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174 Flower St 2 Unit Apartment Building $2,200,000 ($1,100,000/Unit) 2.43% Cap Rate Costa Mesa, CA 92627
Investment Highlights
- (2) Single-Family Homes on One Parcel in Eastside Costa Mesa
- Significant Value-Add Opportunity through Garage ADU Conversion
- Unit Designs Include Vaulted Ceilings with Exposed Beam Detail, In-Unit Washer/Dryer, In-Unit Fireplaces, Crown Molding, Island Kitchens, and more
- Single-Story Floorplans, One- & Two-Bedroom Unit, Private Patios, Paver Backyard & Concrete Driveway
- Highly Renovated Asset - Extensive Renovations Include High-Quality Finishes Throughout
- Desirable Eastside Costa Mesa Location (Walk Score: 89) - Walk to 17th Street & Triangle Square
Executive Summary
174 Flower Street delivers two detached single-family homes on one Costa Mesa parcel. Both residences are extensively renovated with high-end finishes throughout, each featuring a private patio and single-story layout. The existing two-car garage presents a clear path to a third income-producing unit via ADU conversion.
Steps from the 17th Street corridor (Walk Score: 89), minutes from Newport Beach, and served by Newport Mesa Unified. A turnkey asset with a clear value-add path, rarely available in this configuration.
Steps from the 17th Street corridor (Walk Score: 89), minutes from Newport Beach, and served by Newport Mesa Unified. A turnkey asset with a clear value-add path, rarely available in this configuration.
Property Facts
| Price | $2,200,000 | Property Subtype | Apartment |
| Price Per Unit | $1,100,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 2.43% | Building Size | 1,955 SF |
| Gross Rent Multiplier | 25.13 | No. Stories | 1 |
| No. Units | 2 | Year Built | 1948 |
| Property Type | Multifamily | Parking Ratio | 2.05/1,000 SF |
| Zoning | R2-HD - Multiple-Family Residential, High Density | ||
| Price | $2,200,000 |
| Price Per Unit | $1,100,000 |
| Sale Type | Investment |
| Cap Rate | 2.43% |
| Gross Rent Multiplier | 25.13 |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 1,955 SF |
| No. Stories | 1 |
| Year Built | 1948 |
| Parking Ratio | 2.05/1,000 SF |
| Zoning | R2-HD - Multiple-Family Residential, High Density |
Amenities
Unit Amenities
- Patio
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $3,995 | 1,221 |
| 1+1 | 1 | $3,300 | 735 |
1 1
Moderately walkable
70/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 425-234-03 | Improvements Assessment | $240,530 |
| Land Assessment | $1,616,584 | Total Assessment | $1,857,114 |
Property Taxes
Parcel Number
425-234-03
Land Assessment
$1,616,584
Improvements Assessment
$240,530
Total Assessment
$1,857,114
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174 Flower St
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