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Missions at Back Bay
Costa Mesa, CA
Built in 1969
- Value-Add: 22% upside in rental income. Recently leased renovated units are achieving $325 or greater premiums over average in-place rents. Current ownership has renovated 25% of units.
- Attractive Market Trends: Rents are projected to grow by 8.34% in the Costa Mesa submarket over the next 12 months. Over the last 5 years, the average vacancy rate in Orange county was 2.0%
- Major Developments Fueling Job Growth: UCI (6 min from Property) is building 393k SF of new medical facilities, expecting to bring over 2.5k healthcare and construction jobs to the surrounding area.
- In the Heart of Orange County: Orange County is home to 3.2 million people and boasts the ninth largest GDP in the United States ($280 Billion). The county's economic output is expected to outpace US GDP growth by 1.7x over the coming year. Orange County has the highest average household income ($133,408) and highest percentage of college educated people (40%) of any Southern California county.
- Robust Employment: Orange County is home to numerous Fortune 500 companies including Disney, Bank of America, and Boeing. It is also the corporate headquarters of many well-established companies such as PIMCO, Vizio, Allergan, Edwards Lifesciences, Irvine Company, Hyundai Capital, PacSun, Taco Bell, and In-N-Out.
- Home Ownership is Out of Reach for Most: As of April, the median single-family home in Costa Mesa costs $1,420,000 putting home ownership out of reach for the average household. The cost of a monthly mortgage with taxes and insurance on a median price home now exceeds 3.7x the average in place rent at Missions at Back Bay.