| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Good |
| Demographics | 85th | Best |
| Amenities | 64th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 555 Paularino Ave, Costa Mesa, CA, 92626, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1974 |
| Units | 78 |
| Transaction Date | 1995-07-27 |
| Transaction Price | $14,831,000 |
| Buyer | TRANSAMERICA REALTY SERVICES INC |
| Seller | TRANSAMERICA OCCIDENTAL LIFE INS COMPANY |
555 Paularino Ave, Costa Mesa Multifamily Investment
Positioned in an Urban Core pocket of Costa Mesa, this 78-unit asset benefits from a deep renter base and a high-cost ownership market that tends to reinforce leasing stability, according to WDSuite’s CRE market data.
Costa Mesa’s Urban Core location supports daily convenience and renter appeal. Neighborhood amenity density is strong for essentials: grocery and park access sit in the top tier nationally, while restaurants are in the 99th percentile nationwide, per commercial real estate analysis from WDSuite. This depth of nearby services typically supports retention and leasing velocity for workforce and professional renters.
Neighborhood occupancy trends track above the national median, indicating durable demand relative to many U.S. areas. The share of housing units that are renter-occupied is elevated within the metro, signaling a large tenant base and steady demand for multifamily product. Median contract rents in the neighborhood are high versus national benchmarks, but rent-to-income levels are relatively manageable locally, supporting day-to-day lease performance and renewals.
Within a 3-mile radius, household counts have increased in recent years and are projected to expand further, with forecasts showing population growth and a larger number of higher-income households. This outlook points to a broader tenant pool and supports occupancy stability over the medium term. The neighborhood ranks competitive among the 516 Anaheim–Santa Ana–Irvine neighborhoods overall (rated A-), reflecting strong fundamentals compared with many metro peers.
The property’s 1974 vintage is slightly older than the neighborhood average stock (late 1970s). For investors, that can translate into value-add potential through targeted renovations and systems modernization to compete with newer product while leveraging the area’s service-rich location and renter concentration.
Neighborhood safety indicators are competitive within the Anaheim–Santa Ana–Irvine metro, with overall crime levels performing better than many local neighborhoods. Nationally, the area trends modestly above average for overall safety, which can support renter retention and property operations.
Signal mix is worth noting: property crime benchmarks are weaker on a national comparison, but recent year-over-year declines are significant, indicating improving momentum. Violent crime levels sit below the national median as well, with notable recent improvement. Investors should underwrite with prudent security and loss-prevention measures while recognizing the favorable near-term trend.
The immediate area draws from a diversified employment base spanning financial services, technology, and insurance, which supports steady renter demand and convenient commutes for residents. Nearby anchors include First American Financial, Prudential, Microsoft, Western Digital, and Pacific Life.
- First American Financial — title insurance & financial services (1.9 miles) — HQ
- Prudential — insurance & financial services (2.2 miles)
- Microsoft Technology Center — technology center (2.5 miles)
- Western Digital — data storage & hardware (2.5 miles) — HQ
- Pacific Life — insurance (4.2 miles) — HQ
555 Paularino Ave offers scale at 78 units with average floor plans around 690 sq. ft., fitting renter preferences in an Urban Core location. The neighborhood shows above-median occupancy and a high share of renter-occupied housing units, while elevated home values in Orange County create a high-cost ownership market that tends to sustain multifamily demand and support lease retention. Based on CRE market data from WDSuite, local amenity access (notably restaurants, parks, and groceries) ranks among the strongest nationally, reinforcing renter appeal.
Built in 1974, the asset is slightly older than the neighborhood’s late-1970s average, suggesting clear value-add pathways through interior updates and building systems planning to sharpen competitiveness against newer stock. Within a 3-mile radius, projections indicate population growth and rising household counts, expanding the tenant base over the next several years. Key underwriting considerations include cautious assumptions around property crime mitigation and modest occupancy softening over the past cycle, offset by improving safety trends and durable demand drivers.
- Urban Core location with top-tier everyday amenities supporting renter appeal
- High renter-occupied share and above-median occupancy underpin demand stability
- 1974 vintage presents value-add and systems modernization opportunities
- Strong nearby employment nodes (finance, tech, insurance) aid leasing and retention
- Risks: property crime benchmarks and past occupancy softening warrant conservative underwriting