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Multifamily

Kenwood Place Apartments

1762 Kenwood Place, Costa Mesa, CA 92627

Listing Price: $3,525,000

Cap Rate
4.39%
Number of Units
8
GRM
15.33
Price/Unit
$440,625
Price/Gross SF
$520.60
Gross SF
6,771

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Kenwood Place Apartments, an 8-unit multifamily investment property located in Costa Mesa, California.

Built in 1961, the single-story property offers a mix of 6, one-bedroom units and 2, two-bedroom units. Amenities at Kenwood Place Apartments include ample carport and surface parking, in-unit laundry hookups, private patios, and an on-site laundry facility. Current ownership has invested significant capital into interior and exterior improvements with desirable upgrades including fresh paint, vinyl flooring, quartz countertops, stainless steel appliances, shaker-style cabinetry, and more.

The property benefits from its unparalleled Costa Mesa location, in close proximity of parks as well as schools belonging to the highly rated Newport-Mesa Unified School District. Residents at Kenwood Place Apartments enjoy convenient access to an abundance of everyday needs as well as dining and entertainment options at Triangle Square and Costa Mesa Courtyards. Additionally, the property is just 0.30 miles 17th Street a 1.25-mile retail corridor that features a plethora of grocers, retailers restaurants, and bars. Furthermore, Kenwood Place Apartments is just over 1.30 miles from the Balboa Peninsula, home to some of Newport’s most famous retail, dining, and recreation hotspots. The property benefits from it’s close proximity to State Route 55 & Pacific Coast Highway, connecting residents to employment hubs throughout Southern California.

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 the 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 Kenwood Place Apartments.

Investment Highlights

  • Attractive Mix of Spacious One & Two-Bedroom Floor Plans
  • All Units Have Received Substantial Renovations Including Vinyl Flooring, Dual-Pane Windows, Shaker-Style Cabinetry, & More
  • Units Feature Highly Desirable Amenities Including In-Unit Laundry Hookups & Private Patios (Most Units)
  • 100 Percent Single-Story Construction
  • Ample Carport & Surface Parking & an On-Site Laundry Facility
  • Unparalleled Costa Mesa Location Within the Highly Rated Newport-Mesa Unified School District
  • Within Walking Distance of Everyday Needs at Costa Mesa Courtyards a 170,000+ SF Lifestyle Center
  • 0.30 Miles from the Plethora of Grocers, Restaurants, & Bars Along the 17th Street Retail Corridor

Exclusively Listed By

Financing By

Multifamily

Kenwood Place Apartments

Listing Price: $3,525,000

Cap Rate
4.39%
Number of Units
8
GRM
15.33
Price/Unit
$440,625
Price/Gross SF
$520.60
Gross SF
6,771

Investment Highlights

  • Attractive Mix of Spacious One & Two-Bedroom Floor Plans
  • All Units Have Received Substantial Renovations Including Vinyl Flooring, Dual-Pane Windows, Shaker-Style Cabinetry, & More
  • Units Feature Highly Desirable Amenities Including In-Unit Laundry Hookups & Private Patios (Most Units)
  • 100 Percent Single-Story Construction
  • Ample Carport & Surface Parking & an On-Site Laundry Facility
  • Unparalleled Costa Mesa Location Within the Highly Rated Newport-Mesa Unified School District
  • Within Walking Distance of Everyday Needs at Costa Mesa Courtyards a 170,000+ SF Lifestyle Center
  • 0.30 Miles from the Plethora of Grocers, Restaurants, & Bars Along the 17th Street Retail Corridor

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Kenwood Place Apartments, an 8-unit multifamily investment property located in Costa Mesa, California. Built in 1961, the single-story property offers a mix of 6, one-bedroom units and 2, two-bedroom units. Amenities at Kenwood Place Apartments include ample carport and surface parking, in-unit laundry hookups, private patios, and an on-site laundry facility. Current ownership has invested significant capital into interior and exterior improvements with desirable upgrades including fresh paint, vinyl flooring, quartz countertops, stainless steel appliances, shaker-style cabinetry, and more. The property benefits from its unparalleled Costa Mesa location, in close proximity of parks as well as schools belonging to the highly rated Newport-Mesa Unified School District. Residents at Kenwood Place Apartments enjoy convenient access to an abundance of everyday needs as well as dining and entertainment options at Triangle Square and Costa Mesa Courtyards. Additionally, the property is just 0.30 miles 17th Street a 1.25-mile retail corridor that features a plethora of grocers, retailers restaurants, and bars. Furthermore, Kenwood Place Apartments is just over 1.30 miles from the Balboa Peninsula, home to some of Newport’s most famous retail, dining, and recreation hotspots. The property benefits from it’s close proximity to State Route 55 & Pacific Coast Highway, connecting residents to employment hubs throughout Southern California. 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 the 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 Kenwood Place Apartments.

Exclusively Listed By

Financing By

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