Marcus & Millichap, as the exclusive listing agent, is pleased to present 1010 – 1016 Valencia Street, an 8-unit multifamily investment opportunity located in the city of Costa Mesa, one of the premier coastal housing markets in Southern California.
Situated on a 0.30-acre lot, the 9,340 square foot property consists exclusively of three-bedroom units and offers amenities including a central courtyard, garage parking, and on-site laundry. The property recently underwent significant renovations to both the interior and exterior. Interior upgrades for four out of the eight units include vinyl wood flooring, new countertops and cabinets, stainless steel appliances, and an open kitchen layout. Exterior upgrades include new paint and well-maintained landscaping. These improvements have helped current ownership to achieve rents at the peak of the market.
The average household income in Costa Mesa is projected to grow by 15.08 percent to $125,965 by 2023 and the vacancy rate within a one mile radius of the subject property is just 3.82 percent. In addition, 1010 – 1016 Valencia Street is strategically situated near South Coast Plaza, the most successful retail center in the United States, as well as other local retail centers such as The Lab and The Camp, providing residents with convenient access to their everyday needs.
Given the strong market dynamics, as well as the property’s fantastic location, unique unit mix, and high-quality unit finishes, 1010 – 1016 Valencia Street is well suited to provide investors with strong returns and value appreciation over the long term investment horizon.