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    Costa Mesa Retail Property For Sale Title is generated by Realmo AI

    2428 Newport Blvd, Costa Mesa, CA 92627

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    For Sale
    $2,799,000

    Retail property in a desirable, supply-constrained Eastside Costa Mesa location.

    Type:Shopping Strip
    Property size:
    5,625 SF
    Lot size:
    0.45 Acres
    Price / SF:
    $497/SF
    Added:
    Apr 3, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 3 at 5:05 am

    Property Features for 2428 Newport Blvd

    General Information

    Standard status
    Active
    Size
    5,625 SF
    Lot size
    0.45 Acres
    Property subtype
    Shopping Strip

    Building Details

    Year Built
    1961

    We can help!

    Listing Contact
    Gil Corber

    Listing agent Gil Corber License #CA: 01378982, NY: 10301222557

    Listing office Orange County Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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

    HighLights

    • Prime Eastside Costa Mesa location on Newport Boulevard with high visibility and easy access to major freeways.
    • Owner/User and Value‑Add opportunity with 46% occupancy and short‑term leases.
    • Below‑market rents offer significant NOI upside through mark‑to‑market leasing.
    • Strong physical attributes including prominent signage and exceptional parking ratio (6.22/1,000 sq ft). Gated storage yard generating income.
    • Supply‑constrained submarket (Eastside Costa Mesa) with limited new development.
    • Dense demographics and affluent consumer base near Newport Beach and major employment centers drive retail demand.

    Overview

    Located along Newport Boulevard in Eastside Costa Mesa, this retail property benefits from high traffic and visibility, with access to State Route 55, Interstate 405, and State Route 73. The property is approximately 46% leased with short-term and month-to-month leases, presenting an opportunity for an owner/user to occupy a portion while maintaining income. Investors can also reposition the tenant mix and lease up vacant space. Several in-place leases are below current market rates. The retail property has an area of approximately 5,625 square feet and sits on a 0.45-acre parcel. It features pylon and building signage, a gated storage yard, and a parking ratio of approximately 6.22 spaces per 1,000 square feet. Eastside Costa Mesa is a supply-constrained retail submarket with limited new development due to zoning and land scarcity. The property is surrounded by residential neighborhoods and near Newport Beach, Triangle Square, South Coast Plaza, John Wayne Airport, and the Irvine Business Complex. The area benefits from a strong daytime population and high household incomes.
    Location Intelligence

    Current Use by Public Records

    4n Prints Textile Manufacturer H3 Ministries Church Lucy‘s bodywork Alternative Medicine Practice Brothers Marine Canvas (Bike/Boat/Book/etc) Store ADopeLife (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Costa Mesa
    County
    Orange
    State
    California
    Longitude
    -117.901684
    Latitude
    33.65743

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    FAQs

    What type of property is this?
    Strip mall - Retail property in a desirable, supply-constrained Eastside Costa Mesa location.
    Where is this strip mall located?
    The property is located at 2428 Newport Blvd Costa Mesa, CA.
    What is the asking price?
    The asking price for this property is $2,799,000.
    What are key features of this property?
    This property features: Prime Eastside Costa Mesa location on Newport Boulevard with high visibility and easy access to major freeways.; Owner/User and Value‑Add opportunity with 46% occupancy and short‑term leases.; Below‑market rents offer significant NOI upside through mark‑to‑market leasing.
    (949) 419-3280
    We can help!
    Listing Contact
    Gil Corber
    Real Estate License ID: CA: 01378982, NY: 10301222557
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    2428 Newport Blvd, Costa Mesa, CA 92627
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