$1,900,000
SOLD OCT 27, 2025

2028 Wallace Ave Unit C Costa Mesa, CA 92627

Westside Costa Mesa Neighborhood
4 Beds
4 Baths
2,299 Sq Ft
0.43 Acres

Recently Sold

$826 Per Sq Ft

16% Below List Price

87 Days on Market

Highlights

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

About This Home

As of October 2025

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) 1BR/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.

Last Agent to Sell the Property

Nick Gould

Gould Group Inc Brokerage Email: ng@gouldgroupinc.com License #01521955 Listed on: 05/27/2025

Last Buyer's Agent

Nick Gould

Gould Group Inc Brokerage Email: ng@gouldgroupinc.com License #01521955 Listed on: 05/27/2025

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
  • Entry on the 1st floor

Interior Spaces

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

Bedrooms and Bathrooms

  • 4 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

  • 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
  • Common Walls: 1 Common Wall
  • Entry Level: 1
  • Price Per Square Foot: 826.45

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

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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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 List to Sale Price per Sq Ft
10/27/2025 10/27/25 Sold $1,900,000 -15.6% $826 / Sq Ft
08/22/2025 08/22/25 Pending -- -- --
05/27/2025 05/27/25 For Sale $2,250,000 -- $979 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Nick Gould

    Seller's Agent in 2025

    Nick Gould

    Gould Group Inc

    (925) 998-1315

    3 in this area

    16 Total Sales

    Nick Gould
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Map

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

Sold

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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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