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Property profile & analytics
OFF-MARKET
Estimated value
$1,895,000
Residential income homes
2222 Pacific Ave Costa Mesa, CA 92627-6815
Entity Owned
4-yr Hold
Absentee Owner
Property ID
US09-2038089
Property profile
Verified
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Year built
1976
Total area
4,848 SF
Lot
0.35 ac (15,292 SF)
APN
422-041-02
UPID
US09-2038089
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.90M
CAP Approach
CAP
$1.71M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.90M
Owner & transaction history
Cove Capital LLC · 4 yrs held
Cove Capital LLC
since 2022
Last sale
$2.0M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.0M
+27.5%
Commercial (general)
$2.9M
+26.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Costa Mesa submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Costa Mesa submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,870,000
ML approach
$1,900,000
CAP Approach
CAP Return
Estimation
6%
$1,845,000
6.5%
$1,705,000
7%
$1,585,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$2,325,000
Current use
RETAIL STORES
$2,960,000
Change: +27% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,935,000
Change: +26% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$2,275,000
Change: -2% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,165,000
Change: -7% · Conversion: Difficult
Blend value · Realmo final
$1.90M
Range $1.71M – $2.08M · ±10% · vs last sale $2.00M (May 5 2022)
Last sale anchor
$2.00M
May 5 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$391 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$24,546
Tax year 2024
Assessed value
$2,122,416
Assessed 2024
Previous assessed
$2,122,416
+0.0% YoY
Effective rate
1.16%
On assessed value
Assessed land
$1,804,054
Assessed improvement
$318,362
Applied tax rate
15.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Status
Off-Market
Year built
1976
Heating
NONE
Stories
2
Units
4
Total area
4,848 SF
Lot
0.35 ac (15,292 SF)
APN
422-041-02
UPID
US09-2038089
Jurisdiction
ORANGE
Metro division
SANTA ANA-ANAHEIM-IRVINE, CA METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$2.3M
RETAIL STORES
Est. value
$3.0M
COMMERCIAL (GENERAL)
Est. value
$2.9M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.3M
AUTO REPAIR, GARAGE
Est. value
$2.2M
APARTMENT HOUSE (5+ UNITS) Current
RETAIL STORES
COMMERCIAL (GENERAL)
NEIGHBORHOOD: SHOPPING CENTER
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1976
Heating
NONE
Stories
2
Units
4
Lot
0.35 ac
Current owner
From public records · entity-resolved
Cove Capital LLC
Entity
Mailing address
500 NEWPORT CTR DR STE #570, NEWPORT BEACH, CA 92660-7000
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
16 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 5, 2022
—
Cove Capital LLC
Cove Capital LLC
Intrafamily Transfer
related
$1,680,000 · First Foundation Bank
Jan 15, 2021
$2,000,000
Cove Capital LLC
Keith A Crecelius
Grant Deed
$398,000 · Kc Crecelius Living Trust (lt)
Jun 24, 2020
—
Keith A Crecelius
Randolph H C Separate Trust
Quit Claim Deed
—
Mar 5, 2010
—
Hcr Group LP
Randolph,hugh C
Quit Claim Deed
related
—
Jan 18, 2000
—
Hugh Randolph
Randolph,
Quit Claim Deed
related
—
Jul 28, 1997
$193,000
Hugh C Randolph
Neilsen Trust
Grant Deed
related
$65,000 · Individual
Feb 11, 1997
—
Patricia Nielsen
Nielsen,
Quit Claim Deed
related
—
Jan 19, 1995
$460,000
Patricia A Nielsen
Weber Trust
Grant Deed
$345,000 · Home Savings Of America
Oct 18, 1993
—
Steven J Weber
Weber,marilyn P
Quit Claim Deed
related
$40,000 · Allied Bancorp
Jul 18, 1991
—
Weber Steven J
Weber Trust
Quit Claim Deed
related
—
Apr 25, 1989
$625,000
Weber Steven J
Concept Exchango
Trustees Deed
$160,000 · First Federal Savings & Loan
Apr 25, 1989
—
Concept Exchango
Payne John W
Trustees Deed
related
—
—
—
Steven J Weber
—
Deed Of Trust
related
$20,000 · Queen City Bank
—
—
Patricia A Nielsen
—
Deed Of Trust
related
$115,000 · Individual
—
—
Weber Trust
—
Deed Of Trust
related
$225,000 · Home Savings Of America
—
—
Weber Trust
—
Deed Of Trust
related
$320,000 · Home Savings Of America
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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