| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Good |
| Demographics | 71st | Good |
| Amenities | 90th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 283 Avocado St, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1973 |
| Units | 24 |
| Transaction Date | 2024-10-17 |
| Transaction Price | $5,650,000 |
| Buyer | PJD 283 AVOCADO ST LLC |
| Seller | CDT-AVOCADO LLC |
283 Avocado St, Costa Mesa CA — Urban Core Multifamily Position
Positioned in an A-rated neighborhood with steady renter demand, the asset benefits from high local amenities and a deep tenant base, according to WDSuite’s CRE market data.
Costa Mesa’s Urban Core setting delivers daily-life convenience that supports resident retention. Amenity density trends in the neighborhood rank competitively among the 516 Anaheim–Santa Ana–Irvine metro neighborhoods, with strong access to groceries, parks, pharmacies, and cafes placing it in the top national percentiles for everyday services. This concentration typically underpins lease stability for well-managed multifamily assets.
Neighborhood housing fundamentals are favorable for investors: the renter-occupied share is elevated (neighborhood: high-50s), indicating a sizable pool of multifamily demand rather than owner-oriented turnover. Compared with the metro, the neighborhood’s overall score ranks 34 out of 516, making it competitive among Anaheim–Santa Ana–Irvine neighborhoods and signaling resilient location fundamentals for workforce and professional tenants.
Within a 3-mile radius, demographics show households edging higher even as average household size trends lower, which can expand the effective renter pool and support occupancy. Income profiles skew higher than many U.S. areas, and neighborhood rents sit in upper national percentiles; together with a high-cost ownership market, this tends to reinforce reliance on quality rental housing and can aid pricing power for renovated units.
Vintage context matters for capital planning. The property was built in 1973, slightly older than the neighborhood 7s average vintage (late-1970s). That age profile often creates practical value-add opportunities via unit upgrades and systems modernization, helping assets compete against newer stock while addressing long-term maintenance.
Neighborhood safety indicators compare less favorably than many metro peers (ranked in the lower half among 516 metro neighborhoods), and national positioning is below average. For investors, this warrants attentive onsite management, lighting, and access control to support leasing and retention.
That said, property crime indicators have been trending downward year over year in the area, and this improvement can complement building-level measures. Framing safety at the neighborhood scale D Dnot at the block level D Dhelps set expectations and prioritize asset management practices appropriate for the submarket.
Proximity to major corporate offices supports a robust commuter renter base and reduces friction for renewals. Nearby anchors include Pacific Life, Prudential, Western Digital, and First American Financial.
- Pacific Life D insurance (3.1 miles) D HQ
- Prudential D financial services (4.1 miles)
- Western Digital D data storage technology (4.2 miles) D HQ
- First American Financial Corporation D title & insurance (4.4 miles)
- First American Financial D title & insurance (4.4 miles) D HQ
This 24 Dunit asset (average unit size ~590 sf) sits in a high Damenity, A Drated Costa Mesa neighborhood that ranks 34 of 516 in the Anaheim–Santa Ana–Irvine metro, indicating competitive location dynamics. Elevated home values in the neighborhood create a high Dcost ownership market, which typically sustains multifamily demand and supports lease retention for renovated, well Dmanaged properties. According to CRE market data from WDSuite, neighborhood occupancy trends are healthy and renter concentration is elevated, reinforcing depth of the tenant base.
Built in 1973, the property is modestly older than nearby stock, pointing to clear value Dadd pathways through interior upgrades and building systems work. With strong nearby employment nodes and amenity access, the asset can compete effectively on livability while targeted renovations position it against newer comparables. Key risks include managing operating expenses and ensuring security practices that align with neighborhood safety trends.
- A Drated, amenity Drich neighborhood competitive within the Anaheim–Santa Ana–Irvine metro
- High Dcost ownership market helps sustain multifamily demand and lease retention
- 1973 vintage offers value Dadd potential via interior and systems modernization
- Nearby corporate employment hubs support a stable commuter renter base
- Risk: below Daverage safety metrics vs. metro peers require proactive property management