Contacts

Michael Cavner

The Leeson Group Marcus & Millichap

Property Details

Property Type Multi-Family
Property Size 4,427 SF
Units 6
Lot Size 0.41 Acre
Additional Rent Contact for pricing
Year Built 1963
Year Renovated 2024
Date Updated Aug 23, 2024

N/AIntroducing 2350 Santa Ana Ave, a six-unit apartment complex in Eastside Costa Mesa, CA. Built in 1963 and renovated in 2023-2024, the property blends modern comforts with classic charm on an 18,061 sq. ft. lot. It features a mix of one-, two-, and two-bedroom + den units with private outdoor spaces. Three units have been fully upgraded with new electrical and plumbing systems, energy-efficient windows, split HVAC units, premium flooring, custom cabinetry, designer bathrooms, and stainless steel appliances. The remaining three units will be similarly renovated before closing, making the property turnkey. Currently master leased through October 2025, the property generates $25,000 per month, offering a 5.50% cap rate with minimal owner obligations. Additionally, it holds future potential with an approved plan for five 1,700 sq. ft. condominium units. Whether continuing the lease, repositioning as multifamily, or redeveloping, 2350 Santa Ana Ave offers multiple paths to long-term value creation.

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Highlights

Versatile Six-Unit Complex: Features one and two-bedroom apartments, each with private outdoor spaces.
Extensive Renovations: High-end updates to interiors and infrastructure, with remaining units to be completed before close.
Stable Income Stream: Master leased at $25,000 per month until October 2025, yielding a 5.50% capitalization rate.
Future Redevelopment Potential: Lot approved for development into five detached 1,700 sq. ft. three-bedroom condominium units.
Multifamily Market Flexibility: Potential repositioning as a multifamily asset with a projected 4.00% cap rate.
Prime Coastal Location: Located in the highly desirable and supply-constrained Eastside Costa Mesa area.

Getting around

44/100
Walk Score ®
31/100
Transit Score ®
67/100
Bike Score ®

Powered by Walk Score ®

City Costa Mesa, CA
Neighborhood Eastside Costa Mesa
Zip Code 92627
Market Orange County

Points of Interest

Tustin Metrolink Station

6.54 miles
Tustin

6.55 miles
Irvine

9.41 miles
Orange

9.80 miles

Arco

1.05 miles
76

1.22 miles
Superior Stations

1.27 miles
Chevron

1.44 miles
EV Chargepoint

2.03 miles
Mobil

2.07 miles
Shell

2.07 miles
Speedway Express

2.07 miles
ChargePoint

2.20 miles
Tesla Supercharger

2.90 miles

Orange County Fairgrounds Gate 8

1.24 miles
Adams Lot

1.79 miles
University Park And Ride

2.16 miles
Hoag Center Free Patient Parking

2.29 miles
Cell Phone Waiting Lot

2.36 miles
UCI Health Medical Campus - Parking Garage

2.45 miles
UCI Health - Parking Structure

2.50 miles
Health Sciences Parking Structure

2.55 miles
P1 Main Visitor Parking East

2.56 miles

BLVD Hotel, Ascend Hotel Collection

0.53 miles
Motel 6 Costa Mesa, CA - Newport Beach

0.54 miles
Ali Baba Motel

0.56 miles
Tern Inn

0.71 miles
Days Inn Costa Mesa-Newport Beach

0.79 miles
Holiday Inn Express Costa Mesa

0.85 miles
Best Western Plus Newport Mesa Inn

0.89 miles
Cozy Inn

0.99 miles
Sandpiper Motel

1.09 miles
Travelodge Costa Mesa Newport Beach Hacienda

1.14 miles

Stater Bros. Markets

0.68 miles
Albertsons

1.23 miles
TJ Maxx

1.24 miles
The Triangle

1.34 miles
Ralphs Fresh Fare

1.41 miles
Ralphs

1.60 miles
Sprouts Farmers Market

1.69 miles
Target

1.73 miles
Vons

1.76 miles
Trader Joe's

1.88 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

2350 Santa Ana Ave