
Costa Mesa, California 92627
This High-Potential Investment Opportunity is a rare, entitled development site listed at a List Price of $2,300,000, positioned well below the $2,216,346 Fair Market Value by -3%. Featuring Zoning R2-MD and conditional approval for four detached luxury homes, this asset minimizes entitlement risk. The site offers a Condition Rating of 6, as the existing structure is slated for demolition. This is a strategic acquisition for Residential Developers and Institutional Investors seeking a shovel-ready coastal project in a supply-constrained market.
Property is land value only, full reconstruction required.
Built in 1948 (76 years old) and marketed exclusively as a luxury residential development opportunity. The listing focuses on land value and approved plans for four new detached homes, indicating the existing 818 sqft structure is obsolete.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 9148, living area = 818.
The property features conditional approval for a Vesting Tentative Parcel Map to build four detached luxury homes, significantly reducing entitlement risk and accelerating the development timeline.
Situated in a highly sought-after coastal community near Newport Beach and Fashion Island, the site is anchored by top-rated schools and premium amenities, ensuring high demand for the finished residences.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =9148, other record lot size in square feet = 9003.
This parcel must be sold together with the adjacent property (223 Mesa Drive) for a combined $4.6 million, which increases the required capital outlay and limits the buyer pool to those capable of a larger acquisition.
As a ground-up development project, the site requires the demolition of the existing 1948 structure and significant capital expenditure for construction, making it unsuitable for traditional residential buyers.
215 Mesa Drive, offered together with the adjacent 223 Mesa Drive, is a rare luxury residential development opportunity in the heart of Eastside Costa Mesa, one of Orange County's most sought-after coastal communities. The project has secured conditional approval of a Vesting Tentative Parcel Map from the City of Costa Mesa for four detached homes on individually owned fee simple lots, delivering an approved development path forward. Together the two contiguous parcels total approximately 18,651 square feet (0.428 acres), zoned R2-MD. Upon completion, the site delivers four detached, two-story residences, each designed as a four-bedroom, four-and-a-half-bath home ranging from approximately 2,572 to 2,940 square feet, with contemporary architecture, open concept floor plans, private yards, and two-car garages. The sale includes a comprehensive Due Diligence Package with architectural plans, engineering, grading, landscape plans, surveys, subdivision documents, renderings, and entitlement materials, allowing a buyer to reduce upfront soft costs and entitlement risk and focus on carrying the project through to construction. Set on a quiet, tree-lined street minutes from Newport Beach, Fashion Island, South Coast Plaza, and John Wayne Airport, the property sits within a neighborhood anchored by top-rated schools and premier coastal amenities. With conditional approval secured, a full design package in hand, and a site plan reflecting 9.35 units per acre, this is a rare chance to acquire a well-located, near-ready coastal infill project in a supply-constrained market. This parcel is listed at $2,300,000 and must be sold together with the adjacent parcel (223 Mesa Drive) as a single transaction, for a combined purchase price of $4,600,000. The two parcels are offered concurrently and cannot be sold separately.
No exterior & parking available.
Grades 3-6 • 1.4 mi
Grades PK-2 • 1.7 mi
Grades PK-6 • 2.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 4.0 |
| Baths | 1.0 | 2.6 |
| Square foot | 818 | 1,773.938 |
| Lot Size | 9,148 | 6,573.577 |
| Price | $2.30M | $1.69M |
| Price per sq ft | $2.8K | $976 |
| Built year | 1948 | 1961 |
| HOA | $0 | $342 |
| Days on market | 30 | 51 |
Aug 10, 2026
$2,300,000
Initial Listing
Jun 16, 2023
$1,200,000
Public Record