CBRE closes three multifamily triplex properties in Orange County, which traded hands in recent deals to separate buyers totaling $7.05 million. The properties include 322 Cypress Drive in Laguna Beach, 205 Ogle Street in Costa Mesa, and 404 Avenida Granada in San Clemente.
In one of the transactions, a three-unit multifamily property, which included a non-conforming unit, at 322 Cypress Drive in north Laguna Beach sold for $2.6 million ($866.3k/unit). The deal set a record for the highest total sales price for a triplex in Laguna Beach in 2024.
Dan Blackwell and Mike O’Neill with CBRE represented both the buyer and seller in the transaction. 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.
According to O’Neill, the 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 6k sf parcel, with potential for an accessory dwelling until (ADU).
The second transaction involved a three-unit multifamily property at 205 Ogle Street in Eastside Costa Mesa that sold for $1.9 mil, or $633.3k/unit. Built in 1972, the property is a single two-story, 3.4k sf building situated on a 6.3k sf lot. It features a four-bedroom townhome and a two-bedroom townhome unit, plus a two-bedroom unit.
Two out of the three units were delivered vacant, allowing the buyer to achieve market rent immediately after implementing a renovation plan. In addition, there’s an opportunity to add an ADU by converting the garages or constructing a detached unit in front of the existing building.”
Blackwell, Jack O’Connor and Amanda Fielder with CBRE represented the seller, a resident of Los Angeles’ South Bay. The repeat buyer, from Newport Beach, was repped by Blackwell and O’Connor. The property closed at 97.4% of the asking price.
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 that traded for $2.55 million, or $850k/unit. The buyer was a repeat client based in San Clemente. The seller was from Arizona. The property is pictured above.
The Avenida Granada 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.
