Four-Unit Quadplex on Corner
For Sale
$2,499,000
Pending
2209 Elden Avenue, Costa Mesa, CA 92627
Four residential units with a mix of two-bedroom, one-bedroom, and studio layouts on a corner parcel.
Property Size3,650 SF
Days on Market43
Property Features for 2209 Elden Avenue
General Information
Standard status
Pending
Size
3,650 SF
Property subtype
Quadruplex
Units
Unit Mix
1 x 2BR/2BA, 2 x 1BR/1BA, 1 x studio
Multifamily Units
4
Additional Details
Public Transit
Yes
Building Details
Building Size
3,650 SF
Year Built
1932
Listing Agency:
Arbor Real Estate
Listed By:
Matt Perry · License #01192690
(949) 233-8161
Source:
Velocityrealtysd
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 24 at 1:40PM
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 Arbor Real Estate
Investment Insights
Based on property information with market context.
This quadplex is situated on an expansive corner parcel of more than 9,000 square feet and built in 1932. The four-unit configuration includes one 2-bedroom, 2-bath residence, two 1-bedroom, 1-bath residences, and one spacious studio.
The 2-bedroom, 2-bath home at 147 Virginia Place features a front porch overlooking a hedged lawn, a spacious kitchen, an interior laundry room, a dedicated office area, direct access to an attached two-car garage, and a private rear patio for outdoor entertaining. Upstairs at 147½ Virginia Place, the 1-bedroom, 1-bath unit includes a recently remodeled shower, vaulted ceilings, wood flooring, a charming sleeping loft, and its own private laundry room. The studio offers stone flooring, an oversized fireplace, a kitchen with slab countertops, private laundry, and a covered outdoor entertaining area adjacent to an expansive grassy yard.
The remaining unit at 2209 Elden Avenue is a 1-bedroom, 1-bath residence with wood flooring, a private garage with its own laundry, additional off-street parking, and a secluded rear yard with a deck and generous lawn area. WalkScore is 86 (Very Walkable) and bikeScore is 65 (Bikeable), with a transitScore of 44 (Some Transit).
The 2-bedroom, 2-bath home at 147 Virginia Place features a front porch overlooking a hedged lawn, a spacious kitchen, an interior laundry room, a dedicated office area, direct access to an attached two-car garage, and a private rear patio for outdoor entertaining. Upstairs at 147½ Virginia Place, the 1-bedroom, 1-bath unit includes a recently remodeled shower, vaulted ceilings, wood flooring, a charming sleeping loft, and its own private laundry room. The studio offers stone flooring, an oversized fireplace, a kitchen with slab countertops, private laundry, and a covered outdoor entertaining area adjacent to an expansive grassy yard.
The remaining unit at 2209 Elden Avenue is a 1-bedroom, 1-bath residence with wood flooring, a private garage with its own laundry, additional off-street parking, and a secluded rear yard with a deck and generous lawn area. WalkScore is 86 (Very Walkable) and bikeScore is 65 (Bikeable), with a transitScore of 44 (Some Transit).
Key Highlights
- Expansive corner parcel of more than 9,000 square feet
- Built in 1932 quadplex with four residential units
- Unit mix: one 2‑bedroom/2‑bath, two 1‑bedroom/1‑bath, one studio
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
$83,449
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
3.34%
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%
$1,668,980
$1.7M
Cap Rate 7%
$1,192,129
$1.2M
Cap Rate 9%
$927,211
$927.2K
Market Conditions
NOI Build-Up for 3,650 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
$124.8K $34.20/SF
− Vacancy
−$5.6K −$1.54/SF
EGI
$119.2K $32.66/SF
− OpEx
−$35.8K −$9.80/SF
NOI
$83.4K $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%
$1,668,980
Cap Rate 7%
$1,192,129
Cap Rate 9%
$927,211
Alternative Uses
Best Use
Multifamily LT 5
$1.19M
$1.04M – $1.39M
NOI $83,449 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$1.11M
$968.4K – $1.29M
NOI $77,473 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,535 @ 7.0% cap · market cap 3.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,459
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?
Quadplex - Four residential units with a mix of two-bedroom, one-bedroom, and studio layouts on a corner parcel.
Where is this quadplex located?
The property is located at 2209 Elden Avenue Costa Mesa, CA.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: Expansive corner parcel of more than 9,000 square feet; Built in 1932 quadplex with four residential units; Unit mix: one 2‑bedroom/2‑bath, two 1‑bedroom/1‑bath, one studio
