Renovated 10-Unit Apartment
For Sale
$4,400,000
2256 Maple St, Costa Mesa, CA 92627
Recently renovated multifamily property with a mix of one- and two-bedroom residences and upgraded in-unit features.
Property Size7,840 SF
Days on Market106
Property Features for 2256 Maple St
General Information
Standard status
Active
Size
7,840 SF
Property subtype
Multifamily
Financials
Asking Price
$4,400,000
Cap Rate
4.12%
Gross Rent Multiplier
14.95
Additional Details
Multifamily Units
10
Amenities
washer/dryer hookups
air conditioning
individual hot water heaters
vinyl-framed windows
wood-panel vaulted ceilings
Turnkey Property / Prime OC Coastal Submarket
Recently Renovated
Less than 3 Miles From Pacific Ocean
High Demand Rental Submarket
Washer/Dryer Hookups in All Units
Open Beam Vaulted Ceilings in All Units
Building Details
Building Size
7,840 SF
Units
10
Listing Agency:
Orange County Office
(949) 419-3200
Listed By:
Joseph R. Berkson · License #License(s): CA: 01031951
(949) 419-3200
Source:
Marcusmillichap
Added: May 18
Changed: Aug 30
Last Checked: Aug 30 at 1:01PM
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 Orange County Office
Investment Insights
Based on property information with market context.
This recently renovated apartment property at 2256 Maple St in Costa Mesa contains 10 units, with two-bedroom residences comprising 80% of the mix and one-bedroom residences accounting for 20%. Each unit includes washer/dryer hookups, air conditioning, an individual hot water heater, and vinyl-framed windows. Wood-panel vaulted ceilings are present throughout the interiors.
The property is located minutes from the Pacific Ocean, John Wayne Airport, UC Irvine, Fashion Island, Newport Bay, and Costa Mesa Country Club. It is also adjacent to major arterial corridors and a retail area that includes Home Depot, Northgate Market, Starbucks, McDonald’s, TJ Maxx/HomeGoods, and additional retailers.
Operating metrics include a current GRM of 14.95 and a current cap rate of 4.12%. Pro forma figures are a 14.35 GRM and a 4.38% cap rate, with projected rent upside of approximately 4.18% and NOI upside of 6.19%.
The property is located minutes from the Pacific Ocean, John Wayne Airport, UC Irvine, Fashion Island, Newport Bay, and Costa Mesa Country Club. It is also adjacent to major arterial corridors and a retail area that includes Home Depot, Northgate Market, Starbucks, McDonald’s, TJ Maxx/HomeGoods, and additional retailers.
Operating metrics include a current GRM of 14.95 and a current cap rate of 4.12%. Pro forma figures are a 14.35 GRM and a 4.38% cap rate, with projected rent upside of approximately 4.18% and NOI upside of 6.19%.
Key Highlights
- 10‑unit apartment building in Costa Mesa
- Unit mix consists of 80% two‑bedroom and 20% one‑bedroom units
- Recently renovated interiors with wood‑panel vaulted ceilings
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
$166,409
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
3.78%
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%
$3,328,180
$3.3M
Cap Rate 7%
$2,377,271
$2.4M
Cap Rate 9%
$1,848,989
$1.8M
Market Conditions
NOI Build-Up for 7,840 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
$315.2K $40.20/SF
− Vacancy
−$12.6K −$1.61/SF
EGI
$302.6K $38.59/SF
− OpEx
−$136.2K −$17.37/SF
NOI
$166.4K $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%
$3,328,180
Cap Rate 7%
$2,377,271
Cap Rate 9%
$1,848,989
Alternative Uses
Best Use
Apartment 5plus
$2.38M
$2.08M – $2.77M
NOI $166,409 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.66M
$2.32M – $3.10M
NOI $185,872 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,124
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?
Apartment building - Recently renovated multifamily property with a mix of one- and two-bedroom residences and upgraded in-unit features.
Where is this apartment building located?
The property is located at 2256 Maple St Costa Mesa, CA.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: 10‑unit apartment building in Costa Mesa; Unit mix consists of 80% two‑bedroom and 20% one‑bedroom units; Recently renovated interiors with wood‑panel vaulted ceilings
