$4,525,000

Estimated payment $28,304/month

Total Views 6,812
2 Beds
3 Baths
8,260 Sq Ft
$548 Price per Sq Ft

Highlights

  • 0.34 Acre Lot
  • No HOA
  • Forced Air Heating System
  • Victoria Elementary School Rated A-
  • Laundry Room
  • Level Lot

About This Home

2230 Canyon Drive is a 7-unit multifamily investment opportunity located in the highly desirable city of Costa Mesa, California. Built in 1990, the gated property consists entirely of spacious two-story, 2-bedroom/2.5-bath townhouse-style units, a rare and highly attractive offering in today’s rental market. Six units feature a front patio, back patio, and private balcony, while the rear unit offers a front patio and a large private backyard. Residents benefit from ample parking with eight garages and eight surface spaces, along with the convenience of laundry hookups in every unit. Five units have been thoughtfully renovated with modern finishes including shaker-style cabinetry, vinyl flooring, recessed lighting, and stainless-steel kitchen appliances. The property’s renovation program has proven effective, giving investors an opportunity to capture additional upside through continued upgrades, while current tenants already enjoy generous layouts and abundant private outdoor space that distinguish these units from competing rentals. 2230 Canyon Drive offers residents everyday convenience with walkable access to schools such as Victoria Elementary, Estancia High School, and the Waldorf School of Orange County. Nearby parks and open spaces include Talbert Regional Park, a 180-acre preserve with extensive bike and pedestrian trails, as well as Fairview Park and direct access to the Santa Ana River Trail and Banning Channel Bikeway. Within two miles of the property are Harbor Boulevard and Brookhurst Street, both of which offer an array of retail centers, restaurants, and daily conveniences. 2230 Canyon Drive represents a rare opportunity to acquire a well-maintained coastal Orange County multifamily asset with spacious townhouse layouts, ample outdoor space, in-unit laundry hookups, and clear upside through a proven renovation strategy. This property is well-positioned for investors seeking a high-quality asset with strong renter demand and long-term growth potential in one of Costa Mesa’s most desirable neighborhoods.

Listing Agent

Tyler Leeson

Marcus & Millichap RE Invest Brokerage Email: tleeson@marcusmillichap.com License #01451551 Listed on: 10/13/2025

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1956

Lot Details

  • 0.34 Acre Lot
  • No Common Walls
  • Level Lot

Parking

  • 8 Open Parking Spaces
  • 8 Car Garage

Home Design

  • Entry on the 1st floor

Interior Spaces

  • 8,260 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 2 Bedrooms
  • 3 Bathrooms

Laundry

  • Laundry Room
  • Washer and Gas Dryer Hookup

Outdoor Features

  • Exterior Lighting
  • Rain Gutters

Utilities

  • Forced Air Heating System

Listing and Financial Details

  • Tax Lot 127
  • Tax Tract Number 653
  • Assessor Parcel Number 42207205
  • $4,095 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 7 Units

Building Details

  • 7 Separate Electric Meters
  • 7 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $2,935
  • Gardener Expense $2,936
  • Insurance Expense $5,250
  • Maintenance Expense $7,000
  • Trash Expense $2,935
  • Water Sewer Expense $2,935
  • New Taxes Expense $47,410
  • Operating Expense $82,246
  • Gross Income $276,600
  • Net Operating Income $186,344

Property Details

Home Type

Apartment

Year Built

Built in 1956

Lot Details

0

Parking

8

Listing Details

  • CapRate: 4.12
  • Property Attached: No
  • Water Sewer Expenses: 2935.00
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 2936.00
  • Parcel Number: 42207205
  • Year Built: 1956
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: No Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 547.82

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 8.00
  • Total Parking Spaces: 16.00
  • Uncovered Spaces: 8.00

Utilities

  • Heating: Yes
  • Laundry: Yes
  • Heating Type: Forced Air
  • Laundry Features: Gas Dryer Hookup, Washer Hookup
  • Sewer: Public Sewer
  • Trash Expense: 2935.00
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Curbs, Gutters, Sidewalks, Street Lights

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Level with Street
  • Lot Size Sq Ft: 14810.40
  • Lot Size Acres: 0.3400

Multi Family

  • Electric Expense: 2935.00
  • Gross Income: 276600.00
  • Gross Multiplier: 16.36
  • Gross Operating Income: 258990.00
  • Gross Scheduled Income: 267000.00
  • Insurance Expense: 5250.00
  • Lot Size Area: 0.3400 Acres
  • Maintenance Expense: 7000.00
  • Net Operating Income: 186344.00
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 7
  • Operating Expense: 82246.00
  • Operating Expense Percent: 30.60
  • Other Income1: 9600.00
  • Rent Control: No
  • Total Expenses: 82246.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 47410.00
  • Tax Lot: 127
  • Tax Tract Number: 653
  • TaxOtherAnnualAssessmentAmount: 4095.00

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 List to Sale Price per Sq Ft
10/13/2025 10/13/25 For Sale $4,525,000 -- $548 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC25238637

California Regional Multiple Listing Service (CRMLS)

APN: 422-072-05