1920 Wallace Ave , Costa Mesa, CA 92627
$3,190,000
Est. Payment: $16,108.56/mo
5 Bed
5 Bath
4718 Sqft
Status: pending | Days on site: 7
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VCR-C15903466 - VCR-C159091383,VCR-C159052275

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House Description

Rare opportunity to acquire a pride-of-ownership 8-unit investment property in the highly sought-after Westside Costa Mesa rental market, offered for sale for the first time in more than 25 years. Near 19th Street and Placentia Avenue, this well-maintained asset offers a combination of strong in- place income, stable occupancy, and long-term upside in one of Orange County's most desirable coastal submarkets. The property benefits from an exceptional location, placing residents within minutes of popular restaurants, breweries, coffee shops, shopping, beaches, and outdoor recreation. Convenient access to the 55 Freeway provides direct connectivity to Newport Beach, John Wayne Airport, major employment centers, and the greater Orange County transportation network, making the property highly attractive to a broad tenant base. The asset consists of two separate fourplex buildings comprising a total of eight 1 bedroom units. Each building features two upstairs and two downstairs residences. Three of the ground-floor units enjoy private enclosed yards or patios surrounded by white picket fencing and landscaping, creating a residential feel and highly desirable outdoor living spaces rarely found. The property is secured by a gated pedestrian entrance and remote-controlled vehicle gate. A secondary access point at the rear of the property connects directly to a recently renovated city alleyway, providing additional convenience for residents. The driveway and parking areas are constructed entirely of concrete rather than asphalt, helping minimize long-term maintenance requirements. There are 4 double-car garages along with additional off-street parking spaces for approximately 15 vehicles! 3 of the 4 double car garages are currently on a month to month basis to long-term non-residents, generating $1,000 per month total in supplemental income. The fourth garage is utilized as shared resident storage. Each unit is equipped with in-unit washer and dryer hookups and an individual water heater. There is no house gas meter, reducing owner-paid utility expenses. The house electrical meter serves exterior lighting and the security gate, resulting in minimal common-area utility costs. All units feature efficient and functional floor plans with open-concept kitchens that flow directly into the living areas. Double-pane windows have been installed in all living and dining rooms, improving energy efficiency, reducing exterior noise, and enhancing overall resident comfort.

Highlights

Listed by Scott Gerard , 714-345-4223 Gerard Properties Inc. , 714-964-9602. CRMLS/Multi-Regional MLS mls logo

Property Type

Multi-Family

Lot/Acreage
0.42

Year Built

1960

County

Orange

Area

C2 - Southwest Costa Mesa

Neighborhood

Other

Listing ID

OC26133275

Questions about this listing?

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Interior Features

Bedrooms and Bathrooms
  • Bedrooms:5
  • Bathrooms:5
  • Full Bathrooms:
Other:Public

Exterior Features

Lot:0-1 Unit/Acre,No Land Lease
Garage Capacity:15
Others:2+ Total Units
Sewer:Public Sewer
Principal Interest
$16,109
Taxes
$2,034

Home Price

$3,190,000

Loan Details

30 yrs
6.487%

Down Payment

20%
$638,000
All calculations are estimates and provided by Blueroof360. Today’s Rates provided by Blueroof360. Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Monthly Price:
$16,108.56

Principal

Taxes

Principal Taxes HOA Total
Monthly $16,108.56 $2,033.63 $0.00 $18,142.19
Yearly $193,302.77 $24,403.50 $0.00 $217,706.27
Total $5,799,083.01 $732,105.00 $0.00 $6,531,188.01

Today's Rates

30 Year

6.49%

20 Year

6.28%

15 Year

5.8%

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Market insight data is pulled from the same city as the listing being viewed (Costa Mesa, CA).

The schools listed are within a 2-mile radius of the property; however, attendance is not guaranteed. Please contact the local school district to confirm zoning and enrollment options.

Based on information from California Regional Multiple Listing Service, Inc. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. All properties are subject to prior sale, change or withdrawal.

IDX service by Blueroof 360

Data last updated: 2026-08-10T22:37:46.000Z

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