| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 70th | Good |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 131 E 18th St, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1973 |
| Units | 24 |
| Transaction Date | 2010-09-08 |
| Transaction Price | $3,740,000 |
| Buyer | WESTBAY ASSOCIATES LLC |
| Seller | WESTBAY PROPERTIES #2 LLC |
131 E 18th St Costa Mesa 24-Unit Multifamily
Neighborhood occupancy has held in the mid-90s and renter concentration sits in the top quartile among 516 metro neighborhoods, supporting consistent tenant demand according to WDSuite’s CRE market data.
Situated in Costa Mesa’s Urban Core, the property benefits from a neighborhood rated A- and ranked 113 out of 516 within the Anaheim–Santa Ana–Irvine metro, placing it in the top quartile locally. Grocery and pharmacy access are standouts (both ranked 3rd of 516; top national percentiles), with strong café and restaurant density that supports daily convenience and walkable lifestyle appeal for renters. Limited park and childcare availability, however, may require positioning toward adult and professional households rather than family-centric marketing.
The surrounding ownership market is high-cost (home values near the top national percentile), which tends to sustain reliance on multifamily rentals and can support pricing power and retention. Neighborhood rents also index high nationally, yet rent-to-income levels read manageable for local incomes, suggesting reduced affordability pressure relative to peer high-cost markets. These dynamics typically underpin steady leasing and renewal performance.
Construction across the neighborhood skews newer than this asset (average vintage around the early 1980s), while the property dates to 1973. The older vintage points to potential value-add through unit and system modernization, which can improve competitive positioning against newer stock while planning for near- to medium-term capital needs.
Within a 3-mile radius, demographics show stable to rising household counts alongside smaller household sizes over time, a pattern that expands the renter pool and supports occupancy stability. Forward-looking projections indicate additional household growth, which, if realized, would deepen the tenant base and aid leasing consistency. The neighborhood’s renter-occupied share is a majority, signaling a broad base of multifamily demand rather than a narrow niche.
Safety indicators are mixed but improving. The neighborhood’s overall crime rank sits near the metro middle (ranked 240 out of 516), while national positioning suggests below-median safety relative to neighborhoods nationwide. However, year-over-year estimates indicate meaningful declines in both violent and property offenses, placing recent improvement rates in higher national percentiles. For investors, this trajectory supports a cautious but constructive view toward resident retention and marketing, with continued monitoring recommended.
Proximity to major corporate employers supports a strong professional renter base and short commute times, reinforcing leasing stability. Key nearby nodes include Pacific Life, Prudential, Western Digital, Microsoft Technology Center, and First American Financial.
- Pacific Life — insurance (2.8 miles) — HQ
- Prudential — financial services (4.9 miles)
- Western Digital — data storage & technology (5.0 miles) — HQ
- Microsoft Technology Center — enterprise technology (5.3 miles)
- First American Financial — title & insurance (5.5 miles) — HQ
This 24-unit, 1973-vintage asset in Costa Mesa’s Urban Core is positioned in a high-demand rental environment with strong daily amenities and a high-cost ownership market that reinforces renter reliance on multifamily housing. Neighborhood occupancy trends and a majority renter-occupied housing base point to a deep tenant pool and steady leasing, while the property’s older vintage presents actionable value-add potential through interior updates and building system improvements. Based on CRE market data from WDSuite, local rents index high but rent-to-income levels appear manageable for the area, supporting renewal probability when paired with attentive lease management.
Within a 3-mile radius, rising household counts and smaller average household sizes expand the renter pool and support occupancy stability. Convenience retail, groceries, pharmacies, and nearby employment centers further enhance day-to-day livability and commute efficiency — useful for targeting professional renters and minimizing downtime between turns. Investors should balance these advantages with prudent assumptions around capital expenditures and continued monitoring of local safety trends.
- High-cost ownership market sustains multifamily demand and supports pricing power
- Majority renter-occupied housing and mid-90s neighborhood occupancy support leasing stability
- 1973 vintage offers value-add potential via unit renovations and system upgrades
- Strong amenity access and proximity to major employers attract professional renters
- Risks: mixed-but-improving safety indicators and required capex for an older asset