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CBRE Brokers $5.025M Sale Of Crestview Apartments In Costa Mesa

Property Image
SOLD
$5,025,000
Mike O’Neill
Daniel (Dan) Blackwell
Jack O’Connor

California

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MultiFamily8,931 SF
Sold 01/08/2024
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Property Image
SOLD

CBRE Brokers $5.025M Sale Of Crestview Apartments In Costa Mesa

859 West 19th Street

See Similar Deals
MultiFamily8,931 SF
Sold 01/08/2024
Mike O’Neill
Daniel (Dan) Blackwell
Jack O’Connor
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$562
Total Square Footage:8,931 SF
Transaction Type:Sale

The Crestview Apartments, a 19-unit multifamily property, located at 859 West 19th Street in Costa Mesa, California, has been sold for $5,025,000. The property sits on approximately 0.47 acres and offers a value-add opportunity with rents currently 30% below market rates. Its strategic location near various amenities adds to the attractiveness of the investment in Costa Mesa's multifamily market.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $5,025,000
  • Units: 19
  • Price per Unit: $264,474
  • Square Footage: 8,931
  • Price per Square Foot: $563
  • Date: 01/08/2024
  • Market: Costa Mesa

The sale of Crestview Apartments was brokered by Daniel Blackwell, Jack O'Connor, and Mike O'Neill of CBRE. A local private investor purchased the property, marking the first sale in over 40 years.

Players

Daniel (Dan) Blackwell
CBRE
Daniel Blackwell
61 deals$439.4M volume(949) 725-8655
BROKER
Mike O’Neill
CBRE
Mike O’Neill
25 deals$160.8M volume
BROKER
Jack O’Connor
CBRE
Jack O’Connor
8 deals$53.4M volume(949) 648-1474
BROKER

Details

SOLD
IMAGE: Daniel Blackwell, Jack O’Connor & Mike O’Neill DATE: 01/08/2024 ADDRESS: 859 West 19th Street MARKET: Costa Mesa ASSET TYPE: Multifamily ~ ACRES: 0.47 BROKERS: Daniel Blackwell (@MultiFamilySocal), Jack O’Connor & Mike O’Neill (@Mike_ONeill11) - CBRE (@CBRE) SALE PRICE: $5,025,000 UNITS: 19 ~ PPU: $264,474 SF: 8,931 ~ PPSF: $563 NOTE: CBRE has brokered the $5.025 million sale of Crestview Apartments, a 19-unit multifamily property in Costa Mesa, California, to a local private investor. The property, located at 859 W. 19th Street, sold for the first time in over 40 years, presenting a value-add opportunity with rents 30% below market rates, and its strategic location near various amenities contributes to the attractiveness of the investment in Costa Mesa's multifamily market.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$268,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$17,852.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,821.06
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