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Listed by Joseph Berkson • Marcus & Millichap RE Invest
$4,400,000
Est. payment /mo
7,840 SqFt
New
2256 Maple Costa Mesa, CA 92627
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Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 7,840 sqft
Price per Sqft $561
MLS Listing ID OC-26108339
Year Built 1956
Lot Size 0.411 Acres
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
In coastal Orange County, location is the single greatest driver of long-term multifamily value, and Costa Mesa continues to validate that rule. Bolstered by a diverse employment base, exceptional lifestyle amenities, and enduring tenant demand, this submarket has shown remarkable resilience and consistent upward pressure on both rents and asset values. Countywide data underscores this trend: one- and two-bedroom rents have advanced steadily for over a decade, with forecasts pointing to further gains, while price-per-unit levels have historically trended upward with limited short-term fluctuations.
Maple Street Apartments is ideally positioned to benefit from these fundamentals. Located just minutes from the Pacific Ocean, John Wayne Airport, UC Irvine, Fashion Island, Newport Bay, and the Costa Mesa Country Club, the property sits within one of Orange County's most sought-after rental submarkets. A second image highlights the property's adjacency to major arterial corridors and an extensive retail hub anchored by Home Depot, Northgate Market, Starbucks, McDonald's, TJ Maxx/HomeGoods, and more—an amenity cluster that significantly enhances renter appeal.
Offered at $4,400,000, the asset provides investors with an attractive combination of stability and upside, supported by a current GRM of 14.95, a current cap rate of 4.12%, and meaningful rental growth potential. Based on achievable market rents, the property projects to a pro forma GRM of 14.35 and a pro forma cap rate of 4.38%, with approximately 4.18% rent upside and 6.19% NOI upside.
The building itself is a recently renovated, turnkey 10-unit asset featuring a highly desirable unit mix of 80% two-bedroom units and 20% one-bedroom units. All units are equipped with washer/dryer hookups, air conditioning, individual hot water heaters, and vinyl-framed windows, with all interiors offering wood-panel vaulted ceilings. These features materially elevate tenant retention and narrow the competitive set within the immediate submarket.
In a market defined by tight supply, durable rent growth, and long-term value appreciation, Maple Street Apartments stands out as a well-located, well-amenitized coastal asset with immediate operational upside and strong positioning for the next growth cycle.
Maple Street Apartments is ideally positioned to benefit from these fundamentals. Located just minutes from the Pacific Ocean, John Wayne Airport, UC Irvine, Fashion Island, Newport Bay, and the Costa Mesa Country Club, the property sits within one of Orange County's most sought-after rental submarkets. A second image highlights the property's adjacency to major arterial corridors and an extensive retail hub anchored by Home Depot, Northgate Market, Starbucks, McDonald's, TJ Maxx/HomeGoods, and more—an amenity cluster that significantly enhances renter appeal.
Offered at $4,400,000, the asset provides investors with an attractive combination of stability and upside, supported by a current GRM of 14.95, a current cap rate of 4.12%, and meaningful rental growth potential. Based on achievable market rents, the property projects to a pro forma GRM of 14.35 and a pro forma cap rate of 4.38%, with approximately 4.18% rent upside and 6.19% NOI upside.
The building itself is a recently renovated, turnkey 10-unit asset featuring a highly desirable unit mix of 80% two-bedroom units and 20% one-bedroom units. All units are equipped with washer/dryer hookups, air conditioning, individual hot water heaters, and vinyl-framed windows, with all interiors offering wood-panel vaulted ceilings. These features materially elevate tenant retention and narrow the competitive set within the immediate submarket.
In a market defined by tight supply, durable rent growth, and long-term value appreciation, Maple Street Apartments stands out as a well-located, well-amenitized coastal asset with immediate operational upside and strong positioning for the next growth cycle.
Location
State CA
County Orange
Area C2 - Southwest Costa Mesa
Interior
Interior Features Copper Plumbing Full, High Ceilings
Flooring Vinyl
Fireplaces Type Electric, Gas, Kitchen, Living Room
Laundry Washer Hookup
Exterior
Parking Features Assigned
Pool None
Community Features Suburban
View Y/N Yes
Building
Lot Description Level, Rectangular Lot, Sprinklers In Front, Sprinklers On Side, 21-25 Units/Acre
Sewer Public Sewer
Others
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