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) 2BR/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.
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DAYS ON MARKET
|
20
|
LAST UPDATED
|
6/12/2025
|
|
TRACT
|
Costa Mesa Residential Income (CMRI)
|
YEAR BUILT
|
1956
|
|
COMMUNITY
|
C4 - Central Costa Mesa
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GARAGE SPACES
|
7.0
|
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COUNTY
|
Orange
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STATUS
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Conditional
|
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PROPERTY TYPE(S)
|
Residential Income
|
|
|
| AREA |
C4 - Central Costa Mesa |
| GARAGE |
Yes |
| LOT |
0.4256 acre(s) |
| PARKING |
Assigned |
| POOL DESCRIPTION |
None |
| SEWER |
Public Sewer |
| STORIES |
1 |
| SUBDIVISION |
Costa Mesa Residential Income (CMRI) |
| WATER |
Public |
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Listed with Gould Group Inc
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. as of 6/15/25 9:59 PM PDT 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
This IDX solution is (c) Diverse Solutions 2025.
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