Four-Unit Quadplex with Three-Bedroom
For Sale
$2,150,000
Pending
1635 Coriander Drive, Costa Mesa, CA 92626
Well-maintained four-unit quadplex with recent exterior upgrades, seven on-site parking spaces, and one three-bedroom plus three two-bedroom units.
Property Size4,534 SF
Days on Market55
Property Features for 1635 Coriander Drive
General Information
Standard status
Pending
Size
4,534 SF
Total Parking Spaces
7
Property subtype
Apartment
Building Details
Building Size
4,534 SF
Year Built
1965
Tenancy
Multi
Listing Agency:
Triqor Group
Listed By:
Chris Keramati · License #01702116
(949) 756-3232
Source:
Velocityrealtysd
Added: Jul 27
Changed: Sep 8
Last Checked: Sep 18 at 11:10AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Triqor Group
Investment Insights
Based on property information with market context.
This four-unit quadplex was built in 1965 and is positioned for rental demand with an efficient unit mix of one spacious three-bedroom unit and three two-bedroom units. The two-bedroom and three-bedroom floor plans range from 1,000–1,600 square feet, supporting a variety of tenant needs.
Recent exterior improvements include upgraded staircases, new windows, and a new tankless water heater. The property sits on a generous lot and provides seven on-site parking spaces, a practical amenity for residents.
Located at 1635 Coriander Drive in Costa Mesa, the property is in the Mesa Verde area and is offered with the existing residential income configuration of four separate units.
Recent exterior improvements include upgraded staircases, new windows, and a new tankless water heater. The property sits on a generous lot and provides seven on-site parking spaces, a practical amenity for residents.
Located at 1635 Coriander Drive in Costa Mesa, the property is in the Mesa Verde area and is offered with the existing residential income configuration of four separate units.
Key Highlights
- One three‑bedroom unit plus three two‑bedroom units in a four‑unit quadplex
- Unit sizes range from 1,000–1,600 square feet across the four units
- Seven on‑site parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$103,659
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.82%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,073,180
$2.1M
Cap Rate 7%
$1,480,843
$1.5M
Cap Rate 9%
$1,151,767
$1.2M
Market Conditions
NOI Build-Up for 4,534 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$155.1K $34.20/SF
− Vacancy
−$7.0K −$1.54/SF
EGI
$148.1K $32.66/SF
− OpEx
−$44.4K −$9.80/SF
NOI
$103.7K $22.86/SF
Area
Costa Mesa, CA
Vacancy
4.50%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,073,180
Cap Rate 7%
$1,480,843
Cap Rate 9%
$1,151,767
Alternative Uses
Best Use
Multifamily LT 5
$1.48M
$1.30M – $1.73M
NOI $103,659 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $96,237 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$1.54M
$1.34M – $1.79M
NOI $107,493 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,108
Businesses Nearby
Explore this area
Business Placement
Demographics for 92626, CA
50,885
Population
20,643
Households
2.5
Avg Household Size
37
Median Age
46%
College-Educated
91%
High-School Grad
9.7 sq mi
ZIP Area
5,246
Density / Sq Mi
$117,627
Median Household Income
$55,920
Median Earnings
$2,520
Median Rent
$1,037,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit quadplex with recent exterior upgrades, seven on-site parking spaces, and one three-bedroom plus three two-bedroom units.
Where is this quadplex located?
The property is located at 1635 Coriander Drive Costa Mesa, CA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: One three‑bedroom unit plus three two‑bedroom units in a four‑unit quadplex; Unit sizes range from 1,000–1,600 square feet across the four units; Seven on‑site parking spaces
