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7/23/25
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A 22-unit multifamily property in Eastside Costa Mesa traded in a $9.57 mil transaction. This is the first time on the market in more than 25 years for the property, located at 313 and 325 East 17th Place, just east of the 55 Fwy.
Built in 1961, the property comprises six one-bedroom units and 16 two-bedroom units across two parcels spanning 0.58 acres, with a combined building area of 18.4k sf. The classic two-story garden-style complex features central courtyards, eight single-car garages, and 10 surface parking spaces. The sale equates to $434,845 per unit and $521 per square foot, with a current cap rate of 5.10%.
Nearly 80% of the interiors have been renovated, featuring luxury vinyl plank flooring, updated cabinetry, copper plumbing, and individual water heaters. Each unit also benefits from separate gas and electric meters.
CBRE’s Dan Blackwell and Mike O’Neill represented the buyer, a private investor based in Fountain Valley. CBRE has completed approximately eight transactions with this repeat client. The seller was a private investor from Orange County.
“This asset checks all the boxes for today’s multifamily investor,” said O’Neill. “Its location off 17th Street, one of Eastside Costa Mesa’s most sought-after rental corridors, offers walkable access to local retail and dining, with convenient proximity to Newport Beach, Fashion Island, South Coast Plaza, and major freeways.”
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