CBRE announced the sale of three multifamily properties in Eastside Costa Mesa, Calif., to individual buyers, marking a total of 13 units and $7,423,500 in transactions.
2666 ORANGE AVENUE
In the first transaction, CBRE’s Executive Vice President Dan Blackwell and First Vice President Mike O’Neill arranged the sale of six units at 2666 Orange Avenue, representing both the buyer and seller. The property sold for $3,235,000, equating to $539,167 per unit and $719 per square foot. The buyer was a private investor from Newport Beach, while the seller, also a private investor, was based in Los Angeles County.
“This property, set on a large 18,300-square-foot lot, features a collection of individual cottages and a duplex facing Orange Avenue,” Blackwell commented. “We generated multiple offers through our investor network and sold it to a repeat client who was looking for such a property in this geographic location.”
“We were also able to arrange seller-carry financing for the buyer,” O’Neill noted. “Having represented the seller previously, it was rewarding to facilitate this deal and see both parties benefit. Further, with planned upgrades, the buyer stands to increase rental yields.”
Built in 1954, 1956 and 1965, the family property at 2666 Orange Avenue features five buildings totaling 4,500 square feet on a 0.42-acre lot and consists of three individual detached two-bedroom bungalows, two two-bedroom units (duplex) plus one one-bedroom single-family detached residence with a large backyard.
140 ALBERT PLACE
In the second transaction, Blackwell represented the buyer in the sale of three units at 140 Albert Place, totaling $2,150,000 at $716,667 per unit and over $829 per square foot. Both the buyer and seller were private investors from Newport Beach and not in a 1031 exchange. The buyer was a repeat client.
Built in 1920 and 1981 on a 9,148-square-foot lot, the property at 140 Albert Place consists of one detached two-bedroom house in front and two two-bedroom back units totaling a combined 2,592 square feet. The front house has a charming front porch and private yard space. The other two units have private balconies and separate entrances. All units are well maintained, separately metered for gas and electricity and have private garages and in-unit laundry hook-ups.
122 MAGNOLIA STREET
In the third transaction, CBRE’s Blackwell and O’Neill, secured the sale of four units at 122 Magnolia Street in a 34-day escrow to a private investor client for $2,038,500, averaging $509,625 per unit and $829 per square foot. The non-exchange buyer was based in Orange County and the seller, a private investor, was from Newport Beach and was the same seller as 140 Albert Place.
Built in 1961 on a 4,028-square-foot lot, the multifamily rental property at 122 Magnolia (Walk Score: 94, “A Walker’s Paradise”) features four one-bedroom units totaling 2,458 square feet. Each unit is separately metered for gas and electricity and comes with one designated parking space per unit. The detached two-car garage is leased separately. Other features include dual pane windows, tankless water heaters, and a community laundry area with coin-operated machines.
1993 CHURCH STREET
Nearby, Blackwell, O’Neill, and CBRE Jack O’Connor represented both the buyer and seller in the $5,750,000 sale of a 12-unit multifamily property with two approved Accessory Dwelling Units (ADUs) at 1993 Church Street in Eastside Costa Mesa. The property closed in 26 days from opening of escrow and was the third time that the team sold this asset.
“These properties are situated in one of Orange County’s most coveted rental markets, offering tenants convenient access to parks, top-rated schools, beaches, and the diverse amenities of 17th Street,” Blackwell highlighted. “The Eastside Costa Mesa market remains robust, showing ongoing growth and activity. Investors are drawn to multifamily properties in this area due to the consistent demand for rental housing, the potential for strong rental yields, and the stability of the local economy, making it an attractive investment opportunity.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has approximately 130,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
