CBRE has facilitated the sales of three multifamily triplex properties in Orange County, Calif., for a total of $7,049,000 to three individual private buyers in a span of 20 days.
In the first transaction, CBRE’s Executive Vice President Dan Blackwell and First Vice President Mike O’Neill represented both the buyer and seller in the sale of a three-unit multifamily property at 322 Cypress Drive in north Laguna Beach. The property, which included a non-conforming unit, sold for $2,599,000, representing $866,333 per unit and $960 per square foot. Notably, this sale set a record for the highest total sales price for a triplex in Laguna Beach in 2024, according to CBRE.
Both parties were local residents of Laguna Beach. The buyer, a repeat client, was engaged in a reverse 1031 exchange, a tax strategy that allows an investor to acquire a replacement property before disposing of their current one. This transaction marks the 12th multifamily deal on Cypress Drive in Laguna Beach by the CBRE Multifamily SoCal team.
“Our marketing process generated multiple competitive offers for this generational investment opportunity,” highlighted O’Neill. “This property, which had not been on the market for over 70 years, offered not only a single-family residence but also a detached duplex building on a 6,000-square-foot parcel, with potential for an accessory dwelling until (ADU).”
The property comprises two buildings, constructed in 1917 and 1961, totaling 2,708 square feet. The front building houses a two-bedroom single-family residence (equipped with laundry hook-ups), and in the rear of the property an upstairs one-bedroom unit, a downstairs studio, and a non-conforming studio. Select units offer ocean views, notably the front single-family residence and the upstairs one-bedroom unit. The property also features a community rose garden courtyard and ample parking with six spaces: three garage spaces and three open spaces. Tenants enjoy convenient access to Main Beach (just 0.3 miles away) and downtown Laguna Beach (with a Walk Score of 89).
The second transaction involved a three-unit multifamily property at 205 Ogle Street in Eastside Costa Mesa. Blackwell and Associates Jack O’Connor and Amanda Fielder represented the seller, a resident of Los Angeles’ South Bay. The repeat buyer, from Newport Beach, was represented by Blackwell and O’Connor. The property was sold for $1,900,000, representing $633,333 per unit and $564 per square foot. This transaction marked the first time the property had been on the market in over 35 years and is the fifth Eastside Costa Mesa sale by the CBRE Multifamily SoCal team in 2024.
“Our exclusive marketing process generated multiple tours and competitive offers for this desirable coastal property with significant value-add potential. The escrow closed successfully at 97.4% of the asking price. The buyer waived all contingencies within 17 days and completed the escrow process in just 60 days,” noted Blackwell. “At 205 Ogle Street, two out of the three units were delivered vacant, allowing the buyer to achieve market rent immediately after implementing a renovation plan. Furthermore, there’s an opportunity to add an ADU by converting the garages or constructing a detached unit in front of the existing building.”
Built in 1972, the property is a single two-story, 3,366-square-foot building situated on a 6,254-square-foot lot. It features a four-bedroom townhome and a two-bedroom townhome unit, plus a two-bedroom unit. Each unit has a fireplace in the living room, and the four-bedroom townhome unit has an additional fireplace in the primary bedroom. The property is individually metered for electricity and has on-site laundry facilities. Ample parking includes four single-car garages and three open spaces. The roof was replaced in 2019. The property is located in desirable Eastside Costa Mesa (Walk Score: 92), within walking distance of the 17th Street Promenade retail, restaurants and entertainment, and a short drive from the beach and countless other amenities.
O’Connor added that 205 Ogle Street offers large townhome-style floorplans that are not commonly seen in the area.
In the third transaction, Blackwell and O’Connor represented an all-cash buyer in the acquisition of a three-unit multifamily property at 404 Avenida Granada in San Clemente. The buyer was a repeat client based in San Clemente. The seller was from Arizona. The sale price was $2,550,000, representing $850,000 price per unit and $643 per square foot.
“This is the second triplex property in San Clemente that our team has sourced for our client,” said Blackwell. “We outperformed multiple competitive offers and ensured a seamless transaction, closing escrow in just 36 days.”
Built in 1968, the property is a two-story, 3,964-square-foot building situated on a 4,400-square-foot lot. It features three large two-bedroom units, one of which is a townhome-style floorplan. Each unit features at least two bathrooms. The property provides ample parking with three single-car garages and driveway space, totaling six parking spots. The seller had invested significantly in extensive interior and exterior upgrades. All three units were renovated with laundry hookups, air conditioning, new kitchens, new bathrooms, tankless water heaters, flooring and more.
O’Connor added, “404 Avenida Granada offered the buyer a turnkey, vacant property that could be leased immediately, located only steps away from the beach, San Clemente Pier, The Pier Bowl, San Clemente Beach Trail, Casa Romantica Cultural Center, downtown San Clemente, including Avenida Del Mar with its eclectic shops and restaurants, and more (Walk Score: 89). This deal marks our team’s third transaction in San Clemente in the past 60 days.
“The coastal markets in Orange County offer multifamily investors a unique blend of charm, robust rental demand, and promising investment potential,” says O’Neill. “Given their desirable locations and strong demographics, the cities of Laguna Beach, Costa Mesa, and San Clemente present excellent opportunities for investors seeking long-term growth and stability in the coastal multifamily sector.”
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.
