315 University Drive, Costa Mesa, California 92627, Costa Mesa, 92627 - 2 bed, 2 bath
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Costa Mesa, California 92627
This High-Density Development Asset is listed at $3,250,000, representing a strategic play on its rare R-4 Zoning and 9,148 sqft lot. Although priced above the $2,706,389 Fair Market Value, the valuation is driven by the significant Value-Add potential for a 20-unit apartment concept or a 6-unit luxury condo project. With a Condition Rating of 6, the existing structure is a clear tear-down in a supply-constrained market near Mariners Elementary. This high-yield opportunity is perfectly suited for Real Estate Developers or Institutional Investors.
Property is land value only, full reconstruction required.
The property is marketed exclusively as a high-density development opportunity, and the 1954 structure is being sold for its land value and R-4 zoning potential. All provided images are architectural renderings of a proposed future project rather than the current residence, and the description focuses entirely on redevelopment paths (condos or apartments), indicating the existing building is a tear-down.
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 = 1225.
The rare R-4 zoning on a 9,148 square foot lot allows for significant density, supporting either a luxury 6-unit condo/ADU project or a high-yield 20-unit apartment complex.
The property offers multiple exit paths, including build-to-sell, build-to-rent, or a long-term hold, allowing investors to pivot based on market conditions and financing environments.
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 = 9072. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 2, other record bedroom count = 3.
The $3.25 million list price represents a significant upfront land cost that may compress margins for developers, especially when factoring in current construction costs.
As the architectural plans are currently illustrative, the buyer faces the time-consuming and uncertain process of securing final city and county approvals for the proposed density.
315 University Drive presents a high-density development opportunity on a 9,148 square foot lot zoned R-4 in Costa Mesa. Architectural studies illustrate two distinct paths: a for-sale configuration featuring four spacious 2-bedroom condominium residences with a separate structure offering two additional 2-bedroom ADUs, all supported by parking within a shared ground-level garage; or a rental-focused design allowing for up to 20 units comprised of a mix of two-bedroom and studio apartments. The apartment concept includes structured parking. The contemporary three-story design features private patios and balconies, elevator access, and a modern coastal architectural aesthetic as depicted in the renderings, which are for illustrative purposes only. With flexible development potential in a supply-constrained submarket, this property offers multiple strategies for build-to-sell, build-to-rent, or long-term hold. Buyer to verify all development standards and requirements with the City of Costa Mesa and the County of Orange. Architectural floor plans are available upon request.
No exterior & parking available.
Grades 3-6 • 1.1 mi
Grades PK-2 • 1.4 mi
Grades PK-6 • 2.1 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.0 | 15% |
| Baths | 2.0 | 3.0 | 48% |
| Square foot | 1,225 | 1,733 | 21% |
| Lot Size | 9,148 | 6,904.5 | 95% |
| Price | $2.92M | $1.65M | 86% |
| Price per sq ft | $2.4K | $1.1K | 98% |
| Built year | 1954 | 1956 | 38% |
| HOA | $0 | $0 | 50% |
| Days on market | 56 | 163 | 14% |
Mar 21, 2026
$2,925,000
$3,250,000
-10% Price Drop
Initial Listing
Feb 25, 2026
$3,250,000
Initial Listing
Mar 2, 2021
$1,425,000
Public Record