2428 Newport Blvd 5,625 SF 47% Leased Retail Building Costa Mesa, CA 92627 $2,895,000 ($514.67/SF) 2.29% Cap Rate

Prime Owner/User & Value-Add Retail Opportunity | Eastside Costa Mesa
Marcus & Millichap is pleased to present 2428 Newport Boulevard, Costa Mesa, CA 92627, a ±5,625 SF multi-tenant retail property situated on a ±0.45-acre parcel along one of Eastside Costa Mesa’s most prominent commercial corridors. The property benefits from outstanding visibility and traffic exposure along Newport Boulevard, with convenient access to State Route 55, Interstate 405, and State Route 73.
The asset is currently approximately 46% leased, with a mix of short-term and month-to-month tenants, offering immediate flexibility for an owner/user or investor to occupy a portion of the property while maintaining in-place income. Several in-place rents are below market, providing a clear value-add opportunity through lease-up and rental rate growth.
The property features strong physical fundamentals, including prominent pylon and building signage, a gated storage yard generating ancillary income, and an exceptional parking ratio of approximately 6.22 spaces per 1,000 SF, well above typical retail standards. These attributes support a wide range of retail and office-oriented uses.
Located in the highly sought-after Eastside Costa Mesa submarket, the property is surrounded by dense residential neighborhoods and benefits from proximity to Newport Beach, Triangle Square, South Coast Plaza, John Wayne Airport, and the Irvine Business Complex. Limited new retail development in the area further supports long-term occupancy and rent growth.
2428 Newport Boulevard represents a rare opportunity to acquire a well-located retail asset with immediate owner/user optionality and long-term upside in a high-barrier-to-entry Orange County submarket.