| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 40th | Poor |
| Amenities | 92nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 409 W Bay St, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1972 |
| Units | 44 |
| Transaction Date | 1998-01-01 |
| Transaction Price | $277,000 |
| Buyer | LU MING NAN |
| Seller | CHUANG SHINN FU |
409 W Bay St Costa Mesa Multifamily Investment
According to WDSuite’s CRE market data, neighborhood occupancy and a high share of renter-occupied units point to durable tenant demand and income stability potential around this address.
The property sits in an A- rated Urban Core neighborhood within the Anaheim–Santa Ana–Irvine metro, where amenity access is a clear strength. Dining and daily-needs retail are dense, with restaurants and pharmacies ranking in the top percentiles nationally, supporting resident convenience and leasing appeal.
Neighborhood occupancy trends are strong, with the area in the top quartile nationally for occupied housing, according to WDSuite. Renter-occupied share is exceptionally high (among the highest nationally), which signals a deep tenant base and supports multifamily leasing resilience. Median contract rents in the neighborhood are elevated versus national norms, while still transacting in a market with proven demand depth.
Within a 3-mile radius, households have increased modestly despite flat-to-slightly lower population, implying smaller household sizes and a broader renter pool. Forward-looking data indicates additional household growth alongside rising incomes, which can underpin rent levels and occupancy stability for well-positioned assets.
Home values in the neighborhood are high relative to the nation, which tends to reinforce reliance on rental options and can aid retention for quality apartments. The asset’s 1972 vintage is older than the neighborhood’s average construction year, suggesting potential value-add or modernization opportunities to enhance competitive positioning against newer stock.
Safety indicators are mixed but improving. Overall crime levels sit near the national middle, with property crime elevated relative to national norms; however, both violent and property offense rates have declined meaningfully year over year, according to WDSuite’s CRE market data. For investors, the recent downward trend is constructive, while current conditions still warrant routine security and building-management best practices typical for urban coastal markets.
Proximity to major employers supports renter demand and commute convenience for a diverse white-collar workforce, including insurance, technology, and financial services roles represented by Pacific Life, Prudential, Western Digital, First American Financial Corporation, and Microsoft.
- Pacific Life — insurance (3.1 miles) — HQ
- Prudential — financial services (4.5 miles)
- Western Digital — technology (4.7 miles) — HQ
- First American Financial Corporation — title & insurance (4.9 miles)
- Microsoft Technology Center — technology services (4.9 miles)
409 W Bay St offers exposure to a high-amenity, renter-heavy pocket of Costa Mesa where neighborhood occupancy trends rank in the upper tier nationally and home values are elevated versus U.S. norms. Based on commercial real estate analysis from WDSuite, these dynamics point to a durable tenant base and pricing power for well-managed multifamily assets.
Built in 1972, the property is older than the neighborhood average, creating a clear path for value-add through targeted renovations and systems upgrades to compete with newer inventory. Within a 3-mile radius, households are growing and incomes are projected to rise, which supports rent levels and leasing stability; at the same time, higher rent-to-income ratios suggest prudent lease management and renewal strategies remain important.
- Amenity-rich, renter-oriented neighborhood supporting consistent leasing
- Occupancy and demand metrics above national norms, per WDSuite
- 1972 vintage with value-add and modernization upside
- 3-mile household growth and rising incomes bolster tenant base
- Risk: elevated property crime relative to national norms and rent-to-income pressures require disciplined operations