| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Poor |
| Demographics | 42nd | Poor |
| Amenities | 64th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 940 W 18th St, Costa Mesa, CA, 92627, US |
| Region / Metro | Costa Mesa |
| Year of Construction | 1979 |
| Units | 20 |
| Transaction Date | 2013-08-01 |
| Transaction Price | $4,630,000 |
| Buyer | C C WANG FAMILY LIMITED PARTNERSHIP |
| Seller | LEEPER GEORGE |
940 W 18th St, Costa Mesa Multifamily Investment
Strong neighborhood occupancy and dense amenity access support renter demand, according to WDSuite’s CRE market data, positioning this 20-unit asset for stable leasing in an Inner Suburb pocket of Orange County.
Located in Costa Mesa’s Inner Suburb setting within the Anaheim–Santa Ana–Irvine metro, the area shows investor-friendly fundamentals: neighborhood occupancy trends sit in the top quartile nationally and are competitive among the metro’s 516 neighborhoods, per WDSuite. Dense daily-needs retail and dining (high grocery and restaurant density) bolster convenience and help sustain foot traffic and leasing appeal.
Amenity mix skews toward cafes, groceries, and pharmacies, while park and childcare access is comparatively thin. For investors, this supports working professional demand and weekday convenience, with fewer family-oriented anchors to lean on. Average school ratings for the neighborhood sit below national norms, which may modestly temper appeal for households prioritizing top-rated schools.
Within a 3-mile radius, unit tenure skews balanced with a slightly higher share of renter-occupied housing, indicating a deep tenant base for multifamily. Household counts have edged up recently and are projected to expand further while average household size trends lower, pointing to a larger renter pool and support for occupancy stability rather than reliance on in-migration alone.
Ownership costs in this part of Orange County remain elevated relative to many U.S. markets, which can reinforce reliance on multifamily housing and support pricing power; however, rent-to-income levels suggest some affordability pressure, underscoring the need for disciplined lease management and renewal strategies. Notably, neighborhood-level NOI per unit benchmarks rank among the strongest in the metro and top quartile nationally (a neighborhood indicator, not a property guarantee), highlighting durable operating potential in this location.
Safety indicators for the neighborhood are competitive among Anaheim–Santa Ana–Irvine neighborhoods (ranked in the stronger half of 516), with overall levels around the national midpoint, according to WDSuite. Recent trend data shows meaningful year-over-year declines in both property and violent offenses, which is a constructive signal for operational stability, though investors should still underwrite standard security measures and monitor submarket trends.
Proximity to a diverse base of white-collar employers supports weekday demand and commute convenience for renters, particularly in financial services and technology represented nearby.
- Pacific Life — insurance (3.8 miles) — HQ
- Prudential — financial services (5.9 miles)
- Western Digital — technology hardware (6.1 miles) — HQ
- First American Financial Corporation — title & data services (6.2 miles)
- First American Financial — title & data services (6.2 miles) — HQ
This 20-unit property, built in 1979, benefits from neighborhood-level occupancy performance that is above metro medians and in the top quartile nationally, supporting leasing durability. The vintage is newer than the neighborhood’s average stock, offering relative competitiveness versus older assets while leaving room for targeted capital projects to modernize systems or finishes for rent positioning.
Household counts within 3 miles are projected to rise as average household size declines, translating into a broader renter pool and support for steady absorption. Based on commercial real estate analysis from WDSuite, dense retail and employment access underpin demand, though investors should account for affordability pressure in rent-to-income dynamics and schools that trend below national averages when setting renewal and marketing strategies.
- Top-quartile neighborhood occupancy supports lease-up and retention potential
- 1979 vintage is newer than local average, with value-add and modernization upside
- Dense retail and major employers nearby reinforce renter demand and commuting ease
- Expanding household base within 3 miles points to sustained tenant depth
- Risks: affordability pressure (rent-to-income), below-average school ratings, and the need for ongoing security and asset management