COSTA MESA, CALIF. — CBRE has arranged a $9.6 million trade of a 22-unit property in Costa Mesa between two undisclosed parties. The asset is located at 313 and 325 East 17th Place in the Eastside neighborhood of Costa Mesa. The property has not been on the market for about 25 years.
CBRE’s Dan Blackwell and Mike O’Neill represented the buyer, a private investor based in Fountain Valley, California. The seller was a private investor from Orange County, California. Built in 1961, the property comprises six one-bedroom units and 16 two-bedroom units across two parcels on about half an acre with a combined building area of 18,355 square feet.
The two-story garden-style complex features central courtyards, eight single-car garages and 10 surface parking spaces. The sale equates to $434,845 per unit and $521 per square foot, with a current cap rate of 5.1 percent. About 80 percent of unit interiors have been renovated.