2350 Santa Ana Ave Costa Mesa, CA 92627

This exceptional six-unit apartment building, located at 2350 Santa Ana Avenue in the desirable Eastside Costa Mesa, California (92627), presents a compelling investment opportunity. Built in 1963 and extensively renovated in 2023 and 2024, this property sits on a 0.41-acre lot (18,061 square feet) and offers a blend of classic charm and modern amenities. The 4,427 square foot building comprises a mix of one- and two-bedroom units, including two-bedroom units with dens, each featuring private outdoor spaces. Three units have undergone complete renovations, boasting new electrical and plumbing systems, energy-efficient windows, split HVAC units, premium flooring, custom cabinetry, designer bathrooms, and stainless steel appliances. The remaining three units will be similarly upgraded before closing, ensuring a turnkey investment. Currently under a master lease expiring in October 2025, generating a monthly income of $25,000 and a 5.5% capitalization rate, this property offers immediate cash flow with minimal owner responsibilities. Furthermore, the property boasts significant future potential. Approved plans exist for the development of five detached, 1,700 square foot, three-bedroom condominium units. This versatile property offers multiple avenues for long-term value creation, whether continuing the existing lease, repositioning as a multifamily asset (with a projected 4.00% cap rate), or pursuing the approved redevelopment plan. The asking price is $4,500,000, representing $750,000 per unit. The Net Operating Income (NOI) is $247,505, with a pro-forma NOI of $180,053. Drive-by only