188 Merrill Place, Costa Mesa

EASTSIDE COSTA MESA GEM WITH TWO DETACHED TRADITIONAL STYLE HOMES One Eighty-Eight Merrill Place

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One Eighty-Eight Merrill Place – Front House

This is an incredible opportunity to own one of the nicest R2 properties in the highly sought-after and eclectic enclave of Eastside Costa Mesa, just adjacent to the Upper Newport Beach Back Bay. 188 Merrill features two recently constructed, detached, traditional-style homes meticulously built by a master craftsman, and offers many options for a family or investors, including living in the front house and renting out the back house.

The beautiful front house offers 3 bedrooms plus a downstairs office, 2.5 bathrooms, and perfectly balances thoughtful use of space, excellent craftsmanship and comfortable living with its inviting curb appeal and immaculately maintained landscaping. The modern and designer touches continue inside with an open floor plan featuring an island kitchen with black granite countertops, top-of-the-line stainless steel appliances, mahogany cabinets, and dual-paned Milgard windows throughout. The living room features a cozy fireplace accented by a distressed wood mantel. There is an audio/visual (AV) closet with complete wiring for the house, including surround sound speakers in the ceilings, a generously-sized office on the first level pre-wired with network capabilities, and an elegant half bath with travertine flooring, a vessel sink and tile accent wall. Upstairs you will find tall ceilings, 3 large bedrooms, including the master suite with a large walk-in closet, and a spa-like en suite bathroom with travertine flooring and shower, a double vanity with granite countertops, and a bedroom level laundry room. Off the kitchen, enjoy warm summer nights and afternoon ocean breezes on the covered patio with overhead fan, surround sound speakers, 220v outlet for a Jacuzzi overlooking a spacious and private backyard with automatic sprinklers, lush grass and fruit trees. Parking for 3 cars in attached 1-car garage and detached 2-car garage in rear. This truly is a trophy property!

Front House Main Level

Front House Second Level

One Eighty-Eight Merrill Place – Back House

The 2-bedroom, 1-bathroom back house, also recently constructed, shares the same attention to detail and excellent finishes. Nicely secluded and very separate from the front house, this property has been a high-demand rental, but could also be a perfect guesthouse for family, friends or a work space. At approximately 800 square feet, experience an open floor plan with a nicely appointed kitchen featuring concrete countertops and a sitting bar, plenty of mahogany cabinets, and stainless steel appliances, overlooking a spacious living room with space for a dining table and room to entertain. Bamboo flooring, sky lights, designer paint and recessed lighting throughout give this space all the modern touches. A separate office nook offers a great space to work, and the entire home is wired for AV. A separate laundry closet inside the property makes doing chores convenient. There are 2 oversized bedrooms with high-end carpet, ceiling fans, and nice-sized closets. One bedroom has a sliding door to the private yard. Relax or enjoy entertaining in the spacious side and backyard with a covered patio, lush landscaping and plenty of storage space on the side of the property. There is an additional 2-car detached garage with a separate storage room, along with a long driveway with space for a RV, boat or multiple cars. Don’t miss the chance to own this one-of-a-kind property!

Back House Main Level

Two Car Garage + Storage

Specs and Financial Analysis Physical Square Feet

Lot

Detached Units

(Original/Rebuild)

Age

1

1949/2012

1 Attached

1

1949/2012

2 Detached/Shared

Front House

1,800

Back House

798

Total:

2,598

7,284

2

Bedrooms

Baths

Current Rental Income

Pro Forma Rental Income

(Approx.)

(Approx.)

3 + Long Driveway

Income

Front House

3

2.5

$3,800

$4,000

Back House

2

1

$2,700

$2,850

Total Monthly:

$6,500

$6,850

Total Annually:

$78,000

$82,200

Expenses Monthly

Annually

Electric

Tenant Paid

Tenant Paid

Gas

Tenant Paid

Tenant Paid

Water, Sewer, Trash

$70

$840

Maintenance/Repair

$83

$1,000

Pest Control

$13

$160

Gardener

$100

$1,200

New Taxes

$1,662

$19,940

Insurance

$78

$938

Vacancy (3%)

$195

$2,340

Total Expenses

$2,201

$26,418

As a % of Revenue

33.9%

33.9%

As a % of Pro Forma Revenue

32.1%

32.1%

Total Net Income

$51,583

$55,783

Estimated Cap Rate

3%

3%

Net Income

Garages

This representation is based on information from California Regional Multiple Listing Service, Inc., as of 01/21/16. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/ or Selling Agent. © First Team® Real Estate. All rights reserved. This is not intended to solicit a listed property. If your property is currently listed for sale 19648 with a broker, please disregard.

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Danny Murphy & Jade Beardsley - ePro’s

REALTORS ®

CalBRE# 01867197 | CalBRE# 01205251

949-413-6967 | 949-246-2078 Danny@TheSoCalLife.com | Jade@TheSoCalLife.com Visit our website at: www.TheSoCalLife.com Facebook: www.Facebook.com/TheSoCalLifeTeam