CBRE closed the $9.57-million sale of a 22-unit multifamily property located at 313 and 325 E. 17th Pl. in Eastside Costa Mesa, marking its first time on the market in more than 25 years. The sale equates to $434,845 per unit and $521 per square foot, at a current cap rate of 5.10%. For the team of Dan Blackwell and Mike O’Neill, the sale was their 15th multifamily transaction in Costa Mesa over the past 24 months.
Blackwell and O’Neill represented the buyer, a private investor based in Fountain Valley with whom CBRE has completed approximately eight transactions. The seller was a private investor from Orange County.
“This is the largest Eastside Costa Mesa transaction within the past three years,” said Blackwell. “We’re proud to have helped our client secure another high-quality asset in a walkable location with strong in-place cash flow and long-term upside.”
Built in 1961, the property comprises six one-bedroom units and 16 two-bedroom units across two parcels.
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