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117 Clearbrook Lane, Costa Mesa, California 92626, Costa Mesa, 92626 - bed, bath

117 Clearbrook Lane, Costa Mesa, California 92626 home-pic-0
ACTIVE$1,695,000
117 Clearbrook Lane, Costa Mesa, California 92626
0Bed
0Bath
2,528Sqft
7,841Lot
Year Built
1964
Close
-
List price
$1.7M
Original List price
$1.74M
Price/Sqft
$670
HOA
-
Days on market
-
Sold On
-
MLS number
OC25244034
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.70M(43th), sqft - 2528(14th), beds - undefined(50th), baths - undefined(50th).

See the property video for more information. Discover a rare triplex investment opportunity in Costa Mesa offering stable income, below-market rents, and long-term upside potential. Ideally located across from the OC Fairgrounds and Vanguard University, this property attracts consistent tenant demand year-round from students, professionals, and event traffic. The property features three well-maintained units—two 1-bedroom residences and one 2-bedroom, 1-bath home—each with its own private laundry, fenced outdoor area, and single-car garage. The 2-bedroom unit has been updated with modern finishes, while the other two offer immediate rental growth potential through light cosmetic improvements. Situated on a 7,841-square-foot lot with separate gas and electric meters, this triplex delivers low operating expenses and strong future returns. Current gross income is approximately $95,000 annually, with market rents projected to exceed $100,000+ based on nearby comparable properties. Perfect for investors seeking passive income in Orange County or those completing a 1031 Exchange, 117 Clearbrook Ln combines prime location, dependable tenants, and opportunity for value-add appreciation. Explore options for ADU conversion, or long-term hold in one of Costa Mesa’s most central neighborhoods—minutes from South Coast Plaza, John Wayne Airport, and Newport Beach. Highlights: Fully occupied triplex with strong tenant history Two 1-bed units + one 2-bed unit with modern upgrades Each unit includes private laundry & garage Excellent 1031 Exchange replacement property Near OC Fairgrounds, Vanguard University & 55 Freeway Market rent growth + ADU potential for added income Approx. 4+% Cap Rate | 2,528 SQFT

Price History

Date
Event
Price
12/01/25
Price Change
$1,695,000-2.5%
10/21/25
Listing
$1,739,000
Condition Rating
Poor
Built in 1964, this triplex is 60 years old. While one unit is described as having 'modern finishes,' the other two units require 'significant cosmetic or system upgrades' according to the property analysis. This indicates that a majority of the property needs substantial repairs and rehabilitation beyond minor updates. The complete absence of interior photos, especially for kitchens and bathrooms, prevents a detailed assessment of the 'modern' unit and suggests the other two units are in a condition that would require significant investment to bring them to current standards, aligning with the 'poor' category for overall property condition.
Pros & Cons

Pros

Strong Investment Fundamentals: This fully occupied triplex offers stable income with a reported 4+% Cap Rate and low operating expenses, making it an attractive opportunity for passive income generation.
Prime Location & High Demand: Strategically located across from the OC Fairgrounds and Vanguard University, the property benefits from consistent tenant demand from students, professionals, and event traffic, with proximity to major amenities like South Coast Plaza and John Wayne Airport.
Significant Value-Add Potential: With current below-market rents and projected market rents exceeding $100,000 annually, there's clear potential for rental growth. Additionally, the property offers ADU conversion potential for further income diversification.
Individual Unit Amenities: Each of the three units includes desirable features such as private laundry, a fenced outdoor area, and a single-car garage, enhancing tenant appeal and retention.
Separate Utilities & Large Lot: Separate gas and electric meters for each unit simplify management and reduce operating costs, while the generous 7,841 sqft lot provides ample space and supports future expansion possibilities.

Cons

Age of Property & Partial Updates: Built in 1964, only one of the three units has been updated with modern finishes, suggesting the other two units may require significant cosmetic or system upgrades to maximize rental potential and tenant satisfaction.
Current Below-Market Rents: While offering future upside, the current rents are below market, meaning immediate cash flow is not optimized and achieving market rates will require investment and potential tenant turnover.
Recent Price Reduction: The property has recently undergone a price reduction from its original listing, which could indicate a slower-than-expected market response or an initial overestimation of value.

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