**CBRE Closes $9.57M Sale of 22-Unit Property in Eastside Costa Mesa**
CBRE has finalized the $9.57 million sale of a 22-unit multifamily property located at 313 and 325 East 17th Place in the Eastside neighborhood of Costa Mesa. This marks the first time the property has been on the market in over 25 years. The sale breaks down to approximately $434,845 per unit and $521 per square foot, with a current capitalization rate of 5.10%.
The transaction was brokered by CBRE’s Dan Blackwell and Mike O’Neill, who also represented the buyer—a private investor based in Fountain Valley. CBRE has completed about eight deals with this investor to date. 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 spans two parcels and includes six one-bedroom units and sixteen two-bedroom units. This sale marks the 15th multifamily transaction that Blackwell and O’Neill have completed in Costa Mesa in the last 24 months.
