291 - 293 Avocado St, Costa Mesa, CA, 92627
24 Units in Costa Mesa | 19 Renovated Units
Marketing description
Marcus & Millichap is pleased to present the opportunity to acquire 291 - 293 Avocado Street, a 24-unit multifamily property in Costa Mesa, California. The asset consists of two 12-unit buildings situated on contiguous parcels and arranged around a shared central courtyard.
Built in 1965, the gated property offers approximately 18,012 rentable square feet and features a unit mix of 20 one-bed/one-bath units and 4 two-bed/one-bath units. The property provides 45 parking spaces (approximately 1.9 per unit), including a mix of surface, carport, and garage parking, along with an on-site laundry room.
Ownership has completed several capital improvements, including a roof replacement, copper plumbing, and upgraded electrical subpanels. The property has also completed its SB-721 inspection with no required corrective work. 19 of the 24 units have been renovated, and rents are currently near market, supporting stable in-place income.
The installation of in-unit washer/dryer hookups presents a potential enhancement, as this feature remains relatively uncommon among comparable properties yet is highly desirable to renters. The property also includes underutilized common area space that could be repositioned into amenities or, subject to city approval, may offer ADU potential.
The property is located in a desirable Westside Costa Mesa setting with convenient access to nearby retail, dining, and major transportation corridors.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Investment highlights
24-unit multifamily property on two contiguous parcels in Westside Costa Mesa
19 of 24 units renovated with modern interior finishes
45 parking spaces (approximately 1.9 per unit) including garage, carport, and surface parking
Stable in-place income with rents currently near market levels
Recent capital improvements including newer roof, copper plumbing, and upgraded electrical subpanels
Gated property with central courtyard layout and on-site laundry facilities
ADU potential across two legal parcels allowing for expanded development flexibility (subject to city approval)
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