131 E 21st Street,Costa Mesa, CA 92627
Costa Mesa, CA 92627
Description
SEE OFFERING MEMORANDUM IN SUPPLEMENTS. Rare pride-of-ownership 5-unit investment opportunity located in highly desirable Eastside Costa Mesa. Offered for sale for the first time in approximately 27 years, this well-maintained asset occupies an expansive approximately 15,746 square foot lot and features a unique low-density cottage-style layout with lots of attractive features and benefits. Improvements include a freestanding 2-bedroom, 1-bath residence positioned at the front of the property, along with four additional units located within two separate residential buildings at the rear. Unit mix consists of two 1-bedroom units and two 2-bedroom units. A defining characteristic of the offering is its abundance of private outdoor space. The front residence enjoys a large enclosed front yard with white picket vinyl fence and private rear yard, while each remaining unit benefits from its own yard, patio, or outdoor living area. This residential environment has contributed to strong tenant retention and consistent rental demand over many years. Residents enjoy amenities seldom found in comparable investment properties, including six enclosed garages, five equipped with automatic openers, in-unit washer and dryer hookups, and off-street parking for approximately eight vehicles. One garage is currently leased separately, generating additional monthly income. Generous parking, private outdoor areas, and thoughtful site design further enhance long-term resident appeal. From an operational standpoint, ownership benefits from a favorable utility structure. Gas and electricity are separately metered with no house gas or electric meters, helping reduce operating costs. Each residence is equipped with its own water heater, with residents responsible for individual gas consumption. Operating expenses remain straightforward and consist primarily of water, trash service, property taxes, insurance, landscaping, and professional management. Eastside Costa Mesa continues to rank among Orange County's most desirable rental markets, driven by its proximity to Newport Beach, major employment centers, premier shopping, dining, and coastal recreation. Convenient access to Newport Boulevard and the 55 Freeway further strengthens location appeal. This offering presents a rare opportunity to acquire a quality multifamily investment in one of Southern California's most sought-after rental submarkets.
Details
| MLS # | OC26116869 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1961 |
| Days On Site | 151 |
| Listing Provided By | Gerard Properties Inc. | Scott Gerard |
Features
| SQ Feet | 3,704 |
|---|---|
| Garage | 6 |
| Story(s) | 1 |
| Units | 5 |
| Building(s) | 3 |
| Acreage | 0.36 |
Interior
| Cooling | None |
|---|---|
| Heating | Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | No |
| Interior Features | All Bedrooms Down |
| Appliances | Dishwasher, Gas Oven, Gas Range, Microwave |
Exterior
| Roof | Shingle |
|---|---|
| Lot Features | Zero To One Unit Acre |
Parking
| Parking Features | Door Single, Driveway, Garage, One Space |
|---|---|
| Garage Yes / No | Yes |
Utilities
| Utilities | Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected |
|---|---|
| Electric | Standard |
| Sewer | Public Sewer |
Location
| Community Features | Biking, Park, Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | Orange |
| City | Costa Mesa |
| Zip Code | 92627 |
| Area | C5 East Costa Mesa |
| Community Name | Eastside Central (ECCM) |
| Listing VS Median (in Eastside Central (ECCM)) | |
Price: $3,490,000 low | high Med: $2,195,000 sqft: 3,704 low | high Med: 2,224 $ / sqft: $942 low | high Med: $987 On site: 151 low | high Med: 25 | |
Market Activity 92627
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Learn More About This Property
| State | CA |
|---|---|
| County | Orange |
| City | Costa Mesa |
| Zip Code | 92627 |
| Area | C5 East Costa Mesa |
| Community Name | Eastside Central (ECCM) |
| Listing VS Median (in Eastside Central (ECCM)) | |
Price: $3,490,000 low | high Med: $2,195,000 sqft: 3,704 low | high Med: 2,224 $ / sqft: $942 low | high Med: $987 On site: 151 low | high Med: 25 | |
