383 W Wilson St
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383 W Wilson St
12 Unit Block of Flats £3,623,974 (£301,998/Unit) 4.41% Net Initial Yield Costa Mesa, CA 92627
Investment Highlights
- Desirable Mix of One & Two-Bedroom Floor Plans | Ample Surface & Garage Parking: 23 Total Spaces
- Gated Pedestrian Access Leading to a Lush Courtyard | Features an On-Site Laundry Facility
- Just Over 0.75 Miles from Orange Coast College, a Major Economic & Housing Driver for the Area
- Substantial Unit Upgrades Including Fresh Paint, Vinyl & Carpet Flooring, Granite Countertops, Appliances, & More
- Within Walking Distance of the Recently Opened Mercado Gonzalez Northgate Market, a Combination of a Full Service Super Market & In-Door Dining Hall
- Within 1 Mile of the Abundance of Dining & Entertainment Options Located at Triangle Square
Executive Summary
The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 383 West Wilson Street, a 12-unit multifamily investment property located in Costa Mesa, California.
The property offers a mix of 10, one-bedroom units and 2, two-bedroom units. All units have undergone substantial renovations that include fresh paint, vinyl and carpet flooring, quartz countertops, appliances, bathrooms, and more. Amenities at 383 West Wilson Street include ample garage and surface parking, and an on-site laundry facility.
Residents benefit from 383 West Wilson Street’s excellent Costa Mesa location, within walking distance of a plethora of major retail centers. Located just steps away from the property are Gray Plaza, anchored by At Home, and Harbor Center, anchored by Home Depot and the newly opened Mercado Gonzalez Northgate Market. Additionally, the property is situated less than one-mile from Orange Coast College (OCC) and the O.C. Fairgrounds, two major housing and economic drivers for the area. Furthermore, the property’s location, between Harbor Boulevard and State Route 55, provides residents with easy access to Costa Mesa hotspots including Triangle Square, 17th Street, and South Coast Plaza. The property benefits from its close proximity to State Routes 55 and 73, convenient access to major employment hubs including the South Coast Metro, Irvine Business District, and Newport Center.
The Costa Mesa submarket is among the strongest performing areas in metro Orange County, with an average occupancy of 96.5 percent (Q4 2023) and average year-over-year effective rent growth of 8.9 percent (between 2021 to 2023), demonstrating the strong demand for rental housing. Costa Mesa’s coastal location, strong economic growth, and unmatched local attractions have made it one of Southern California’s most desirable and versatile markets.
Given its Coastal Orange County location, the property offers an investor the ability to capture quality tenants seeking a convenient location with access to a wide variety of area amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 383 West Wilson Street.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
The property offers a mix of 10, one-bedroom units and 2, two-bedroom units. All units have undergone substantial renovations that include fresh paint, vinyl and carpet flooring, quartz countertops, appliances, bathrooms, and more. Amenities at 383 West Wilson Street include ample garage and surface parking, and an on-site laundry facility.
Residents benefit from 383 West Wilson Street’s excellent Costa Mesa location, within walking distance of a plethora of major retail centers. Located just steps away from the property are Gray Plaza, anchored by At Home, and Harbor Center, anchored by Home Depot and the newly opened Mercado Gonzalez Northgate Market. Additionally, the property is situated less than one-mile from Orange Coast College (OCC) and the O.C. Fairgrounds, two major housing and economic drivers for the area. Furthermore, the property’s location, between Harbor Boulevard and State Route 55, provides residents with easy access to Costa Mesa hotspots including Triangle Square, 17th Street, and South Coast Plaza. The property benefits from its close proximity to State Routes 55 and 73, convenient access to major employment hubs including the South Coast Metro, Irvine Business District, and Newport Center.
The Costa Mesa submarket is among the strongest performing areas in metro Orange County, with an average occupancy of 96.5 percent (Q4 2023) and average year-over-year effective rent growth of 8.9 percent (between 2021 to 2023), demonstrating the strong demand for rental housing. Costa Mesa’s coastal location, strong economic growth, and unmatched local attractions have made it one of Southern California’s most desirable and versatile markets.
Given its Coastal Orange County location, the property offers an investor the ability to capture quality tenants seeking a convenient location with access to a wide variety of area amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 383 West Wilson Street.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£241,990
|
£30.55
|
| Other Income |
£16,851
|
£2.13
|
| Vacancy Loss |
£7,260
|
£0.92
|
| Effective Gross Income |
£251,581
|
£31.77
|
| Taxes |
£37,990
|
£4.80
|
| Operating Expenses |
£53,716
|
£6.78
|
| Total Expenses |
£91,705
|
£11.58
|
| Net Operating Income |
£159,875
|
£20.19
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £241,990 |
| Annual Per SF | £30.55 |
| Other Income | |
|---|---|
| Annual | £16,851 |
| Annual Per SF | £2.13 |
| Vacancy Loss | |
|---|---|
| Annual | £7,260 |
| Annual Per SF | £0.92 |
| Effective Gross Income | |
|---|---|
| Annual | £251,581 |
| Annual Per SF | £31.77 |
| Taxes | |
|---|---|
| Annual | £37,990 |
| Annual Per SF | £4.80 |
| Operating Expenses | |
|---|---|
| Annual | £53,716 |
| Annual Per SF | £6.78 |
| Total Expenses | |
|---|---|
| Annual | £91,705 |
| Annual Per SF | £11.58 |
| Net Operating Income | |
|---|---|
| Annual | £159,875 |
| Annual Per SF | £20.19 |
Property Facts
| Price | £3,623,974 | Apartment Style | Low Rise |
| Price Per Unit | £301,998 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.43 AC |
| Net Initial Yield | 4.41% | Building Size | 7,920 SF |
| Gross Rent Multiplier | 14 | Average Occupancy | 100% |
| No. Units | 12 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 2.9/1,000 SF |
| Price | £3,623,974 |
| Price Per Unit | £301,998 |
| Sale Type | Investment |
| Net Initial Yield | 4.41% |
| Gross Rent Multiplier | 14 |
| No. Units | 12 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.43 AC |
| Building Size | 7,920 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1965 |
| Parking Ratio | 2.9/1,000 SF |
Unit Amenities
- Dishwasher
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 650 |
| 2+1 | 2 | - | 813 |
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Walk Score ®
Very Walkable (77)
Bike Score ®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 419-032-04 | Total Assessment | £3,366,413 |
| Land Assessment | £2,958,363 | Annual Taxes | £37,990 (£4.80/sf) |
| Improvements Assessment | £408,050 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
419-032-04
Land Assessment
£2,958,363
Improvements Assessment
£408,050
Total Assessment
£3,366,413
Annual Taxes
£37,990 (£4.80/sf)
Tax Year
2023
zoning
| Zoning Code | R3 |
| R3 |
-
Tyler Leeson -
Matthew Kipp -
Marcus & Millichap
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383 W Wilson St
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