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8/08/23
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A 7.5k sf, mixed-use property in Costa Mesa traded hands in a $3.2 mil transaction. The property, comprising 12 residential apartment units and a street-front retail building, sold for $425 per square foot and $246.2k per unit in the property's first sale in over 30 years.
Located at 2027-29 Harbor Blvd. on a 0.41-acre lot, the property is comprised of four buildings. Three multifamily buildings provide 12 residences: eight studio units, two one-bedroom floorplans, and two two-bedroom floorplans. The property also includes convenient amenities such as open-space parking, a community laundry room, and storage lockers. Additionally, there is a 1.9k sf, street-front commercial building, occupied by an auto trim business. The oldest building on the site dates back to 1949, with subsequent building additions made in 1952, 1954, and 1962.
With a Walk Score of 86, the property benefits from its proximity to Triangle Square, Costa Mesa Courtyards and Mother’s Market & Kitchen. Costa Mesa, situated one mile from the Pacific Coast in the heart of Orange County, is home to South Coast Plaza, one of the nation’s largest shopping centers, and the world-class Segerstrom Center for the Arts and South Coast Repertory theatre. Furthermore, the city serves as the capital of the action sports industry and the headquarters for prominent companies such as Hurley International, Volcom, RVCA and Vans.
CBRE’s Dan Blackwell and Mike O’Neill represented the seller, a private Orange County-based partnership. Blackwell and O’Neill also repped the buyer, an OC-based private investor, and arranged seller financing for four years at 5% interest-only.
“The property at 2027-29 Harbor Blvd. represented a rare opportunity to acquire street-front retail alongside residential units in the highly sought-after westside Costa Mesa,” remarked Blackwell. “Moreover, it presented an excellent value-add investment prospect, with the potential to increase rents by over 40% through an interior and exterior renovation plan.”
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