| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Good |
| Demographics | 68th | Fair |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2151 Pacific Ave, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1975 |
| Units | 21 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2151 Pacific Ave, Costa Mesa Multifamily Investment
Neighborhood-level occupancy has been resilient and is supported by a high-cost ownership market and strong incomes, according to WDSuite’s CRE market data. For investors, the location’s renter demand and park access point to stable leasing with selective value-add potential.
Located in Costa Mesa’s inner suburbs of Orange County, the property benefits from a renter base supported by elevated home values and strong household incomes at the neighborhood level. Neighborhood occupancy is 96.4%, indicating a history of tight rental conditions; the local renter-occupied share is 33.4% of housing units, while within a 3-mile radius renters account for roughly 46% of occupied units—together suggesting a meaningful tenant pool for small to mid-size multifamily.
Parks are a clear strength, with local park access ranking near the top nationally (97th percentile), which can aid retention and everyday livability. At the same time, grocery, pharmacy, and café density score low in the immediate neighborhood, so resident convenience relies more on short drives within the metro rather than walk-to options.
On pricing and affordability, neighborhood median contract rents sit in a high national percentile, but the rent-to-income ratio trends lower than many U.S. areas, reducing near-term affordability pressure and supporting renewal prospects. Median home values are also high relative to income (upper national percentiles), reinforcing reliance on rental housing and supporting demand depth for multifamily in this submarket.
Within a 3-mile radius, WDSuite’s multifamily property research indicates households have inched higher even as population softened modestly, signaling smaller household sizes and a stable to expanding renter pool; forward-looking estimates point to additional household growth by 2028, which should help support occupancy and absorption over time.
Vintage matters: built in 1975 versus a neighborhood average around 1980, the asset is slightly older than surrounding stock. Investors should budget for ongoing capital projects and consider targeted renovations to enhance competitiveness and NOI capture in a supply-constrained, high-cost ownership market.
Safety indicators are mixed but trending favorable. The neighborhood sits around the 62nd percentile nationally for safety, and recent year-over-year estimates show meaningful declines in both violent offenses (approximately -39.6%) and property offenses (approximately -55.3%), based on WDSuite’s CRE market data. This positions the area as somewhat safer than the national median with improving momentum.
At the metro level (Anaheim–Santa Ana–Irvine, 516 neighborhoods), investors should still underwrite standard urban-suburban risk management—lighting, access control, and resident engagement—while recognizing the recent downward trend may support tenant retention and reduce operating disruptions over time.
Nearby corporate offices in finance and technology bolster a diversified employment base and support renter demand through commute convenience. Key employers within a short drive include Pacific Life, First American Financial (including its headquarters), Prudential, and Western Digital’s headquarters.
- Pacific Life — insurance (4.6 miles) — HQ
- First American Financial Corporation — title & financial services (6.1 miles)
- First American Financial — title & financial services (6.1 miles) — HQ
- Prudential — financial services offices (6.1 miles)
- Western Digital — data storage & tech (6.3 miles) — HQ
This 21-unit, 1975-vintage asset in Costa Mesa sits in a high-cost ownership market where elevated home values and solid incomes help sustain multifamily demand. Neighborhood occupancy around 96% has been durable, and rent-to-income dynamics indicate comparatively manageable affordability pressure—factors that can support tenant retention and steady collections as units are repositioned.
According to commercial real estate analysis from WDSuite, the immediate area’s strong park access and improving safety backdrop complement a broader 3-mile radius that shows stable to growing household counts, pointing to a larger tenant base over time. Given the slightly older vintage relative to the neighborhood average, a focused value-add program and capital planning could enhance competitive standing and capture upside in a supply-constrained coastal metro.
- Tight neighborhood occupancy and deep regional renter pool support leasing stability
- High-cost ownership market reinforces multifamily demand and pricing power
- 1975 vintage presents value-add and capex-driven upside versus newer competition
- Strong park access aids livability and resident retention; improving safety trends reduce disruption risk
- Risks: limited walkable retail/pharmacy in the immediate area and an older building systems profile require active asset management