jack O’Connor
CBRE
Jack O’Connor
8 deals$53.4M volume(949) 648-1474
BROKER

Details

SOLD
IMAGE: Daniel Blackwell, Jack O’Connor & Mike O’Neill DATE: 10/07/2024 ADDRESS: 560 Hamilton Street MARKET: Costa Mesa ASSET TYPE: Multifamily ~ ACRES: 0.45 BROKERS: Daniel Blackwell (@MultiFamilySocal), Jack O’Connor & Mike O’Neill (@Mike_ONeill11) - CBRE (@CBRE) SALE PRICE: $5,625,000 UNITS: 15 ~ PPU: $375,000 SF: 9,372 ~ PPSF: $600 NOTE: Hamilton Cove, a 15-unit multifamily property in Costa Mesa, sold for $5.625 million to a private investor in a seven-day, non-contingent escrow facilitated by CBRE. The property, recently renovated with over $1.45 million in upgrades, offers top-market rents and is located in a rapidly improving submarket, providing the buyer immediate stable income and potential tax advantages as it's in an Opportunity Zone.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$300,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$19,984.44
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,665.37
Annual Debt Service$319,984.44