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291-293 Avocado St 24 Unit Apartment Building $13,044,403 CAD ($543,517 CAD/Unit) 4.66% Cap Rate Costa Mesa, CA 92627
Investment Highlights
- 24-unit multifamily property on two contiguous parcels in Westside Costa Mesa
- 45 parking spaces (approximately 1.9 per unit) including garage, carport, and surface parking
- Recent capital improvements including newer roof, copper plumbing, and upgraded electrical subpanels
- 19 of 24 units renovated with modern interior finishes
- Stable in-place income with rents currently near market levels
- ADU potential across two legal parcels allowing for expanded development flexibility (subject to city approval)
Executive Summary
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.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
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.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$953,880
|
$52.96
|
| Other Income |
$50,138
|
$2.78
|
| Vacancy Loss |
$28,616
|
$1.59
|
| Effective Gross Income |
$975,402
|
$54.15
|
| Taxes |
$136,671
|
$7.59
|
| Operating Expenses |
$230,434
|
$12.79
|
| Total Expenses |
$367,104
|
$20.38
|
| Net Operating Income |
$608,297
|
$33.77
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $953,880 |
| Annual Per SF | $52.96 |
| Other Income (CAD) | |
|---|---|
| Annual | $50,138 |
| Annual Per SF | $2.78 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $28,616 |
| Annual Per SF | $1.59 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $975,402 |
| Annual Per SF | $54.15 |
| Taxes (CAD) | |
|---|---|
| Annual | $136,671 |
| Annual Per SF | $7.59 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $230,434 |
| Annual Per SF | $12.79 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $367,104 |
| Annual Per SF | $20.38 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $608,297 |
| Annual Per SF | $33.77 |
Property Facts
| Price | $13,044,403 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $543,517 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.85 AC |
| Cap Rate | 4.66% | Building Size | 18,012 SF |
| Gross Rent Multiplier | 12.99 | Average Occupancy | 96% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 2.5/1,000 SF |
| Price | $13,044,403 CAD |
| Price Per Unit | $543,517 CAD |
| Sale Type | Investment |
| Cap Rate | 4.66% |
| Gross Rent Multiplier | 12.99 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.85 AC |
| Building Size | 18,012 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 2.5/1,000 SF |
Amenities
Unit Amenities
- Heating
- Kitchen
- Lawn
Site Amenities
- Controlled Access
- Courtyard
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | - | 700 |
| 2+1 | 4 | - | 1,000 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
Property Taxes
Parcel Numbers
Land Assessment
$4,484,335 CAD (2025)
Improvements Assessment
$1,334,216 CAD (2025)
Total Assessment
$5,818,551 CAD (2025)
Annual Taxes
$136,671 CAD ($7.59 CAD/SF)
Tax Year
2026 Payable 2026
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291-293 Avocado St
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