291 Avocado St — Sale in Costa Mesa, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Costa Mesa, CA 92627

Investment Figures

Cap rate
4.66%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is pleased to present the opportunity to acquire 291 - 293 Avocado Street, a 24-unit multifamily property in Costa Mesa, California. The asset consists of two 12-unit buildings situated on contiguous parcels and arranged around a shared central courtyard. Built in 1965, the gated property offers approximately 18,012 rentable square feet and features a unit mix of 20 one-bed/one-bath units and 4 two-bed/one-bath units. The property provides 45 parking spaces (approximately 1.9 per unit), including a mix of surface, carport, and garage parking, along with an on-site laundry room. Ownership has completed several capital improvements, including a roof replacement, copper plumbing, and upgraded electrical subpanels. The property has also completed its SB-721 inspection with no required corrective work. 19 of the 24 units have been renovated, and rents are currently near market, supporting stable in-place income. The installation of in-unit washer/dryer hookups presents a potential enhancement, as this feature remains relatively uncommon among comparable properties yet is highly desirable to renters. The property also includes underutilized common area space that could be repositioned into amenities or, subject to city approval, may offer ADU potential. The property is located in a desirable Westside Costa Mesa setting with convenient access to nearby retail, dining, and major transportation corridors. Investment Highlights: • 24-unit multifamily property on two contiguous parcels in Westside Costa Mesa • 19 of 24 units renovated with modern interior finishes • 45 parking spaces (approximately 1.9 per unit) including garage, carport, and surface parking • Stable in-place income with rents currently near market levels • Recent capital improvements including newer roof, copper plumbing, and upgraded electrical subpanels • Gated property with central courtyard layout and on-site laundry facilities • ADU potential across two legal parcels allowing for expa

Market Context

This multifamily in Costa Mesa, CA is listed for sale. It is offered at an approximate 4.7% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 100 days. Compare it against other multifamily listings for sale in Costa Mesa, CA — view the full market.

As of Q1 2026, the Orange County multifamily market showed average asking rents near $2081.00/unit/mo, rents up 0.6% year over year, and cap rates around 5.4%. Source: multiple brokerage reports, Q1 2026.

Its 4.7% asking cap rate is below the Orange County multifamily market average of about 5.4%, reflecting premium pricing relative to comparable assets. Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

What is the typical cap rate for multifamily in Orange County?
About 5.4% as of Q1 2026, per multiple brokerage reports.

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