| 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 | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
393 Hamilton Street Costa Mesa Multifamily Investment
This 62-unit property operates in a neighborhood with 97% occupancy and strong renter demand, supported by CRE market data from WDSuite showing 81% of housing units are renter-occupied.
The property sits in an Urban Core neighborhood that ranks in the top quartile nationally for amenities, with high concentrations of restaurants, cafes, and pharmacies supporting tenant appeal. Built in 1972, this vintage presents value-add renovation opportunities while neighborhood construction averages 1986, indicating potential for competitive positioning through strategic improvements.
Neighborhood-level occupancy reaches 97%, ranking in the 84th percentile nationally and reflecting strong rental demand stability. With 81% of housing units renter-occupied compared to typical suburban markets, this area demonstrates sustained multifamily demand. Contract rents average $1,863 with 26% growth over five years, though rent-to-income ratios warrant monitoring for renewal retention strategies.
Demographics within a 3-mile radius show a stable population of 148,000 with median household incomes of $126,000. Forecasts project household growth of 28% through 2028, expanding the potential tenant base while median incomes are expected to rise 31% to $165,000. Home values averaging $816,000 with 43% five-year appreciation help sustain rental demand by keeping ownership costs elevated relative to rental options.
Crime metrics show mixed trends requiring careful evaluation. Property crime rates rank 454th among 516 metro neighborhoods, placing this area in the bottom quartile locally. However, both property and violent crime rates declined significantly over the past year, with property offenses down 47% and violent crimes decreasing 53%, suggesting improving conditions.
The neighborhood's overall crime rank of 245th out of 516 places it near the metro median, while violent crime rates specifically rank in the 21st percentile nationally. Investors should factor these safety metrics into tenant screening, security measures, and insurance planning while monitoring ongoing improvement trends.
Major corporate employers within commuting distance provide workforce housing demand, led by Pacific Life headquarters and several technology companies supporting professional tenant demographics.
- Pacific Life — insurance services (3.1 miles) — HQ
- Prudential — financial services (4.4 miles)
- Western Digital — technology (4.6 miles) — HQ
- First American Financial Corporation — financial services (4.8 miles)
- Microsoft Technology Center — technology (4.8 miles)
This 1972-vintage property offers value-add potential in a neighborhood demonstrating exceptional rental market fundamentals. With 97% neighborhood-level occupancy and 81% renter-occupied housing units, the area shows sustained multifamily demand supported by high home values that reinforce rental reliance. Commercial real estate analysis from WDSuite indicates strong NOI performance averaging $11,551 per unit, ranking in the 86th percentile nationally.
Demographic projections within a 3-mile radius forecast 28% household growth through 2028, expanding the potential tenant base while median incomes are expected to rise 31%. The property's Urban Core location provides exceptional amenity access, ranking in the 92nd percentile nationally, though investors should account for below-average school ratings and elevated crime metrics in tenant targeting and operational planning.
- High neighborhood occupancy at 97% with strong renter demand fundamentals
- Value-add renovation upside given 1972 construction in improving neighborhood
- Projected 28% household growth supporting tenant base expansion through 2028
- Premium amenity access ranking in top 10% nationally for tenant retention
- Risk factors include below-median safety metrics and rent affordability pressures requiring active management