| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Poor |
| Demographics | 82nd | Best |
| Amenities | 42nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2031 Orange Ave, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1984 |
| Units | 36 |
| Transaction Date | 2021-11-10 |
| Transaction Price | $11,750,000 |
| Buyer | AVANATH STJOHNS MANOR LP |
| Seller | ST JOHNS MANOR LP |
2031 Orange Ave Costa Mesa Multifamily Investment
Stable renter demand in an Urban Core pocket of Costa Mesa, with neighborhood occupancy and incomes supporting lease durability, according to WDSuite’s CRE market data. Elevated ownership costs in Orange County tend to reinforce multifamily renter reliance and reduce turnover risk.
Located in Costa Mesa’s Urban Core, the property benefits from strong neighborhood fundamentals relative to regional and national benchmarks. Neighborhood median contract rents trend in the upper tier nationally while occupancy has improved over the last five years, suggesting consistent leasing velocity and support for rent growth without sacrificing stabilization.
Schools are a notable strength: the neighborhood’s average school rating ranks first among 516 metro neighborhoods and is in the top national percentile. This enhances livability and can support retention among households prioritizing education, an attractive dynamic for multifamily operators.
Amenity access is mixed. Grocery and restaurant density score above national averages, and childcare availability is a standout at a top-tier national percentile, which supports day‑to‑day convenience for residents. Park, café, and pharmacy densities are thinner locally, so on-site offerings and partnerships with nearby services may enhance competitiveness.
Ownership costs are high relative to incomes at the neighborhood level (home values sit in the top national tier and value-to-income ratios are elevated). For investors, this high-cost ownership market usually sustains depth of the renter pool and supports pricing power, while warranting attention to rent-to-income levels for lease management. Unit tenure data indicate a meaningful share of renter-occupied housing, which supports a larger tenant base for multifamily.
Within a 3-mile radius, demographic statistics show households have expanded in recent years and are projected to continue increasing through 2028, even as average household size trends lower. This points to a broader renter pool and steady absorption potential for well-managed assets. Income levels are high and trending upward in the 3-mile area, reinforcing demand for professionally managed rental housing.
Vintage matters: built in 1984, the asset is newer than the neighborhood’s average 1960s-era stock. This can offer a competitive edge versus older buildings, though investors should still plan for modernization of building systems and targeted upgrades to meet current renter expectations.
Safety indicators for the neighborhood are competitive among Anaheim–Santa Ana–Irvine neighborhoods (ranked in the stronger half out of 516). In national terms, overall crime levels align modestly better than average, and recent year-over-year trends show meaningful improvement.
Violent offense rates track below the national midpoint and have declined notably over the last year. Property offense rates are higher relative to national norms but have improved significantly year over year. Investors should focus on standard security measures, lighting, and resident engagement to support retention while monitoring citywide trends.
Proximity to finance and technology employers supports a steady commuter renter base and leasing stability, with convenient access to Pacific Life, Prudential, Western Digital, Microsoft Technology Center, and First American Financial.
- Pacific Life — insurance (2.6 miles) — HQ
- Prudential — insurance (4.3 miles)
- Western Digital — data storage & technology (4.4 miles) — HQ
- Microsoft Technology Center — software & services (4.7 miles)
- First American Financial Corporation — title & financial services (4.9 miles)
- First American Financial — title & financial services (4.9 miles) — HQ
2031 Orange Ave offers an investor-friendly balance of renter demand drivers: improving neighborhood occupancy, high-income households in the 3-mile area, and a high-cost ownership market that tends to sustain multifamily reliance. According to CRE market data from WDSuite, the neighborhood’s school quality ranks at the top of the metro and nationally, which can bolster retention for family-oriented renters and support consistent leasing.
The 36-unit asset, built in 1984 with average unit sizes near 800 sq. ft., is newer than much of the surrounding stock, providing a positioning edge versus older comparables while leaving room for targeted renovations and system updates. With grocery and restaurant access above national averages and strong nearby employment nodes, the property is well placed for stable absorption; investors should balance this with pragmatic underwriting for security, amenity-light blocks, and capital planning appropriate for its vintage.
- High-cost ownership market reinforces renter demand and supports pricing power
- Top-ranked neighborhood school ratings improve family retention potential
- 1984 construction offers competitive positioning versus older stock with value-add upside
- Proximity to major insurance and tech employers supports a durable commuter tenant base
- Risks: property crime trends above national norms on some measures; limited park/pharmacy/café density; plan for ongoing systems upgrades