$2,250,000

2028 Wallace Ave Unit C Costa Mesa, CA 92627

Westside Costa Mesa Neighborhood

Estimated payment $14,845/month

Total Views 48
5 Beds
4 Baths
2,299 Sq Ft
$979 Price per Sq Ft

Highlights

  • 0.43 Acre Lot
  • Bike Trail
  • 1-Story Property
  • Laundry Room

About This Home

Welcome to 2028 Wallace Avenue, a rare multifamily/redevelopment investment opportunity located in the heart of Costa Mesa’s rapidly evolving Westside. Situated on a massive lot, this three-unit property features an attractive unit mix consisting of (1) 3BR/2.5BA and (2) 2BR/1BA units across approximately 2,299 SF of existing living space. Positioned within the Mesa West Urban Plan and a federally recognized Opportunity Zone, 2028 Wallace offers significant upside potential. Investors have the opportunity to modernize the existing units, add Accessory Dwelling Units (ADUs), or redevelop the site entirely by leveraging the increased density allowances of the Mesa West Specific Plan. The Opportunity Zone designation further enhances the appeal with the potential for long-term tax advantages.

Listing Agent

Nick Gould

Gould Group Inc Brokerage Email: ng@gouldgroupinc.com License #01521955

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1956

Lot Details

  • 0.43 Acre Lot
  • 1 Common Wall
  • Density is 6-10 Units/Acre

Parking

  • 7 Car Garage
  • Parking Available
  • Assigned Parking

Home Design

  • Apartment

Interior Spaces

  • 2,299 Sq Ft Home
  • 1-Story Property

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 4 Bathrooms

Laundry

  • Laundry Room
  • Washer and Gas Dryer Hookup

Outdoor Features

  • Exterior Lighting

Listing and Financial Details

  • Legal Lot and Block 15 / C
  • Tax Tract Number 612
  • Assessor Parcel Number 42225216
  • $2,053 per year additional tax assessments

Community Details

Overview

  • 2 Buildings
  • 3 Units
  • Costa Mesa Residential Income Subdivision

Recreation

  • Bike Trail

Building Details

  • Rent Control
  • 3 Separate Electric Meters
  • 3 Separate Gas Meters
  • 1 Separate Water Meter
  • Gross Income $62,400
  • Net Operating Income $62,400

Property Details

Home Type

Multi-Family

Year Built

Built in 1956

Lot Details

0

Parking

7

Listing Details

  • Other Phone Description: Office Direct
  • Other Phone Number: 949-996-4785
  • Price Per Unit: 750000
  • Property Attached: Yes
  • Subdivision Name Other: Costa Mesa Residential Income (CMRI)
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 42225216
  • Year Built: 1956
  • Special Features: None

Interior Features

  • Stories: 1
  • Entry Location: 2
  • Common Walls: 1 Common Wall
  • Entry Level: 1
  • Price Per Square Foot: 978.69

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 7.00
  • Parking: Yes
  • Parking Features: Assigned
  • Total Parking Spaces: 7.00

Utilities

  • Laundry: Yes
  • Laundry Features: Gas Dryer Hookup, Washer Hookup
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Biking, Curbs, Sidewalks, Storm Drains, Street Lights

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 6-10 Units/Acre
  • Lot Size Sq Ft: 18539.00
  • Lot Size Acres: 0.4256

Multi Family

  • Gross Income: 62400.00
  • Gross Scheduled Income: 62400.00
  • Lot Size Area: 18539.0000 Square Feet
  • Net Operating Income: 62400.00
  • Number Of Separate Electric Meters: 3
  • Number Of Separate Gas Meters: 3
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 3
  • Rent Control: Yes

Tax Info

  • Tax Block: C
  • Tax Census Tract: 637.01
  • Tax Lot: 15
  • Tax Tract Number: 612
  • TaxOtherAnnualAssessmentAmount: 2053.00

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
05/27/2025 05/27/25 For Sale $2,250,000 -- $979 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

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    Matthew Hoyt Hoyt Real Estate, Inc.

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Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: NP25117556

California Regional Multiple Listing Service (CRMLS)

California Orange County Costa Mesa 92627 Westside Costa Mesa

2028 Wallace Ave Unit C, Costa Mesa, CA

Homes for Sale in Costa Mesa, CA

This home is located at 2028 Wallace Ave Unit C, Costa Mesa, CA 92627 and is currently priced at $2,250,000, approximately $978 per square foot. This property was built in 1956. 2028 Wallace Ave Unit C is a home located in Orange County with nearby schools including Pomona Elementary School, Charles W. Tewinkle Middle School, and Estancia High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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Nick Gould
Listing Agent
Nick Gould
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Gould Group Inc
(949) 997-0835