Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    984 El Camino Dr Costa Mesa, CA 92626
    Property profile & analytics

    984 El Camino Dr, Costa Mesa, CA 92626

    View on Map
    • Commercial real estate
    • 5,241 SF
    Off-Market
    Property ID
    US10-1915652
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 984 El Camino Dr

    Year built
    1964
    Property type
    Commercial real estate
    APN
    141-665-25

    Description

    This exceptional 6-unit apartment building in Costa Mesa, CA presents a compelling investment opportunity. Located in the desirable Mesa Del Mar neighborhood, this meticulously maintained property boasts a 5.1% cap rate based on current net operating income (NOI) of $174,430. A comprehensive renovation completed in 2023, totaling approximately $1.3 million, included a full exterior refresh and complete interior remodeling of all six units. Upgrades encompass modern, high-end finishes, new in-unit laundry in many units, new air conditioning and heating systems, stainless steel appliances, microwaves, ceiling fans, and updated sinks. The property features a two-story building with 5,241 square feet on a 7,405 square foot lot. Ample parking is provided with four garages, four additional spaces in front of the garages, and five open spaces, resulting in a generous 13 parking spaces total. The building, constructed in 1964, offers a strong pro-forma cap rate of 5.60% and a pro-forma NOI of $194,264, indicating significant upside potential. Currently operating at 100% occupancy, this turnkey asset offers immediate cash flow and a strong return on investment. The asking price is $3,450,000, with a price per unit of $575,000 and a price per square foot of $658.27. The property is a fee simple ownership and has an APN of 141-665-25. This is a rare opportunity to acquire a stabilized, high-quality multifamily property in a prime Costa Mesa location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Costa Mesa
    County
    Orange
    State
    California
    Longitude
    -117.89828043422
    Latitude
    33.675808649885

    Comparable in this City

    • $1,975,000
      4,087 SF

      Costa Mesa Multifamily Investment Opportunity

      Four-unit multifamily property in a desirable Costa Mesa location.
      998 Mission Dr, Costa Mesa, CA 92626
      View Details
    • $2,199,000

      Costa Mesa Fourplex with ADU Potential

      Four-unit property on a large lot with ADU potential.
      2937 Mendoza Dr, Costa Mesa, CA 92626
      View Details
    • $2,300,000
      3,551 SF

      Costa Mesa Quadruplex Investment

      Four units in a desirable Costa Mesa location.
      2940 Peppertree Ln, Costa Mesa, CA 92626
      View Details
    • $2,100,000

      Mesa Verde Multifamily Opportunity

      Multi-unit property in desirable Costa Mesa neighborhood near Mesa Verde.
      998 Mission Dr, Costa Mesa, CA 92626
      View Details
    • $2,300,000

      Costa Mesa Fourplex Investment Opportunity

      Four-unit property in Costa Mesa's Mesa Verde neighborhood.
      2940 Peppertree Ln, Costa Mesa, CA 92626
      View Details

    Similar Nearby for Sale

    • $2,100,000

      Mesa Verde Multifamily Opportunity

      Multi-unit property in desirable Costa Mesa neighborhood near Mesa Verde.
      998 Mission Dr, Costa Mesa, CA 92626
      View Details
    • $2,300,000

      Costa Mesa Fourplex Investment Opportunity

      Four-unit property in Costa Mesa's Mesa Verde neighborhood.
      2940 Peppertree Ln, Costa Mesa, CA 92626
      View Details
    • $1,975,000
      4,087 SF

      Costa Mesa Multifamily Investment Opportunity

      Four-unit multifamily property in a desirable Costa Mesa location.
      998 Mission Dr, Costa Mesa, CA 92626
      View Details
    • $2,199,000

      Costa Mesa Fourplex with ADU Potential

      Four-unit property on a large lot with ADU potential.
      2937 Mendoza Dr, Costa Mesa, CA 92626
      View Details
    • $2,300,000
      3,551 SF

      Costa Mesa Quadruplex Investment

      Four units in a desirable Costa Mesa location.
      2940 Peppertree Ln, Costa Mesa, CA 92626
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Professional Office Suites Available

      Two fully built-out office suites with easy freeway access.
      3004 Deodar Ave, Costa Mesa, CA 92626
      View Details
    • $44,465
      15,073 SF

      Office Space in Costa Mesa

      17,131 SF office space with reception and open area.
      3070 Bristol St, Costa Mesa, CA 92626
      View Details
    • $5,835 /Mo
      1,978 SF

      Costa Mesa Office Space Available

      Modern office space in vibrant Costa Mesa arts district.
      3080 Bristol St, Costa Mesa, CA 92626
      View Details
    • $26,576
      9,009 SF

      Costa Mesa Office Space Available

      9,009 SF office space in Costa Mesa, CA.
      3080 Bristol St, Costa Mesa, CA 92626
      View Details
    • $1,976 /Mo
      465 SF

      Hair Salon Space in Costa Mesa

      Existing hair salon with sinks, reception, and exterior entrance.
      3070 Bristol St, Costa Mesa, CA 92626
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    984 El Camino Dr
    Costa Mesa, CA 92626
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    984 El Camino Dr, Costa Mesa, CA, 92626
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!