| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 40th | Poor |
| Amenities | 92nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 393 Hamilton St, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1972 |
| Units | 62 |
| Transaction Date | 2011-11-18 |
| Transaction Price | $9,350,000 |
| Buyer | CAMERON PROPERTIES INC |
| Seller | COSTA MIRAGE LLC |
393 Hamilton St Costa Mesa Multifamily Investment
This 62-unit property benefits from neighborhood-level occupancy of 97.1% and strong renter demand in Orange County's urban core. Commercial real estate analysis from WDSuite indicates the area ranks in the top quartile nationally for amenity access and housing fundamentals.
Located in Costa Mesa's urban core, this neighborhood ranks 114th among 516 metro neighborhoods with an A- rating. The area demonstrates strong multifamily fundamentals with 97.1% occupancy and 80.6% of housing units renter-occupied, positioning it in the 99th percentile nationally for rental tenure share. Median contract rents of $1,863 have grown 25.8% over five years, reflecting sustained demand in this Orange County submarket.
The property's 1972 construction year predates the neighborhood average of 1986, presenting potential value-add opportunities through unit renovations and common area improvements. Demographics within a 3-mile radius show a stable renter base with median household income of $125,919 and 54.3% of housing units renter-occupied. Population projections indicate modest household growth through 2028, supporting continued rental demand.
Amenity access ranks in the 92nd percentile nationally, with 2.47 cafes per square mile and extensive restaurant density at 25.97 establishments per square mile. The neighborhood offers 2.47 grocery stores and 3.71 pharmacies per square mile, both ranking in the top quartile nationally. However, school ratings average 1.5 out of 5, which may limit appeal to families with school-age children while maintaining focus on young professionals and empty nesters.
Safety metrics present a mixed profile requiring careful consideration. Property crime rates rank 454th among 516 metro neighborhoods, placing the area in the 8th percentile nationally. However, both property and violent crime have shown significant improvement, with property offenses declining 46.9% year-over-year and violent crime dropping 53.2%, ranking in the 86th and 87th percentiles nationally for crime reduction trends.
While current crime levels remain elevated compared to metro averages, the substantial year-over-year improvements suggest positive momentum. Investors should factor ongoing security considerations into property management strategies while monitoring whether recent crime reduction trends continue.
The surrounding employment base includes major corporate headquarters and offices within commuting distance, supporting workforce housing demand.
- Pacific Life — insurance headquarters (3.1 miles) — HQ
- Prudential — financial services (4.4 miles)
- Western Digital — technology headquarters (4.6 miles) — HQ
- First American Financial Corporation — financial services (4.8 miles)
- Microsoft Technology Center — technology offices (4.8 miles)
This 62-unit Costa Mesa property presents a value-add opportunity in a high-occupancy submarket with strong rental fundamentals. The 1972 vintage offers renovation upside while neighborhood occupancy of 97.1% and 80.6% renter tenure share demonstrate sustained multifamily demand. According to CRE market data from WDSuite, the area ranks in the top quartile nationally for amenity access and housing metrics, supporting tenant retention and lease-up velocity.
Demographics within a 3-mile radius show household income growth of 42.2% over five years, with projections indicating continued renter pool expansion through 2028. The proximity to major employers including Pacific Life headquarters and technology centers provides workforce housing appeal. However, elevated crime levels and below-average school ratings require careful tenant targeting and property management strategies.
- Neighborhood occupancy of 97.1% ranks in 84th percentile nationally
- 1972 construction offers value-add renovation potential
- 80.6% renter tenure share ranks 99th percentile nationally
- Proximity to major corporate headquarters supports workforce demand
- Risk: Property crime levels rank in bottom quintile metro-wide