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33745493
33745505

5 Units | Costa Mesa, CA

$3,000,000
12 days on market
Updated 8 days ago
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 4,522
Net Rentable (SqFt) 4,522
Units 6
Cap Rate 5.72%
NOI $171,743
Occupancy 100%
Tenancy Single
Rent Bumps Yes
Pro-Forma Cap Rate 5.99%
Pro-Forma NOI $179,658
Price per SqFt $663
Class A
Year Built 1977
Year Renovated 2024
Buildings 3
Lot Size (SqFt) 8,786
Zoning R2-MD
Parking Spaces 6 spaces
Parking Per SqFt 1.33

Turnkey 5-Unit Westside Costa Mesa Multifamily | Two 2024 ADUs | 5.72% Cap, Strong In-Place Income

Marketing description

Costa Mesa sits at the coastal core of Orange County — a roughly 15-square-mile city of about 113,000 residents wedged between

central O.C.'s freeway network and the beaches of the Pacific. Its draw is a combination that is genuinely hard to find at the same

address: a real, diversified job base, a walkable retail and dining culture, and a short drive to the shoreline. That mix keeps both

renters and owners competing for a housing supply that simply isn't growing fast enough to meet demand.

The local economy is unusually broad for a city this size. South Coast Plaza anchors one of the highest-grossing retail districts in

the United States, while the surrounding submarket supports technology and design firms, creative studios, medical groups, and a

hospitality sector built around the OC Fair & Event Center and the Segerstrom Center for the Arts. That breadth translates into a

resilient employment picture and a steady daytime population that underpins rental demand year-round.

Families are served by the Newport-Mesa Unified School District and by Orange Coast College, one of California's largest

community colleges, and the city plugs into the wider region through the 55, 73, and 405 freeways and nearby John Wayne Airport.

Neighborhoods run the full range from quiet single-family pockets to denser, amenity-rich corridors — and the Westside in particular

has attracted sustained private reinvestment over the past several years.

For a multifamily owner, the conclusion is simple: a supply-constrained coastal market, durable demand from a wide spread of

employers and students, and a quality-of-life premium that has historically supported both rents and long-term value retention.

Investment highlights

  • Effectively new construction — two 2024 ADUs plus three 2023 down-to-studs rebuilds
  • Fully master-leased: $19,000/month of hands-off income in place
  • All two- and three-bedroom mix — no studios or one-bedrooms
  • In-unit laundry, stone counters, and stainless appliances in every home
  • Private patios/balconies and six on-site parking spaces
  • Separately metered gas & electric; minutes to the beach, 17th St & Triangle Square

Listing Contacts

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$171,743.00
$14,311.92/mo

Valuation Metrics

0
DSCR
5.72%
Cap Rate
5.72%
ROI

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