| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 40th | Poor |
| Amenities | 92nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 399 W Bay St, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1974 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
399 W Bay St, Costa Mesa Multifamily Investment
Neighborhood fundamentals point to steady renter demand and high occupancy, supporting a small-scale value-add strategy given the 1974 vintage, according to WDSuite’s CRE market data.
Situated in Costa Mesa’s Urban Core, the neighborhood ranks 114 out of 516 within the Anaheim–Santa Ana–Irvine metro, indicating competitive positioning among local subareas. Amenity access is a clear strength, with cafes, restaurants, groceries, and pharmacies testing in the upper national percentiles, which supports leasing velocity and retention for multifamily assets.
At the neighborhood level (not the property), occupancy has trended strong and sits in the upper national percentiles, while net operating income per unit also benchmarks well versus peers. The area shows a very high share of renter-occupied housing units, suggesting a deep tenant base that can support lease-up and limit downtime across cycles.
Within a 3-mile radius, demographic data indicate a modest decline in population but an increase in total households and a downshift in average household size. For investors, more households with smaller sizes typically expand the renter pool and can support occupancy stability even when population growth is flat.
Ownership costs are elevated relative to national norms, and neighborhood rents have risen over the past five years. In combination, these dynamics tend to sustain reliance on multifamily rentals while calling for attentive lease management to monitor rent-to-income levels and retention risk. School quality scores in the area are below national averages, which may temper appeal for some family renters but does not typically diminish demand for workforce and young-professional cohorts.
Construction in the surrounding neighborhood skews newer than this asset (average year 1986 versus the property’s 1974). The older vintage implies potential capital planning needs but also creates value-add opportunity through targeted renovations to improve competitive positioning against newer stock.
Safety conditions benchmark around the national middle overall, per WDSuite’s CRE market data, with local crime positioning in the middle of the pack within the Anaheim–Santa Ana–Irvine metro (ranked 245 out of 516 neighborhoods). Interpreting ranks: lower ranks indicate higher crime, so a mid-metro rank suggests conditions are neither among the best nor the worst locally.
By category, violent and property offense rates compare below national norms; however, both have shown notable year-over-year improvement at the neighborhood level, with double‑digit declines reported. For investors, recent downward momentum is constructive for perception and leasing, but prudent operations (lighting, access control, partnerships with management on security practices) remain important given mixed comparative standing.
Proximity to white-collar employment anchors supports steady renter demand and commute convenience, notably across insurance, technology, and title services from Pacific Life, Prudential, Western Digital, First American Financial Corporation, and the Microsoft Technology Center.
- Pacific Life — insurance (3.0 miles) — HQ
- Prudential — insurance (4.5 miles)
- Western Digital — data storage & technology (4.6 miles) — HQ
- First American Financial Corporation — title & insurance services (4.9 miles)
- Microsoft Technology Center — technology (4.9 miles)
399 W Bay St is a 20‑unit, 1974-vintage multifamily asset positioned in a high-amenity Costa Mesa neighborhood where renter demand is reinforced by elevated ownership costs and strong neighborhood occupancy. Based on CRE market data from WDSuite, the surrounding area’s renter-occupied share is high and neighborhood occupancy sits in the upper national percentiles, which supports leasing stability. The older vintage suggests scope for targeted value-add to close the gap with newer nearby stock while benefiting from established demand drivers.
Within a 3-mile radius, household counts have increased and are projected to rise further alongside smaller average household sizes, pointing to a larger renter pool over time. Rising neighborhood rents and high home values support pricing power but warrant attentive affordability and retention management. Taken together, the asset’s scale and location fundamentals present a pragmatic value‑add and hold thesis rather than a speculative growth bet.
- Strong neighborhood occupancy and high renter concentration support lease-up and renewal stability (per WDSuite).
- 1974 vintage offers value-add potential to compete against newer local stock.
- Household growth and smaller household sizes within 3 miles expand the tenant base and support long-term demand.
- Elevated ownership costs reinforce renter reliance on multifamily, supporting pricing power with disciplined lease management.
- Risks: below-average school ratings and mixed safety benchmarks may require positioning and operational focus to sustain absorption and retention.