| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 40th | Poor |
| Amenities | 92nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1939 Wallace Ave, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1974 |
| Units | 30 |
| Transaction Date | 2003-06-18 |
| Transaction Price | $3,025,000 |
| Buyer | Rudy A Miriman, LLC |
| Seller | Bunkhouse Investors |
1939 Wallace Ave Costa Mesa Multifamily Investment
Neighborhood fundamentals signal durable renter demand and high occupancy at the area level, according to WDSuite’s CRE market data. The immediate submarket shows strong amenity access and a large renter base, supporting income stability for well-managed assets.
Located in Costa Mesa’s Urban Core, the neighborhood around 1939 Wallace Ave carries an A- rating and ranks 114 out of 516 metro neighborhoods—top quartile nationally for overall performance among Anaheim–Santa Ana–Irvine peers. Area occupancy is strong, with the neighborhood recording high occupancy levels and upward momentum over the past five years, a favorable backdrop for maintaining leased units.
Renter-occupied housing accounts for a notably high share of neighborhood units, indicating a deep tenant pool for multifamily leasing and renewals. The property’s 1974 vintage is older than the neighborhood’s average construction year, suggesting potential value-add through targeted renovations and system upgrades to compete with newer stock.
Amenity density is a clear strength: restaurants, cafes, pharmacies, parks, and grocery options score in the upper national percentiles, enhancing day-to-day convenience and supporting retention. By contrast, average school ratings in the neighborhood sit below national medians, which may temper appeal for some family renters but is less likely to impact demand for smaller unit mixes.
Home values in the area rank high nationally, reflecting a high-cost ownership market that tends to sustain reliance on rental housing and support pricing power for competitive properties. At the same time, rent-to-income ratios signal some affordability pressure; investors should plan for thoughtful lease management and renewal strategies to protect occupancy and limit turnover.
Within a 3-mile radius, recent population levels were roughly flat to slightly lower, while household counts edged higher—pointing to smaller household sizes and a stable-to-expanding renter pool. Looking ahead, WDSuite’s projections indicate an increase in households by 2028, which supports demand for rental units and underpins occupancy stability for well-positioned multifamily assets.
Based on WDSuite data, the neighborhood’s overall crime rank sits above the metro median (245 out of 516 Anaheim–Santa Ana–Irvine neighborhoods), aligning roughly with national averages for safety. This suggests conditions that are generally competitive among regional peers rather than an outlier in either direction.
Property-related offenses have been elevated historically versus national norms, but the most recent year shows a notable downward shift, with meaningful year-over-year improvement. Violent offense rates track below national percentiles but likewise show significant declines in the latest year. For investors, the key takeaway is a trend toward improvement; prudent security measures and resident engagement can help sustain gains and support retention.
The area’s employment base includes finance, insurance, and technology employers within a short commute, supporting workforce housing demand and lease stability. Nearby anchors include Pacific Life, Prudential, Western Digital, First American Financial, and the Microsoft Technology Center.
- Pacific Life — insurance (3.5 miles) — HQ
- Prudential — financial services (5.3 miles)
- Western Digital — technology & storage (5.5 miles) — HQ
- First American Financial — title & financial services (5.6 miles) — HQ
- Microsoft Technology Center — technology offices (5.7 miles)
1939 Wallace Ave offers exposure to a top-quartile Costa Mesa neighborhood where renter-occupied housing concentration and strong neighborhood occupancy support income durability. The 1974 construction provides clear value-add angles—unit modernization and building system upgrades—to enhance positioning against a newer competitive set. High ownership costs in this part of Orange County reinforce reliance on rentals, while amenity-rich surroundings aid retention and leasing.
Within a 3-mile radius, households have increased even as population was flat to slightly lower, and WDSuite’s projections point to further household growth by 2028—supportive of a larger tenant base and occupancy stability. According to CRE market data from WDSuite, neighborhood-level rent-to-income ratios warrant careful renewal management, but continued improvement in safety trends and strong employer access provide tailwinds for a well-executed value-add plan.
- High renter concentration and strong neighborhood occupancy support demand and renewals
- 1974 vintage offers renovation and systems-upgrade upside to compete with newer stock
- Amenity-rich Urban Core location with proximity to major employers supports retention
- Ownership costs are elevated locally, reinforcing renter reliance and pricing power for competitive assets
- Risks: affordability pressure (rent-to-income), historically elevated property crime, and capex needs typical of 1970s construction