
Costa Mesa, California 92626
This four-unit High-Potential Investment Opportunity is listed at $1,999,900, positioned slightly above the $1,965,698 Fair Market Value. While the property requires modernization due to its Condition Rating of 4, the Superior Unit Mix of one three-bedroom and three two-bedroom residences provides significant rental upside. Located in a central Costa Mesa hub near major employment centers and top-rated schools like California Elementary, this asset offers stable cash flow potential. It is an ideal acquisition for Buy-and-Hold Investors or Value-Add Developers seeking to optimize long-term rental income.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2859 Hickory Place Subject | $1,999,900* List Price | 0 | 0 | 3,551 | $554 | - |
A 2940 Peppertree Active | $2,250,000 List Price | 0 | 0 | 3,551 | $634 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1965, this property is functional but dated. While the kitchen shows a past renovation with granite countertops (likely 15-20 years old), the presence of popcorn ceilings, original-style wall heaters, and older flooring indicates the systems and interiors are over 20 years old and require modernization to reach market potential.
With current rents positioned below market levels, this property offers a prime opportunity for investors to realize substantial income growth and enhanced cash flow over time.
The configuration of one three-bedroom and three two-bedroom units provides larger, more versatile floor plans that appeal to a high-quality tenant base, including families and professionals.
Situated in the heart of Costa Mesa with immediate access to South Coast Plaza, major freeways, and Orange Coast College, the property benefits from consistently high rental demand.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =6970, other record lot size in square feet = 6889.
Built in 1965, the building may require ongoing capital expenditures for maintenance and modernization of older systems compared to newer construction.
The property lacks any significant views, which may limit its competitive edge against other premium residential income assets in the coastal Orange County market.
Excellent opportunity to acquire a well-located four-unit investment property in the heart of Costa Mesa, offering an attractive combination of strong in-place rental income and meaningful future upside. With rents currently below projected market levels, the property provides an investor with the opportunity to increase income over time while benefiting from four established rental income streams. The desirable unit mix consists of one three-bedroom residence and three two-bedroom residences, providing larger and more versatile floor plans than many typical apartment investments. This mix appeals to a broad tenant base, including professionals, couples, families and those seeking additional space for a home office. Tenants pay their own gas and electricity, helping reduce the owner's exposure to rising utility costs. The property's central Costa Mesa location is a significant advantage. Residents enjoy convenient access to South Coast Plaza, South Coast Metro, Orange Coast College and John Wayne Airport, along with the employment, shopping, dining and entertainment opportunities found throughout Costa Mesa and neighboring Irvine. Newport Beach and Huntington Beach are also just minutes away, providing easy access to some of Orange County's most desirable coastal communities. Excellent freeway accessibility via the 405, 55 and 73 makes the property convenient for tenants working throughout Orange County. Costa Mesa's combination of employment, entertainment, shopping, education and proximity to the coast continues to make it a highly desirable rental market. For an investor seeking a smaller multifamily property with existing cash flow, multiple income streams and the potential for future rental growth, this property offers a compelling opportunity in one of Orange County's most desirable and centrally located communities.
No exterior & parking available.
Grades PK-6 • 0.6 mi
Grades K-6 • 1.0 mi
Grades 7-8 • 0.9 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 4.1 |
| Baths | 0.0 | 3.3 |
| Square foot | 3,551 | 2,378.222 |
| Lot Size | 6,970 | 7,156.444 |
| Price | $2.00M | $2.04M |
| Price per sq ft | $563 | $780 |
| Built year | 1965 | 1962 |
| HOA | $0 | $0 |
| Days on market | 12 | 65 |
Aug 28, 2026
$1,999,900
Initial Listing