| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 70th | Good |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1782 Placentia Ave, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1974 |
| Units | 26 |
| Transaction Date | 2021-06-15 |
| Transaction Price | $5,925,000 |
| Buyer | JOINT PROPS 2018 LLC |
| Seller | DAISY III ASSOCIATES LTD |
1782 Placentia Ave, Costa Mesa Multifamily Opportunity
Positioned in an Urban Core pocket of Costa Mesa with steady renter demand and high home values that support leasing strength, according to WDSuite’s CRE market data.
The property sits in a neighborhood rated A- within the Anaheim–Santa Ana–Irvine metro, competitive among 516 metro neighborhoods on overall livability. Neighborhood occupancy is 94.7% (neighborhood metric, not the property), indicating a stable baseline for leasing and renewal strategies.
Daily needs are well covered: grocery and pharmacy density ranks near the top of the metro (ranked 3 of 516), and the area is top quartile nationally for cafes and restaurants. Parks and formal childcare options are limited within the neighborhood footprint, so on-site amenities and family-oriented services may enhance positioning.
Construction year average in the area trends to the early 1980s; with a 1974 vintage, this asset is older than nearby stock and may warrant targeted capital planning (exteriors, systems, and interiors) to capture value-add upside and remain competitive against newer comparables.
Renter-occupied housing accounts for a sizable share locally (about two-thirds of units by neighborhood tenure data), which points to a deep tenant base for multifamily. Within a 3-mile radius, households have inched higher while average household size edged lower, and forecasts point to further household growth—factors that expand the renter pool and support occupancy stability. Elevated ownership costs (median home values near the top of national distributions) reinforce reliance on multifamily rentals, supporting pricing power where unit quality and location fundamentals align.
Rent levels in the neighborhood sit in the higher end of national distributions and have grown meaningfully over five years, consistent with Orange County s tight housing dynamics. Based on commercial real estate analysis from WDSuite, the submarket s rent-to-income profile suggests room for disciplined rent management while monitoring retention risk at renewal.
Safety indicators for the neighborhood are mixed but improving. Overall crime performance is around the middle nationally, while recent data show meaningful year-over-year declines in both property and violent offenses, which is a constructive trend for long-term investment planning. Comparisons reflect neighborhood-level conditions, not the property.
For investors, the directional improvement supports leasing narratives and may aid retention, but underwriting should still account for block-to-block variation typical of Urban Core locations across the Anaheim–Santa Ana–Irvine metro.
- Pacific Life — insurance (3.4 miles) — HQ
- Prudential — financial services (5.6 miles)
- Western Digital — data storage & technology (5.7 miles) — HQ
- First American Financial Corporation — title & financial services (6.0 miles)
- Microsoft Technology Center — technology offices (6.0 miles)
Nearby corporate anchors help sustain a diversified renter base with strong incomes and short commutes, including finance and technology employers noted below.
This 26-unit, 1974-vintage asset in Costa Mesa benefits from a deep renter pool, neighborhood occupancy near the mid-90s (neighborhood measure), and proximity to high-wage employment centers. Elevated home values in the area underpin durable rental demand and can support pricing power for well-maintained, well-located product. According to CRE market data from WDSuite, the neighborhood is competitive within the metro on amenities and income profiles, while trends within a 3-mile radius point to growing households and smaller household sizes—supportive for multifamily absorption and renewal.
Investor focus centers on strategic value-add: the asset s older vintage relative to nearby stock suggests scope for selective renovations and systems upgrades to protect NOI and reduce turnover. Underwriting should also consider Urban Core nuances—limited parks/childcare in the immediate area and safety metrics that, while improving, warrant continued monitoring.
- Neighborhood occupancy in the mid-90s supports leasing stability (neighborhood metric, not property).
- High-cost ownership market reinforces rental demand and retention potential.
- Strong amenity access (groceries, pharmacies, dining) and proximity to major employers bolster tenant appeal.
- 1974 vintage offers value-add and systems modernization opportunities to enhance competitiveness.
- Risks: older building capex, limited nearby parks/childcare, and Urban Core safety variability despite improving trends.