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6/09/25
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A 13-unit multifamily property in Costa Mesa traded hands in a recent $8.6 mil ($661.5k/unit) transaction. We’re told that this is the highest price per unit achieved for a multifamily property in Westside Costa Mesa over the past 18 months.
The property sits on just under one acre at 553 and 555 Victoria St, just west of the 55 Fwy. The property contains 10 buildings with 13.7k sf of rentable space. The unit mix includes eight two-bedroom cottages (built in 1962) and five three-bedroom townhomes (built in 1990), each with a private backyard.
Townhome amenities include fireplaces, walk-in closets, and electric garage door openers. The property has 36 parking spaces and benefits from recent upgrades such as 50-year roofs, copper plumbing, new concrete driveways, and 50-year exterior walls.
CBRE’s Dan Blackwell, Mike O’Neill and Jack O’Connor represented the Costa Mesa-based private seller. The buyer is a private investor based in Huntington Beach. The transaction closed in 28 days to accommodate the buyer’s 1031 exchange requirements. The property was on the market for the first time in over 47 years and sold for 98% of the list price.
According to O’Neill, the property’s location, rental demand and embedded value made it a strong acquisition opportunity, with in-place rents 15 percent below market rates and the potential for an accessory dwelling unit (ADU) in the oversized rear garage.
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