315 University Drive, Costa Mesa, California 92627, Costa Mesa, 92627 - 2 bed, 2 bath
315 University Drive
Costa Mesa, California 92627
Property Price
SUMMARY
Analysis of 315 University Drive, Costa Mesa, California 92627 reveals a property with a current list price of $3,250,000, which is 20% above the estimated $2,706,388 Fair Market Value. Buyers should carefully evaluate the pricing and consider negotiation opportunities. The property maintains a Tear down Condition Rating (10/100), reflecting significant deferred maintenance. This property is best suited for experienced investors or developers prepared for substantial renovation work. Located in a high-demand neighborhood within the Costa Mesa Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for Experienced Investors and Fix-and-Flip Specialists.
Estimated Market Value
Condition Analysis
OVERALL CONDITION SCORE
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.
PROSSTRENGTHS & OPPORTUNITIES
- High Available Lot Utilization
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.
- High-Density R-4 Zoning
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.
- Flexible Development Strategies
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.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
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.
- High Acquisition Cost
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.
- Entitlement and Approval Risk
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.
About 315 University Drive
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.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1954
- Lot Size
- 9,148 Sq. Ft.
Interior
- Total Bedrooms
- 2
- Total Bathrooms
- 2 (2 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Costa Mesa Unified Schools
Heinz Kaiser Elementary School
Grades 3-6 • 1.1 mi
Woodland Elementary School
Grades PK-2 • 1.4 mi
Mariners Elementary School
Grades PK-6 • 2.1 mi
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.0 | 13% |
| Baths | 2.0 | 3.0 | 48% |
| Square foot | 1,225 | 1,752.5 | 21% |
| Lot Size | 9,148 | 6,377.5 | 94% |
| Price | $3.25M | $1.66M | 89% |
| Price per sq ft | $2.7K | $1.0K | 99% |
| Built year | 1954 | 1957 | 35% |
| HOA | $0 | $0 | 50% |
| Days on market | 10 | 157 | 1% |
Pricing History
Listed for Sale
Feb 25, 2026
$3,250,000
Initial Listing
Sold
Mar 2, 2021
$1,425,000
Public Record