CBRE announced the $9.57 million sale of a 22-unit multifamily property located at 313 and 325 East 17th Place in Eastside Costa Mesa, California marking its first time on the market in more than 25 years.
CBRE’s Dan Blackwell and Mike O’Neill represented the buyer, a private investor based in Fountain Valley, California. CBRE has completed approximately eight transactions with this repeat client. The seller was a private investor from Orange County, California.
“This is the largest Eastside Costa Mesa transaction within the past three years,” said Dan Blackwell, executive vice president at CBRE. “We’re proud to have helped our client secure another high-quality asset in a walkable location with strong in-place cash flow and long-term upside.”
“This asset checks all the boxes for today’s multifamily investor,” said Mike O’Neill, senior vice president at CBRE. “Its location off 17th Street, one of Eastside Costa Mesa’s most sought-after rental corridors, offers walkable access to local retail and dining, with convenient proximity to Newport Beach, Fashion Island, South Coast Plaza, and major freeways.”
Built in 1961, the property comprises six one-bedroom units and 16 two-bedroom units across two parcels spanning 0.58 acres, with a combined building area of 18,355 square feet. The classic two-story garden-style complex features central courtyards, eight single-car garages, and 10 surface parking spaces. The sale equates to $434,845 per unit and $521 per square foot, with a current cap rate of 5.10%.
CBRE’s brokerage team facilitated the transaction by leveraging the buyer’s track record and ability to execute efficiently. “We’ve seen sustained momentum in Eastside Costa Mesa, and this sale is another example of capital targeting high-performing coastal infill locations,” said O’Neill.
The deal marks the team’s 15th multifamily transaction in Costa Mesa over the past 24 months, underscoring continued demand for quality rental assets in coastal Orange County.
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 2024 revenue). The company has more than 140,000 employees (including 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.
