2232-2234 Pacific Ave
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2232-2234 Pacific Ave
4 Unit Apartment Building $2,300,000 ($575,000/Unit) 2.41% Cap Rate Costa Mesa, CA 92627
Investment Highlights
- Offers Exclusively Spacious Two-Bedroom Floor Plans
- Each Unit Features a Private Yard or Patio, an In-Demand Amenity for Costa Mesa Renters
- Highly Desirable Single-Story Construction
- Garage & Surface Parking
Executive Summary
The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 2232 - 2234 Pacific Avenue, a 4-unit multifamily investment property located in Costa Mesa, California.
The property offers highly desirable features including single-story construction, garage & surface parking, & private patios or yards. Additionally, the property includes exclusively spacious two-bedroom /one-bathroom units averaging approximately 952 square feet.
Residents benefit from 2232 - 2234 Pacific Avenue’s excellent Costa Mesa location, in close proximity of a plethora of parks, trails, and schools. Resident’s enjoy convenient walkable access to Talbert Regional Park, Fairview Park, the Santa Ana River Trail, Victoria Elementary School and Estancia High School. Additionally, the property is situated less than 2.5-miles from Orange Coast College (OCC) and the O.C. Fair & Event Center, two major housing and economic drivers for the area. Furthermore, the property’s location, on the border of Costa Mesa & Huntington Beach, provides residents with easy access to area hotspots including Triangle Square, 17th Street, Pacific City, and South Coast Plaza.
The Costa Mesa submarket is among the strongest performing areas in metro Orange County, with an average occupancy of 96.5 percent (Q4 2023) and average year-over-year effective rent growth of 8.9 percent (between 2021 to 2023), demonstrating the strong demand for rental housing. Costa Mesa’s coastal location, strong economic growth, and unmatched local attractions have made it one of Southern California’s most desirable and versatile markets.
Given its Coastal Orange County location, the property offers an investor the ability to capture quality tenants seeking a convenient location with access to a wide variety of area amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 2232 - 2234 Pacific Avenue.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
The property offers highly desirable features including single-story construction, garage & surface parking, & private patios or yards. Additionally, the property includes exclusively spacious two-bedroom /one-bathroom units averaging approximately 952 square feet.
Residents benefit from 2232 - 2234 Pacific Avenue’s excellent Costa Mesa location, in close proximity of a plethora of parks, trails, and schools. Resident’s enjoy convenient walkable access to Talbert Regional Park, Fairview Park, the Santa Ana River Trail, Victoria Elementary School and Estancia High School. Additionally, the property is situated less than 2.5-miles from Orange Coast College (OCC) and the O.C. Fair & Event Center, two major housing and economic drivers for the area. Furthermore, the property’s location, on the border of Costa Mesa & Huntington Beach, provides residents with easy access to area hotspots including Triangle Square, 17th Street, Pacific City, and South Coast Plaza.
The Costa Mesa submarket is among the strongest performing areas in metro Orange County, with an average occupancy of 96.5 percent (Q4 2023) and average year-over-year effective rent growth of 8.9 percent (between 2021 to 2023), demonstrating the strong demand for rental housing. Costa Mesa’s coastal location, strong economic growth, and unmatched local attractions have made it one of Southern California’s most desirable and versatile markets.
Given its Coastal Orange County location, the property offers an investor the ability to capture quality tenants seeking a convenient location with access to a wide variety of area amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 2232 - 2234 Pacific Avenue.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$94,380
|
$24.78
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$2,831
|
$0.74
|
| Effective Gross Income |
$91,549
|
$24.04
|
| Taxes |
$24,111
|
$6.33
|
| Operating Expenses |
$11,912
|
$3.13
|
| Total Expenses |
$36,023
|
$9.46
|
| Net Operating Income |
$55,526
|
$14.58
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $94,380 |
| Annual Per SF | $24.78 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $2,831 |
| Annual Per SF | $0.74 |
| Effective Gross Income | |
|---|---|
| Annual | $91,549 |
| Annual Per SF | $24.04 |
| Taxes | |
|---|---|
| Annual | $24,111 |
| Annual Per SF | $6.33 |
| Operating Expenses | |
|---|---|
| Annual | $11,912 |
| Annual Per SF | $3.13 |
| Total Expenses | |
|---|---|
| Annual | $36,023 |
| Annual Per SF | $9.46 |
| Net Operating Income | |
|---|---|
| Annual | $55,526 |
| Annual Per SF | $14.58 |
Property Facts Under Contract
| Price | $2,300,000 | Property Subtype | Apartment |
| Price Per Unit | $575,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.35 AC |
| Cap Rate | 2.41% | Building Size | 3,808 SF |
| Gross Rent Multiplier | 24.37 | No. Stories | 2 |
| No. Units | 4 | Year Built | 1959 |
| Property Type | Multifamily | Parking Ratio | 1.05/1,000 SF |
| Price | $2,300,000 |
| Price Per Unit | $575,000 |
| Sale Type | Investment |
| Cap Rate | 2.41% |
| Gross Rent Multiplier | 24.37 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 3,808 SF |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.05/1,000 SF |
Unit Amenities
- Yard
- Patio
Site Amenities
- Fenced Lot
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | 952 |
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Bike Score ®
Very Bikeable (70)
-
Tyler Leeson -
Matthew Kipp -
Marcus & Millichap
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2232-2234 Pacific Ave
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