2424 Newport Blvd Costa Mesa, CA 92627

Property Details for 2424 Newport Blvd

Year built

1936

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional mixed-use property, located at 2424 & 2426 Newport Boulevard in Costa Mesa, California, presents a compelling investment opportunity. The 19,602 square foot lot features a fully occupied building (100% occupancy) constructed in 1936 and renovated in 2016, encompassing retail shops, office space, and multifamily residential units. Currently generating a NOI of $146,219, a pro-forma NOI of $267,443 is projected, representing a potential 85%+ increase. This significant upside potential stems from below-market rents on short-term leases. The property boasts prominent signage along Newport Boulevard and the 55 Freeway (128,555 vehicles daily), benefiting from high visibility and traffic. Recent upgrades to the facade and signage enhance curb appeal. The property's zoning is commercial, and its location in Costa Mesa aligns with Measure Q requirements for a potential cannabis dispensary (buyer verification required). The area boasts a dense, affluent population (approximately 449,799 residents within a 5-mile radius, with an average household income exceeding $114,000) and a strong employment base (over 314,000 employees). Nearby amenities include Vanguard University, the Orange County Fair & Event Center, John Wayne Airport, and numerous retail establishments. The asking price is $4,000,000, with a price per square foot of $402.01 and a pro-forma cap rate of 6.69%. This property offers a rare chance to acquire a mixed-use asset in a high-barrier-to-entry, sought-after Eastside Costa Mesa neighborhood. The APN is 4 39-281-03.

Location Insight

City

Costa Mesa

County

Orange

State

California

Longitude

-117.902

Latitude

33.6574