| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Poor |
| Demographics | 42nd | Poor |
| Amenities | 64th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 825 Center St, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1985 |
| Units | 109 |
| Transaction Date | 2010-09-08 |
| Transaction Price | $12,622,500 |
| Buyer | WESTBAY ASSOCIATES LLC |
| Seller | WESTBAY PROPERTIES #6 LLC |
825 Center St Costa Mesa Multifamily Investment
This 109-unit property benefits from neighborhood-level occupancy rates exceeding 98%, supported by strong rental demand in Orange County's competitive multifamily market according to CRE market data from WDSuite.
Costa Mesa's inner suburban location positions this property within a mature rental market characterized by strong occupancy fundamentals. The neighborhood demonstrates occupancy rates of 98.5%, ranking in the top quartile nationally among comparable markets. With 68% of housing units occupied by renters, the area maintains a substantial tenant base that supports consistent demand for multifamily properties.
Demographics within a 3-mile radius show a stable population of approximately 133,000 residents, with median household incomes of $128,000. The area's renter-occupied housing share of 51.4% indicates balanced tenure dynamics, while projected household growth of 32% through 2028 suggests expanding rental demand. Current median contract rents of $2,371 reflect the market's pricing power, with forecasted rent growth of 45% over the next five years.
Built in 1985, this property aligns with the neighborhood's average construction vintage of 1966, presenting potential value-add opportunities through targeted capital improvements. The area's amenity density includes strong restaurant and grocery access, with 17 restaurants and 6 grocery stores per square mile, supporting tenant retention through convenient daily services.
The neighborhood's crime profile shows mixed trends that warrant consideration in investment analysis. Property crime rates have declined 43% year-over-year, indicating improving conditions, while violent crime rates decreased 48% over the same period. These downward trends position the area competitively within the broader Orange County market.
Current crime metrics place the neighborhood above the median among the region's 516 neighborhoods, with property crime rates that, while elevated, are showing significant improvement. The substantial year-over-year reductions in both property and violent crime suggest positive momentum in public safety conditions.
The Costa Mesa submarket benefits from proximity to major corporate headquarters and offices that provide workforce housing demand, including several Fortune 500 companies within commuting distance.
- Pacific Life — insurance headquarters (3.6 miles) — HQ
- Prudential — financial services (5.6 miles)
- Western Digital — technology headquarters (5.7 miles) — HQ
- First American Financial Corporation — financial services (5.9 miles)
- Microsoft Technology Center — technology offices (6.0 miles)
This 109-unit Costa Mesa property demonstrates strong fundamentals through exceptional neighborhood occupancy rates exceeding 98% and proximity to major employment centers. Built in 1985, the asset presents value-add potential through strategic capital improvements while benefiting from Orange County's robust rental demand dynamics.
Demographic projections within a 3-mile radius show household growth of 32% through 2028, supporting expanded rental demand and occupancy stability. The area's balanced tenure mix and strong median incomes of $128,000 provide a stable tenant base, while forecasted rent growth of 45% over five years indicates pricing power potential based on commercial real estate analysis.
- Neighborhood occupancy rates of 98.5% rank in top quartile nationally
- Proximity to major employers including Pacific Life and Western Digital headquarters
- Projected 32% household growth through 2028 supports rental demand expansion
- 1985 construction vintage presents value-add renovation opportunities
- Risk consideration: Property crime rates above metro median despite recent improvements