
Costa Mesa, California 92627
This Residential Income Quadruplex presents a Strong Value Opportunity, listed at $2,499,000—positioned well below the $2,734,678 Fair Market Value by 8%. This valuation gap offers $235,678 in Instant Equity. With a Condition Rating of 3, the property features private laundry, garage parking, and private outdoor decks/patios. Located near top-rated schools like Heinz Kaiser Elementary, this asset provides a stable, diverse income stream. It is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a high-performing Eastside Costa Mesa property.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2209 Elden Avenue Subject | $2,499,000* List Price | 0 | 0 | 3,650 | $801 | - |
A 2048 Garden Lane Sold | $2,855,000 | 0 | 0 | 3,355 | $851 | 0.7 mi |
B 416 Hamilton Street Sold | $2,010,000 | 0 | 0 | 3,232 | $622 | 0.6 mi |
C 375 E 21st Sold | $2,125,000 | 6 | 4 | 2,693 | $789 | 0.6 mi |
D 375 E 21st Sold | $2,125,000 | 0 | 0 | 2,693 | $789 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
While originally built in 1932, this quadruplex is meticulously maintained and features several key updates that elevate it above 'Fair' condition. Improvements include stainless steel appliances, slab countertops in the studio, wood and stone flooring, and a recently remodeled shower. The property is functional, move-in ready, and shows significant pride of ownership across all units.
Situated on a rare 9,000+ square foot corner lot in the highly coveted Eastside Costa Mesa area, offering proximity to 17th Street amenities and Newport beaches.
Each unit features rare multi-family perks including private laundry facilities, dedicated outdoor living spaces, and garage parking, significantly increasing tenant retention and rental value.
The property offers a favorable unit mix consisting of a 2-bedroom primary residence, two 1-bedroom units, and a spacious studio, catering to a wide range of tenant profiles.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =9021, other record lot size in square feet = 9125. Living area discrepancy between mls listing and other public or private record. mls listing living area = 3650, other record living area = 540.
Originally constructed in 1932, the property may require ongoing maintenance or future capital expenditures for aging systems despite its meticulous upkeep.
With a list price of nearly $2.5 million, the property represents a significant initial investment that may yield a lower immediate cap rate compared to less premium locations.
Located on an expansive corner parcel of more than 9,000 square feet in the heart of Eastside Costa Mesa, this meticulously maintained four-unit income property presents an exceptional investment opportunity. Once owned by local business icon Heinz Kaiser, the property showcases timeless architecture, a desirable unit mix, and generous outdoor living spaces that set it apart from typical multi-family offerings. Pride of ownership is evident throughout, with a favorable unit configuration consisting of one 2-bedroom, 2-bathroom residence, two 1-bedroom, 1-bathroom residences, and one exceptionally spacious studio. The primary residence at 147 Virginia Place offers 2 bedrooms and 2 bathrooms, highlighted by an inviting front porch overlooking a beautifully hedged lawn, a spacious kitchen, an interior laundry room, a dedicated office area, direct access to an attached two-car garage, and a private rear patio ideal for outdoor entertaining. Situated above, 147½ Virginia Place features 1 bedroom and 1 bathroom, complete with a recently remodeled shower, vaulted ceilings, wood flooring, a charming sleeping loft, and its own private laundry room. The studio residence is equally impressive, boasting stone flooring, a dramatic oversized fireplace, a kitchen with slab countertops, private laundry, and a covered outdoor entertaining area adjacent to an expansive grassy yard. Completing the property, 2209 Elden Avenue offers 1 bedroom and 1 bathroom with wood flooring, a private garage with its own laundry, additional off-street parking, and a secluded rear yard featuring a deck and generous lawn area. Ideally located just moments from award-winning schools, the shopping and dining destinations along 17th Street, and the world-renowned beaches of the Newport Peninsula, this is a rare opportunity to acquire a beautifully maintained, income-producing property in one of Costa Mesa's most sought-after neighborhoods.
No exterior & parking available.
Grades 3-6 • 0.4 mi
Grades PK-2 • 0.7 mi
Grades PK-6 • 1.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 4.1 |
| Baths | 0.0 | 3.3 |
| Square foot | 3,650 | 2,378.222 |
| Lot Size | 9,021 | 7,156.444 |
| Price | $2.50M | $2.04M |
| Price per sq ft | $685 | $780 |
| Built year | 1932 | 1962 |
| HOA | $0 | $0 |
| Days on market | 43 | 65 |
Jul 28, 2026
$2,499,000
Initial Listing