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10/11/22
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A 48-unit multifamily community in Costa Mesa was acquired by a 1031 exchange, private investor in a recent $18.5 mil ($385.4k/unit), all cash transaction. The seller of the low-density, garden-style multifamily asset was also a private investor.
Located at 301 and 307 Avocado St, the two-story, four-building property was built in 1969 and sits on two parcels totaling 1.7 acres with approximately 250 feet of frontage along Avocado St. The property has a mix of 32 one-bedroom and 16 two-bedroom floorplans, an onsite manager, a community laundry room, two gated swimming pools and two BBQ areas that were recently renovated. The complex also has 76 parking spaces - 46 single-car garages and 30 open parking spaces.
CBRE’s Dan Blackwell, Mike O’Neill and Priscilla Nee of CBRE represented the seller, a local private investor. Blackwell and O’Neill repped the buyer, also based in Orange County. According to Blackwell, this was the first time that the Avocado Street Apartments had been on the market in over 40 years and was the largest multifamily property to sell in the city of Costa Mesa since late June 2021.
“Avocado Street Apartments represented a one-of-a-kind multifamily investment in one of the most highly sought-after markets within Orange County,” said O’Neill. “Additionally, due to strong rental demand in Costa Mesa, the buyer has the potential opportunity to increase the gross income approximately 55% by updating the unit interiors, implementing RUBS (Ratio Utility Billing System) and adding four accessory dwelling units.”
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