| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Good |
| Demographics | 71st | Good |
| Amenities | 90th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 398 W Wilson St, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1979 |
| Units | 51 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
398 W Wilson Street Costa Mesa Multifamily Investment
This 51-unit property built in 1979 is positioned in a neighborhood ranking in the top quartile nationally for amenities and housing fundamentals. Strong rental demand is supported by 57.7% renter occupancy and median contract rents of $2,101, according to CRE market data from WDSuite.
Located in Costa Mesa's urban core, this neighborhood ranks 34th among 516 metro neighborhoods with an A rating, placing it in the top quartile nationally for overall investment fundamentals. The area demonstrates strong rental market dynamics with 57.7% of housing units occupied by renters, ranking in the 93rd national percentile for rental tenure. Neighborhood-level occupancy stands at 93.8%, providing a stable foundation for multifamily operations.
The property's 1979 construction year aligns with the neighborhood average, indicating consistent building stock that may present value-add renovation opportunities for investors seeking to enhance unit positioning. Median contract rents in the neighborhood have increased 34.8% over five years to $2,101, while maintaining a rent-to-income ratio of 0.25 that supports tenant affordability and retention.
Demographics within a 3-mile radius show a population of approximately 149,000 with a median household income of $124,137. The area attracts educated renters, with 30.1% of residents holding bachelor's degrees, ranking in the 84th national percentile. Forecasted demographic trends project household income growth to $164,888 by 2028, supporting future rental pricing power. High home values with a median of $972,362 reinforce rental demand as elevated ownership costs limit accessibility to homeownership for many residents.
The neighborhood excels in amenity density, ranking 36th among metro neighborhoods nationally with strong access to dining, retail, and recreational facilities. This includes 6.23 restaurants per square mile, 3.74 grocery stores per square mile, and 2.49 parks per square mile, all contributing to tenant appeal and retention potential.
Safety metrics for this neighborhood show mixed trends that warrant investor consideration. The area ranks 387th among 516 metro neighborhoods for overall crime, placing it in the 35th national percentile. Property offense rates have shown improvement with a 36.2% decrease over the past year, ranking in the 79th national percentile for positive crime trend changes.
Violent crime rates remain a consideration, with the neighborhood ranking 435th among metro neighborhoods nationally. However, investors should evaluate these metrics within the context of urban core locations, where crime statistics often reflect higher population density and commercial activity rather than residential safety concerns alone.
The Costa Mesa area benefits from proximity to major Orange County corporate anchors that support workforce housing demand and commute convenience for tenants.
- Pacific Life — insurance (3.4 miles) — HQ
- Prudential — financial services (4.3 miles)
- Western Digital — technology (4.5 miles) — HQ
- First American Financial Corporation — financial services (4.5 miles)
- Microsoft Technology Center — technology (4.7 miles)
This Costa Mesa property offers investors exposure to a top-quartile neighborhood with strong rental fundamentals and demographic support. The area's 93.8% occupancy rate and 57.7% renter tenure provide operational stability, while the 1979 construction year presents value-add renovation opportunities to capture upside in a market where median rents have grown 34.8% over five years. Commercial real estate analysis from WDSuite shows the neighborhood ranking in the 88th national percentile for net operating income per unit, indicating strong revenue potential relative to national multifamily markets.
Demographic projections within the 3-mile radius support long-term rental demand, with household growth and income increases to $164,888 by 2028 providing pricing power potential. The property's proximity to major Orange County employers including Pacific Life and Western Digital headquarters strengthens tenant appeal and retention prospects. However, investors should carefully evaluate crime metrics and capital expenditure requirements given the property's vintage and mixed safety rankings within the metro area.
- Top quartile neighborhood ranking with A-grade investment fundamentals
- Strong rental market with 93.8% occupancy and 57.7% renter tenure
- Value-add potential through strategic renovations of 1979 vintage units
- Proximity to major corporate employers supports tenant demand
- Crime trends and property vintage require careful due diligence