| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Good |
| Demographics | 71st | Good |
| Amenities | 90th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 366 Avocado St, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1978 |
| Units | 24 |
| Transaction Date | 1998-06-05 |
| Transaction Price | $1,750,000 |
| Buyer | EBERHARD EDWIN E |
| Seller | CHANG WU KEH |
366 Avocado St Costa Mesa Multifamily Investment
Neighborhood renter concentration and above-national-median occupancy support steady leasing dynamics, while high-cost ownership in Orange County sustains rental demand, according to WDSuite’s CRE market data.
Situated in Costa Mesa’s Urban Core, the property benefits from a neighborhood that ranks 34 out of 516 across the Anaheim–Santa Ana–Irvine metro, indicating competitive positioning among metro neighborhoods. Amenity access is a clear strength: cafes, grocery options, parks, and pharmacies score in the top decile nationally, offering daily convenience that supports renter retention and leasing velocity.
Neighborhood-level rent benchmarks trend toward the high end (nationally high median contract rents), but income levels also track above the national median, keeping the local rent-to-income ratio comparatively favorable for investors focused on retention and renewal management. Elevated home values and a high value-to-income ratio place ownership costs at the higher end nationally, which tends to reinforce renter reliance on multifamily housing rather than competing directly with for-sale options.
Occupancy at the neighborhood level is above the national median but sits below the metro median, suggesting stable demand in a competitive Orange County context. Importantly, renter-occupied housing share is substantial at the neighborhood level and within the 3-mile radius, indicating depth in the tenant base that underpins leasing durability.
Within a 3-mile radius, recent years show a slight population dip alongside a modest increase in households and smaller average household sizes. For investors, this often translates to a larger renter pool over time and supports occupancy stability as more, smaller households seek professionally managed rental options.
Safety indicators for the neighborhood are mixed and should be considered in underwriting. Compared with neighborhoods nationwide, the area sits below the national median for safety; within the Anaheim–Santa Ana–Irvine metro it trends toward the higher-crime end. Recent directionality is nuanced: estimated property offense rates declined meaningfully over the last year (a favorable trend), while estimated violent offense rates increased over the same period. These contrasting trends highlight the value of targeted operations and tenant screening to support on-site stability.
Proximity to a diversified base of office employers supports commuter convenience and helps sustain renter demand, particularly among white-collar tenants working in insurance, technology, and data storage. Nearby anchors include Pacific Life, Prudential, Western Digital, First American Financial, and the Microsoft Technology Center.
- Pacific Life — insurance (3.25 miles) — HQ
- Prudential — insurance (4.28 miles)
- Western Digital — data storage (4.45 miles) — HQ
- First American Financial — title insurance (4.57 miles) — HQ
- Microsoft Technology Center — technology (4.66 miles)
366 Avocado St is a 24-unit asset positioned in a high-amenity Costa Mesa neighborhood that is competitive within the Anaheim–Santa Ana–Irvine metro. Neighborhood occupancy runs above the national median and the renter-occupied housing share is substantial, supporting depth of tenant demand. Elevated home values relative to incomes indicate a high-cost ownership market, which tends to sustain reliance on multifamily rentals and can bolster lease retention.
Household counts within a 3-mile radius have edged higher even as population growth has been flat to slightly negative, pointing to smaller household sizes and a broader renter pool over time. According to CRE market data from WDSuite, neighborhood NOI per unit performance is strong relative to national benchmarks, and amenity access ranks in the top quartile or better, both of which can support pricing power and renewal outcomes when paired with disciplined operations.
- High-amenity Urban Core location with top-decile access to daily needs, supporting renewal and leasing velocity
- Above-national-median neighborhood occupancy and strong renter concentration indicate a durable tenant base
- High-cost ownership environment in Orange County reinforces multifamily demand and potential retention
- 3-mile household growth and smaller household sizes expand the renter pool over time
- Risks: safety metrics trend below national median and local occupancy sits below the metro median; underwriting should reflect operating controls