377 Victoria St Costa Mesa, CA 92627

Property Details for 377 Victoria St

Year built

1947

Lot size

0.14 lot acres

Property size

1,526 SF

Property type

Commercial real estate

APN

419-172-06

Description

This exceptional investment opportunity presents a two-unit apartment building situated on a 0.14-acre lot in the highly desirable Costa Mesa, California market (92627). The property, built in 1947, comprises two single-story buildings totaling 1,526 square feet of net rentable space. The property features two distinct units: a two-bedroom cottage and a one-bedroom cottage, each boasting a spacious private yard – a highly sought-after amenity in this area. Ample parking is provided with a generous driveway and two carport spaces. The property enjoys a prime location within walking distance of major retail centers like Gray Plaza (anchored by At Home) and Harbor Center (anchored by Home Depot and Mercado Gonzalez Northgate Market). Its proximity to Orange Coast College and the O.C. Fair & Event Center further enhances its appeal. Convenient access to State Routes 55 and 73 provides easy commutes to major employment hubs, including the South Coast Metro, Irvine Business District, and Newport Center. The Costa Mesa submarket consistently demonstrates strong performance, with high occupancy rates and significant year-over-year rent growth, reflecting the robust demand for rental housing in this coastal Orange County location. The asking price is $1,100,000, representing a price per unit of $550,000 and a price per square foot of $720.84. The property's current NOI is $26,415, with a pro-forma NOI of $39,277, resulting in a current cap rate of 2.40% and a pro-forma cap rate of 3.57%. The property is offered fee simple. Drive-by only