741 18Th St Costa Mesa, CA 92627

Property Details for 741 18Th St

Year built

1960

Property size

2,512 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 4-unit apartment building located at 741 W 18th St, Costa Mesa, CA 92627. The property, built in 1960, boasts a total of 2,512 square feet on a 6,120 square foot lot. The single-story building features a mix of one- and two-bedroom units, with Units A and B offering private yard access and Units C and D providing private deck entries. Convenient tuck-under parking at the rear of the building and a shared driveway ensure ample parking for residents and guests. All units are currently on month-to-month leases, providing the new owner with maximum flexibility. The asking price is $1,600,000, representing a price per unit of $400,000 and a price per square foot of $636.94. The property's 3.03% cap rate presents a strong return on investment. Situated less than half a mile from Newport Boulevard and a short distance from Newport Beach, this location offers easy beach access and proximity to vibrant city amenities, including Triangle Square and Costa Mesa Courtyards. The property's proximity to Pacific Coast Highway (1.3 miles north) further enhances its desirability. Upgrades to fixtures and aesthetics offer significant potential for increased rental income, making this a compelling value-add opportunity. This property has been rarely available on the market, last being offered in 1996. This presents a unique chance to acquire a sought-after asset in a prime coastal location.