Multifamily
2350 Santa Ana Ave
2350 Santa Ana Ave, Costa Mesa, CA 92627
Listing Price: $4,500,000
Investment Overview
Introducing 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.
2350 Santa Ana Ave
Investment 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.
Exclusively Listed By
Listing Price: $4,500,000
Investment 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.
Investment Overview
Introducing 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.
Exclusively Listed By
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