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2422 Santa Ana Ave 5 Unit Apartment Building $3,995,000 ($799,000/Unit) 4.50% Cap Rate Costa Mesa, CA 92627
INVESTMENT HIGHLIGHTS
- FIVE DETACHED HOMES – Unique bungalow-style units offer single family living within a multifamily investment structure.
- LARGE LOT SIZE – Situated on a rare ±17,038 SF lot in the heart of Eastside Costa Mesa.
- MARKET-RATE RENTS – Property is 100% occupied with stabilized, in place market rents for immediate income.
- FULLY RENOVATED IN 2025 – Turnkey asset with brand-new appliances, quartz/granite countertops, and modern finishes throughout.
- STRONG UNIT MIX – Includes four 3-bed/1-bath units and one 3-bed/2- bath unit with a large private yard; three units feature enclosed garages.
- PRIME COASTAL LOCATION – Blocks from Newport Beach and walkable to Back Bay and top-rated schools.
EXECUTIVE SUMMARY
Mark Bridge and Nick Solomon with Matthews are pleased to present 2414 Santa Ana Avenue, a five-unit multifamily property located in Costa Mesa. Originally built in 1952 and fully renovated in 2025, the property totals approximately ±4,809 rentable square feet across a single-story layout. The unit mix provides practical living spaces well-suited for long-term rental demand.
Situated in Orange County, Costa Mesa benefits from its central location within one of Southern California’s most established residential and commercial markets. The area is characterized by a well-educated, diverse population and a strong local economy anchored by major industries including healthcare, technology, tourism, and financial services. The property offers convenient access to Newport Boulevard and is located near key destinations such as South Coast Plaza, John Wayne Airport, The LAB Anti-Mall, Triangle Square, and the Newport Beach Pier and Balboa Park Peninsula. This location provides a balanced mix of retail, employment, and recreational amenities that support stable rental demand and long-term investment potential.
Situated in Orange County, Costa Mesa benefits from its central location within one of Southern California’s most established residential and commercial markets. The area is characterized by a well-educated, diverse population and a strong local economy anchored by major industries including healthcare, technology, tourism, and financial services. The property offers convenient access to Newport Boulevard and is located near key destinations such as South Coast Plaza, John Wayne Airport, The LAB Anti-Mall, Triangle Square, and the Newport Beach Pier and Balboa Park Peninsula. This location provides a balanced mix of retail, employment, and recreational amenities that support stable rental demand and long-term investment potential.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$243,360
|
$50.61
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$7,301
|
$1.52
|
| Effective Gross Income |
$236,059
|
$49.09
|
| Taxes |
$42,036
|
$8.74
|
| Operating Expenses |
$14,371
|
$2.99
|
| Total Expenses |
$56,407
|
$11.73
|
| Net Operating Income |
$179,652
|
$37.36
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $243,360 |
| Annual Per SF | $50.61 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $7,301 |
| Annual Per SF | $1.52 |
| Effective Gross Income | |
|---|---|
| Annual | $236,059 |
| Annual Per SF | $49.09 |
| Taxes | |
|---|---|
| Annual | $42,036 |
| Annual Per SF | $8.74 |
| Operating Expenses | |
|---|---|
| Annual | $14,371 |
| Annual Per SF | $2.99 |
| Total Expenses | |
|---|---|
| Annual | $56,407 |
| Annual Per SF | $11.73 |
| Net Operating Income | |
|---|---|
| Annual | $179,652 |
| Annual Per SF | $37.36 |
PROPERTY FACTS
| Price | $3,995,000 | Apartment Style | Garden |
| Price Per Unit | $799,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.39 AC |
| Cap Rate | 4.50% | Building Size | 4,809 SF |
| Gross Rent Multiplier | 16.42 | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1952/2025 |
| Property Subtype | Apartment | Parking Ratio | 2.08/1,000 SF |
| Zoning | Mulitfamily - Multifamily | ||
| Price | $3,995,000 |
| Price Per Unit | $799,000 |
| Sale Type | Investment |
| Cap Rate | 4.50% |
| Gross Rent Multiplier | 16.42 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.39 AC |
| Building Size | 4,809 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1952/2025 |
| Parking Ratio | 2.08/1,000 SF |
| Zoning | Mulitfamily - Multifamily |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+1 | 4 | $3,995 | 940 |
| 3+2 | 1 | $4,300 | 1,049 |
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PROPERTY TAXES
| Parcel Number | 439-131-05 | Total Assessment | $3,000,000 (2025) |
| Land Assessment | $2,807,649 (2025) | Annual Taxes | $42,036 ($8.74/SF) |
| Improvements Assessment | $192,351 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
439-131-05
Land Assessment
$2,807,649 (2025)
Improvements Assessment
$192,351 (2025)
Total Assessment
$3,000,000 (2025)
Annual Taxes
$42,036 ($8.74/SF)
Tax Year
2024
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2422 Santa Ana Ave
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