For the first time in 23 years, a 31-unit multifamily property in Costa Mesa has recently been placed on the market with an asking price of $18.69 million, or approximately $602,903 per unit. According to public records, the multifamily asset, also referred to as Orange Bay Apartments, is currently owned by a private family trust associated with Darryl Krause, which acquired it for an undisclosed amount.
Located at 187 E. 18th Street, the property totals 26,134 square feet and contains a mix of unit types, including 16 one-bedroom, seven two-bedroom and eight three-bedroom units. Units average about 843 square feet and rents average $2,275 per month.
The property was built in 1986. However, most units have received various upgrades throughout the years. Additionally, the gated apartment building contains 50 private parking spaces in a subterranean garage.
Orange Bay Apartments is located at the corner of 18th Street and Orange Avenue, providing a short commute to nearby Newport Beach, Balboa Peninsula and Orange Coast College. The property also maintains close proximity to State Road 55 and is within walking distance of the numerous retail and dining assets along 17th Street. The John Wayne Airport is also less than five miles from the property.
The Costa Mesa location is also home to a large population, with about 321,281 people within a five-mile radius of the property. Average household incomes within the five-mile radius of the property also reach approximately $141,031 per year.
The property is being listed by Karl Duistermars, a private broker who did not respond in time to comment on this story.
