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Westside Apartments 1959-1961 Maple Ave 40 Unit Apartment Building $24,498,623 CAD ($612,466 CAD/Unit) 4.61% Cap Rate Costa Mesa, CA 92627
Investment Highlights
- Rare Opportunity in Excellent Neighborhood of Costa Mesa Spanning Nearly 2 Acres
- Fully Renovated Exterior with Resort-Style Pool and Three Large Courtyards
- Over 2:1 Parking Ratio; 53 Open and 34 Garage Parking Spaces
- Desirable Unit Mix of Spacious 1 and 2 Bedroom Floor Plans
- 24 Upgraded Units with 13 Featuring In-Unit Washer and Dryer
Executive Summary
We are pleased to present Westside Apartments, a 40-unit multifamily community nestled in the highly desirable Westside Costa Mesa submarket. The property offers one and two bedroom floor plans across a quiet, private setting featuring three landscaped courtyards, three BBQ areas, and a recently upgraded resort-style pool with an open-air lounge area. Twenty-four units have been thoughtfully renovated most with custom cabinetry, laminate flooring, undermount farmhouse sinks, ceiling fans, and fully renovated bathrooms. Thirteen units include in-unit washers and dryers, and 20 feature large private patios or balconies. Other upgrades include submetered electric, fresh exterior paint, and a security camera system. With over a 2:1 parking ratio including 34 garages and 53 open spaces, plus the opportunity to develop ADUs, Westside Apartments presents an opportunity for an investor to acquire a pride-of-ownership property with upside in rents.
Property Facts
| Price | $24,498,623 CAD | Apartment Style | Garden |
| Price Per Unit | $612,466 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.95 AC |
| Cap Rate | 4.61% | Building Size | 26,567 SF |
| Gross Rent Multiplier | 13.63 | Average Occupancy | 97% |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 2.75/1,000 SF |
| Price | $24,498,623 CAD |
| Price Per Unit | $612,466 CAD |
| Sale Type | Investment |
| Cap Rate | 4.61% |
| Gross Rent Multiplier | 13.63 |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.95 AC |
| Building Size | 26,567 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 2.75/1,000 SF |
Amenities
Site Amenities
- Courtyard
- Laundry Facilities
- Picnic Area
- Pool
- Grill
- Lounge
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 32 | $3,391 CAD | 625 |
| 2+1 | 8 | $3,487 CAD | 800 |
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Moderately walkable
70/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 422-141-11 | Improvements Assessment | $3,006,143 CAD |
| Land Assessment | $4,245,378 CAD | Total Assessment | $7,251,521 CAD |
Property Taxes
Parcel Number
422-141-11
Land Assessment
$4,245,378 CAD
Improvements Assessment
$3,006,143 CAD
Total Assessment
$7,251,521 CAD
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Westside Apartments | 1959-1961 Maple Ave
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