2350 Santa Ana Ave

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Address: 2350 Santa Ana Ave, Costa Mesa, CA 92627, USA

California & West + Apartment Buildings

Created date: August 23, 2024

Date last updated: August 23, 2024

Versatile Six-Unit Complex: Features one and two-bedroom apartments, each with private outdoor spaces.
Extensive Renovations: High-end updates to interiors and infrastructure, with remaining units to be completed before close.
Stable Income Stream: Master leased at $25,000 per month until October 2025, yielding a 5.50% capitalization rate.
Future Redevelopment Potential: Lot approved for development into five detached 1,700 sq. ft. three-bedroom condominium units.
Multifamily Market Flexibility: Potential repositioning as a multifamily asset with a projected 4.00% cap rate.
Prime Coastal Location: Located in the highly desirable and supply-constrained Eastside Costa Mesa area.

Property Description

Introducing 2350 Santa Ana Ave, a six-unit apartment complex in Eastside Costa Mesa, CA. Built in 1963 and renovated in 2023-2024, the property blends modern comforts with classic charm on an 18,061 sq. ft. lot. It features a mix of one-, two-, and two-bedroom + den units with private outdoor spaces. Three units have been fully upgraded with new electrical and plumbing systems, energy-efficient windows, split HVAC units, premium flooring, custom cabinetry, designer bathrooms, and stainless steel appliances. The remaining three units will be similarly renovated before closing, making the property turnkey. Currently master leased through October 2025, the property generates $25,000 per month, offering a 5.50% cap rate with minimal owner obligations. Additionally, it holds future potential with an approved plan for five 1,700 sq. ft. condominium units. Whether continuing the lease, repositioning as multifamily, or redeveloping, 2350 Santa Ana Ave offers multiple paths to long-term value creation.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$4,500,000
No. of Units:	6
Year Built:	1963
Lot Size:	0.41 Sq ft
Opportunity Zone:	No
Price per unit:	$750,000
Property Website	Click Here