Property

Costa Mesa, CA 92627 1920 Wallace Avenue

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Presented By: Scott Gerard with Gerard Properties Inc.; 714-345-4223
  • MLS# OC26133275
  • 06/26/2026
  • Request Tour
  • Request Info
  • Baths • 1
  • SQFT • 4,718
  • Garage • 8

Home Details

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.
Presented By: Scott Gerard with Gerard Properties Inc.; 714-345-4223

Interior Features for 1920 Wallace Avenue

Other Interior Features

Common Walls2+ Common Walls
Laundry FeaturesWasher Hookup, Gas Dryer Hookup
Total Stories2

Other Rooms

Entry Level1

General for 1920 Wallace Avenue

Additional Parcels Y/NNo
Building Area UnitsSquare Feet
CityCosta Mesa
Community FeaturesCurbs, Gutter(s), Sidewalks
ContingencyNone
CountyOrange
DirectionsWallace Ave and 19th St
Electric Expense558
Entry LocationFront gate
Expected Active Date 2026-06-30
Fuel Expense
Garage Spaces8
Garage Y/NYes
Gross Income1000
Insurance Expense7269
Land Lease Y/NNo
LevelsTwo
Listing TermsCash to New Loan, Conventional, 1031 Exchange
Lot Size Square Feet18430
Lot Size UnitsSquare Feet
MLS AreaC2 - Southwest Costa Mesa
Net Operating Income131708
New ConstructionNo
Number Of Units Total8
Number of Units Leased8
Operating Expense74086
Pool FeaturesNone
PostalCityCOSTA MESA
Property Attached Y/NYes
Property Sub Type AdditionalApartment
Property SubtypeApartment
Property TypeResidential Income
Rent Control Y/NYes
Senior Community Y/NNo
SewerPublic Sewer
Special Listing ConditionsStandard
Standard StatusComing Soon
StatusComing Soon
Stories Count2
Subdivision NameOther
Tax Lot16
Total Actual Rent17680
Trash Expense2425
Water Sewer Expense2798
Year Built1960
Year Built SourcePublic Records

Exterior for 1920 Wallace Avenue

Building Area Total4718
Lot Features0-1 Unit/Acre
Lot Size Acres0.4231
Lot Size Area18430
Lot Size SourcePublic Records
Number of Buildings2
Number of Separate Electric Meters8
Number of Separate Gas Meters8
Number of Separate Water Meters1
Private PoolNo
Total Parking15
Water SourcePublic

Additional Details

Price History

Schools

High School Hubert H Humphrey Middle School
Middle School N/A
Elementary School Big Hollow Elementary School

Limor Zamir

Realtor®
Price $3,190,000
MLS#OC26133275
List Date 06/26/2026
Property Type Multi-Family
Phone 310.866.3778
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