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July 14, 2024
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Costa Mesa Multifamily Asset Sells for $479k/Unit


A private investor paid $5.75 mil for Ebtide, a 12-unit ($479k/unit) multifamily property in Costa Mesa. Built in 1960 and renovated in 2022, the 7.6k sf, two-story, two-building apartment community sits on 0.29 acres at 1993 Church St, near the corner of 20th St and Church.

Ebtide features 12 one-bedroom/one-bath units with in-unit washer/dryers, new stainless-steel appliances, mini-split air conditioners and real oak wood flooring in each unit. The apartment community also has gated access, a community courtyard, drought-resistant landscaping and 10 parking spaces (four garage spaces and six open spaces). Through the in-place RUBS (Ratio Utility Billing Systems), tenants pay for water and trash, in addition to the property being individually metered for electricity and gas.

The apartment community is situated in a prime Eastside Costa Mesa location with a Walk Score of 88 (“Very Walkable”) and a Bike Score of 74 (“Very Bikeable”). Ebtide is a short walk to The Triangle (0.6 miles), near 17th Street Promenade (1.1 miles), and a short drive to the beaches of Newport Beach.

Dan Blackwell, Mike O’Neill and Jack O’Connor with CBRE represented both the buyer and seller in the non-exchange transaction. The buyer was based in Newport Beach and the seller was based in Nashville, TN. According to Blackwell, the listing generated multiple competitive offers.

The property recently underwent an extensive renovation of close to $1 mil. “Ebtide was truly a turnkey property having undergone a full interior and exterior renovation, including a full renovation of all 12 units,” O’Neill said. “Additionally, Ebtide has city approval to build two accessory dwelling units (ADUs) through garage conversions. With garage conversions, an investor could add two approximately 497 sf one-bedroom units to the property.”

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