| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 70th | Good |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 161 E 18th St, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1976 |
| Units | 44 |
| Transaction Date | 2010-09-08 |
| Transaction Price | $7,480,000 |
| Buyer | WESTBAY ASSOCIATES LLC |
| Seller | WESTBAY PROPERTIES #4 LLC |
161 E 18th St Costa Mesa Multifamily Investment
Neighborhood-level occupancy has held in the mid-90s, supported by deep renter demand and strong incomes, according to WDSuite’s CRE market data. For investors, the location’s amenity density and high-cost ownership market point to stable leasing and pricing power.
Located in Costa Mesa’s Urban Core, the property sits in a neighborhood rated A- and ranked 113 of 516 within the Anaheim–Santa Ana–Irvine metro, indicating top quartile positioning among metro neighborhoods. Amenity access is a clear strength: grocery and pharmacy density rank at the top of the metro and are in the top quartile nationally, while cafés and restaurants score in the 90s nationally. This concentration of daily needs and dining supports resident retention and leasing velocity.
Neighborhood-level occupancy is in the high range (mid-90s), and the share of renter-occupied housing is elevated, with roughly two-thirds of housing units renter-occupied. For multifamily owners, that renter concentration translates to a deeper tenant base and steadier demand through cycles, though it also heightens competition among nearby properties on finish quality and management.
Within a 3-mile radius, demographics show resilient fundamentals for multifamily: households grew modestly over the past five years and are projected to increase meaningfully over the next five, even as average household size trends lower. This pattern typically expands the renter pool and supports occupancy stability as more, smaller households seek professionally managed housing.
Home values in the neighborhood are elevated relative to U.S. norms (top percentile nationally), while median rents benchmark near the top decile. In investor terms, a high-cost ownership market sustains reliance on rental housing and can support pricing power and lease retention, provided asset quality and management remain competitive with the metro’s newer inventory.
Safety signals are mixed when viewed against national benchmarks. Overall crime levels track close to the national middle, but property crime is elevated relative to U.S. neighborhoods. At the same time, both violent and property offense rates have shown material year-over-year improvement, placing recent declines in the stronger tier nationally. Investors should underwrite to current conditions while recognizing the trend improvement.
Within the Anaheim–Santa Ana–Irvine metro (516 neighborhoods), this area performs around the metro average on safety. For underwriting, consider practical measures such as lighting, controlled access, and resident engagement to support retention and mitigate loss-to-lease or turnover costs tied to perceptions of safety.
Proximity to major corporate employers supports a robust renter base seeking commute convenience and professional amenities. Key nearby employers include Pacific Life, Prudential, Western Digital, Microsoft Technology Center, and First American Financial.
- Pacific Life — financial services (2.7 miles) — HQ
- Prudential — financial services (4.8 miles)
- Western Digital — data storage & technology (5.0 miles) — HQ
- Microsoft Technology Center — technology & client solutions (5.3 miles)
- First American Financial — title & insurance (5.5 miles) — HQ
Built in 1976, the 44-unit asset offers potential for targeted value-add and systems modernization to compete against younger stock in a top-performing Orange County location. Neighborhood-level occupancy remains high, and the elevated share of renter-occupied housing supports depth of demand. According to CRE market data from WDSuite, the area’s amenity density and high ownership costs underpin leasing stability and pricing resilience relative to national norms.
Within a 3-mile radius, household counts have trended up and are projected to grow further as average household size declines—conditions that typically expand the renter pool and support occupancy. Elevated home values reinforce renter reliance on multifamily housing, while strong nearby employment anchors provide steady demand drivers. Investors should budget for capital planning consistent with a late-1970s vintage and continue monitoring local safety trends, which have improved recently but warrant ongoing attention.
- High neighborhood occupancy and deep renter-occupied housing base support steady leasing
- Amenity-rich Urban Core location with top-tier grocery, pharmacy, and dining access
- 1976 vintage offers value-add and modernization upside versus newer competitive set
- Strong nearby employment anchors bolster tenant demand and retention
- Risks: elevated property crime historically and capex needs; mitigate via security and targeted renovations