263 16Th Pl Costa Mesa, CA 92627

Property Details for 263 16Th Pl

Year built

1959

Property size

3,770 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a four-unit apartment building located at 263 16th Place, Costa Mesa, CA 92627. The property, built in 1959, boasts a total of 3,770 square feet of net rentable space, spread across a 6,754 square foot lot. The building features four spacious two-bedroom, one-bathroom units, each approximately 943 square feet, and includes ample parking with four spaces per unit, including single-car garages and additional off-street parking. Residents enjoy the convenience of on-site laundry facilities. Currently operating at 100% occupancy, the property generates a pro-forma NOI of $96,100, resulting in a 4.01% pro-forma cap rate. The asking price is $2,395,000, or $635.28 per square foot and $598,750 per unit. The property is zoned R2-MD and offers a fee simple ownership structure. Its prime location in Eastside Costa Mesa, near E. 17th Street and Newport Heights, and proximity to highly-rated Orange County schools, ensures strong rental demand and long-term value. This value-add Class C property presents a compelling opportunity for investors seeking a stable, high-performing asset in a desirable coastal California market. The building consists of one, two-story structure.