Renovated Mixed-Use
For Sale
Contact for pricing
2027 Harbor Boulevard, Costa Mesa, CA 92627
Street-front retail accompanies twelve renovated apartments across four buildings with studio, one-bedroom, and two-bedroom layouts.
Property Size7,490 SF
Price / SF$666.89
Days on Market13
Property Features for 2027 Harbor Boulevard
General Information
Standard status
Active
Size
7,490 SF
Property subtype
Multifamily, Mixed Use
Net Operating Income
$252,028
Additional Details
Cap Rate
5.05%
Utilities to Site
Yes
Multifamily Units
12
Building Details
Year Built
1949
Buildings
4
Units
13
Tenancy
Multi
Listing Agency:
CBRE - Orange County
(949) 307-8319
Listed By:
Dan Blackwell · License #CA 01854961
Source:
Crexi
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 11 at 2:01PM
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 CBRE - Orange County
Investment Insights
Based on property information with market context.
This mixed-use property combines a street-front retail building with 12 apartment units distributed across 4 separate buildings. The residential component includes studio, one-bedroom, and two-bedroom floor plans. The property contains 7,490 square feet and was originally built in 1949, with extensive updates to major systems, interiors, and exteriors.
An in-place ratio utility billing system has residents covering 80% of water, sewer, and trash expenses. Individual gas and electric metering further separates those utility costs from ownership. The property is positioned within walking distance of Costa Mesa retail, restaurants, and entertainment, with beach access described as a short distance away. A Walk Score of 85 supports the property's walkable urban setting.
An in-place ratio utility billing system has residents covering 80% of water, sewer, and trash expenses. Individual gas and electric metering further separates those utility costs from ownership. The property is positioned within walking distance of Costa Mesa retail, restaurants, and entertainment, with beach access described as a short distance away. A Walk Score of 85 supports the property's walkable urban setting.
Key Highlights
- Mixed‑use asset with street‑front retail and 12 apartment units
- 7,490 square feet across 4 separate buildings
- Apartment mix includes studios, one‑bedroom, and two‑bedroom units
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
$158,980
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
3.18%
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%
$3,179,600
$3.2M
Cap Rate 7%
$2,271,143
$2.3M
Cap Rate 9%
$1,766,444
$1.8M
Market Conditions
NOI Build-Up for 7,490 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
$301.1K $40.20/SF
− Vacancy
−$12.0K −$1.61/SF
EGI
$289.1K $38.59/SF
− OpEx
−$130.1K −$17.37/SF
NOI
$159.0K $21.23/SF
Area
Costa Mesa, CA
Vacancy
4.00%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
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%
$3,179,600
Cap Rate 7%
$2,271,143
Cap Rate 9%
$1,766,444
Alternative Uses
Best Use
Apartment 5plus
$2.27M
$1.99M – $2.65M
NOI $158,980 @ 7.0% cap · market cap 3.18%
Second Best
Mixed Use
$1.85M
$1.62M – $2.15M
NOI $129,203 @ 7.0% cap · market cap 2.59%
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,574 @ 7.0% cap · market cap 3.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,493
Businesses Nearby
Explore this area
Business Placement
Demographics for 92627, CA
61,764
Population
23,286
Households
2.7
Avg Household Size
36
Median Age
42%
College-Educated
85%
High-School Grad
6.4 sq mi
ZIP Area
9,651
Density / Sq Mi
$105,039
Median Household Income
$49,236
Median Earnings
$2,299
Median Rent
$1,074,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-front retail accompanies twelve renovated apartments across four buildings with studio, one-bedroom, and two-bedroom layouts.
Where is this mixed-use property located?
The property is located at 2027 Harbor Boulevard Costa Mesa, CA.
What is the asking price?
The asking price for this property is $4,995,000.
What are key features of this property?
This property features: Mixed‑use asset with street‑front retail and 12 apartment units; 7,490 square feet across 4 separate buildings; Apartment mix includes studios, one‑bedroom, and two‑bedroom units
