| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Good |
| Demographics | 71st | Good |
| Amenities | 90th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 332 Victoria St, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1977 |
| Units | 24 |
| Transaction Date | 2021-07-19 |
| Transaction Price | $8,250,000 |
| Buyer | VCM GROUP LLC |
| Seller | CHEROKEE VENTURES LLC |
332 Victoria St, Costa Mesa Multifamily Investment
High renter concentration and a high-cost ownership market in Costa Mesa point to durable apartment demand and pricing power, according to WDSuite s CRE market data. Neighborhood occupancy trends are steady, with fundamentals supported by strong amenity access and a sizable professional renter base.
This Urban Core location in Costa Mesa ranks within the top quartile among 516 metro neighborhoods and carries an A neighborhood rating, based on WDSuite s commercial real estate analysis. Amenity density is a clear strength: cafes, grocery options, parks, and pharmacies all benchmark in the upper national percentiles, supporting day-to-day convenience and renter retention.
Neighborhood occupancy is above national norms, and the local renter-occupied share is high, indicating a deep tenant base that supports leasing velocity across cycles. With elevated home values relative to national benchmarks, the area functions as a high-cost ownership market, which tends to reinforce reliance on multifamily units and can sustain renter demand.
Within a 3-mile radius, households have grown while average household size has edged lower, implying more households competing for available units and a broader tenant base for operators. Income levels are comparatively strong, and rent-to-income ratios indicate manageable affordability pressure for many renters, which can support renewal rates and limit turnover.
Taken together, amenity access, renter concentration, and household trends suggest durable demand drivers versus both metro and national peer sets, while offering room for operators to focus on retention and targeted upgrades rather than heavy lease-up risk.
Safety outcomes in this neighborhood are mixed relative to peers. Compared with neighborhoods nationwide, the area sits below the national median for safety, and within the Anaheim Santa Ana Irvine metro it trends below the metro average (ranked in the lower half among 516 neighborhoods). That said, recent year-over-year data indicate a meaningful decline in property offenses, signaling improving momentum that investors can monitor for continued stabilization.
For underwriting, a prudent approach is to benchmark security practices and operating expenses to metro comparables while tracking the improving property-crime trend. Positioning and on-site management often correlate with resident satisfaction and retention, particularly in submarkets where safety performance trails broader regional norms.
Nearby corporate nodes provide a stable employment base that supports renter demand and short commutes, led by insurance, data storage, and real estate services employers listed below.
- Pacific Life insurance (3.1 miles) HQ
- Prudential insurance (4.2 miles)
- Western Digital data storage (4.4 miles) HQ
- First American Financial Corporation title insurance & settlement services (4.6 miles)
- First American Financial title insurance & settlement services (4.6 miles) HQ
332 Victoria St benefits from a high renter-occupied share and above-average neighborhood occupancy, supported by top-quartile amenity access and a professional employment base. Elevated home values in the area indicate a high-cost ownership market, which can sustain reliance on multifamily housing and underpin steady leasing and renewal performance. Based on CRE market data from WDSuite, rent-to-income dynamics suggest manageable affordability pressure relative to local incomes, aiding retention.
Households within a 3-mile radius have increased even as average household size trends lower, effectively expanding the renter pool and supporting occupancy stability over time. The submarket s strengths are balanced by below-median safety metrics versus national and metro benchmarks, though recent declines in property offenses point to improving momentum that investors can track in operations and underwriting.
- High renter concentration and above-national occupancy support demand stability
- Top-quartile amenity access enhances retention and leasing velocity
- High-cost ownership market reinforces multifamily renter reliance and pricing power
- Expanding household counts within 3 miles broaden the tenant base
- Risk: Safety metrics trail regional norms; offset by recent declines in property offenses