2350 Santa Ana Ave

2350 Santa Ana Ave, Costa Mesa, CA 92627

  • For Sale $4,500,000
  • Property Type Multi-Family
  • Property Size 4,427 SF
  • Units 6
  • Lot Size 0.41 Acre
  • Additional Rent Contact for pricing
  • Year Built 1963
  • Year Renovated 2024
  • Date Updated Aug 23, 2024
N/AIntroducing 2350 Santa Ana Ave, a six-unit apartment complex in Eastside Costa Mesa, CA. Built in 1963 and renovated in 2023-2024, the property blends modern comforts with classic charm on an 18,061 sq. ft. lot. It features a mix of one-, two-, and two-bedroom + den units with private outdoor spaces. Three units have been fully upgraded with new electrical and plumbing systems, energy-efficient windows, split HVAC units, premium flooring, custom cabinetry, designer bathrooms, and stainless steel appliances. The remaining three units will be similarly renovated before closing, making the property turnkey. Currently master leased through October 2025, the property generates $25,000 per month, offering a 5.50% cap rate with minimal owner obligations. Additionally, it holds future potential with an approved plan for five 1,700 sq. ft. condominium units. Whether continuing the lease, repositioning as multifamily, or redeveloping, 2350 Santa Ana Ave offers multiple paths to long-term value creation.

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Highlights

  • Versatile Six-Unit Complex: Features one and two-bedroom apartments, each with private outdoor spaces.
  • Extensive Renovations: High-end updates to interiors and infrastructure, with remaining units to be completed before close.
  • Stable Income Stream: Master leased at $25,000 per month until October 2025, yielding a 5.50% capitalization rate.
  • Future Redevelopment Potential: Lot approved for development into five detached 1,700 sq. ft. three-bedroom condominium units.
  • Multifamily Market Flexibility: Potential repositioning as a multifamily asset with a projected 4.00% cap rate.
  • Prime Coastal Location: Located in the highly desirable and supply-constrained Eastside Costa Mesa area.

Contacts

broker

Michael Cavner

The Leeson Group Marcus & Millichap

Location

Getting Around

  • Walk Score ®

    44/100 Car-Dependent

  • Transit Score ®

    31/100 Some Transit

  • Bike Score ®

    67/100 Bikeable
Powered by Walk Score ®
  • City Costa Mesa, CA
  • Neighborhood Eastside Costa Mesa
  • Zip Code 92627
  • Market Orange County

Points of Interest

  • Tustin Metrolink Station

    6.54 miles

  • Santa Ana

    7.34 miles

  • Arco

    1.05 miles

  • 76

    1.22 miles

  • True Zero

    1.27 miles

  • Arco

    1.40 miles

  • Chevron

    1.44 miles

  • EV Chargepoint

    2.03 miles

  • Speedway

    2.06 miles

  • Mobil

    2.07 miles

  • Shell

    2.07 miles

  • Express

    2.07 miles

  • Adams Lot

    1.77 miles

  • Adams 33

    1.78 miles

  • University Park And Ride

    2.15 miles

  • Cell Phone Waiting Lot

    2.36 miles

  • Dolphin Parking Structure

    2.56 miles

  • Lot 70

    2.73 miles

  • Villa Balboa Cagney Ln. Parking A

    2.76 miles

  • South Coast Plaza Park And Ride

    2.77 miles

  • Physician & Staff Parking

    2.77 miles

  • Pool House Parking

    2.78 miles

  • BLVD Hotel, Ascend Hotel Collection

    0.53 miles

  • Motel 6 Costa Mesa, CA - Newport Beach

    0.54 miles

  • Ali Baba Motel

    0.56 miles

  • Tern Inn

    0.71 miles

  • Days Inn Costa Mesa-Newport Beach

    0.79 miles

  • Holiday Inn Express Costa Mesa

    0.85 miles

  • Best Western Plus Newport Mesa Inn

    0.89 miles

  • Cozy Inn

    0.99 miles

  • Sandpiper Motel

    1.09 miles

  • Travelodge by Wyndham Costa Mesa Newport Beach Hacienda

    1.14 miles

  • Filomena's Italian Kitchen & Market

    0.48 miles

  • Celebrations by Turnip Rose

    1.19 miles

  • Norms

    1.26 miles

  • Nick's Pizza

    1.31 miles

  • Yard House

    1.32 miles

  • Panda Express

    1.32 miles

  • McDonald's

    1.33 miles

  • Food Court

    1.33 miles

  • May Gardens

    1.35 miles

  • Bill's Burgers

    1.35 miles

  • Lindbergh School

    0.24 miles

  • Monte Vista High School

    0.45 miles

  • Heinz Kaiser Elementary School

    0.54 miles

  • Woodland Elementary

    0.78 miles

  • Vanguard University

    0.84 miles

  • Heritage Montessori School

    0.84 miles

  • Saint Joachim School

    1.00 miles

  • College Park Elementary School

    1.05 miles

  • McNally School

    1.23 miles

  • Davis School

    1.36 miles

  • Environmental Nature Center Nature Preschool

    2.12 miles

  • KinderCare

    3.18 miles

  • University Montessori

    3.53 miles

  • KinderCare

    5.28 miles

  • KinderCare

    6.16 miles

  • Kinderland Academy

    6.99 miles

  • Boys & Girls Club of Tustin

    7.27 miles

  • Kiddie Academy

    7.75 miles

  • The Leaning Spot

    8.57 miles

  • Carden Conservatory

    9.21 miles

Frequently Asked Questions

How much does 2350 Santa Ana Ave cost?

The space currently listed for sale at 2350 Santa Ana Ave asks for $4,500,000.

What is the total square footage of 2350 Santa Ana Ave?

2350 Santa Ana Ave totals 4,427 square feet.

When was this property built?

2350 Santa Ana Ave was built in 1963.

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Contact Listing Broker

broker

Michael Cavner

The Leeson Group Marcus & Millichap