Prime Owner/User & Value-Add Retail Opportunity | Eastside Costa Mesa

Marcus & Millichap is pleased to present 2428 Newport Boulevard, Costa Mesa, CA 92627, a ±5,625 SF multi-tenant retail property situated on a ±0.45-acre parcel along one of Eastside Costa Mesa’s most prominent commercial corridors. The property benefits from outstanding visibility and traffic exposure along Newport Boulevard, with convenient access to State Route 55, Interstate 405, and State Route 73.

The asset is currently approximately 46% leased, with a mix of short-term and month-to-month tenants, offering immediate flexibility for an owner/user or investor to occupy a portion of the property while maintaining in-place income. Several in-place rents are below market, providing a clear value-add opportunity through lease-up and rental rate growth.

The property features strong physical fundamentals, including prominent pylon and building signage, a gated storage yard generating ancillary income, and an exceptional parking ratio of approximately 6.22 spaces per 1,000 SF, well above typical retail standards. These attributes support a wide range of retail and office-oriented uses.

Located in the highly sought-after Eastside Costa Mesa submarket, the property is surrounded by dense residential neighborhoods and benefits from proximity to Newport Beach, Triangle Square, South Coast Plaza, John Wayne Airport, and the Irvine Business Complex. Limited new retail development in the area further supports long-term occupancy and rent growth.

2428 Newport Boulevard represents a rare opportunity to acquire a well-located retail asset with immediate owner/user optionality and long-term upside in a high-barrier-to-entry Orange County submarket.

Investment highlights

Prime Eastside Costa Mesa Location

Located along Newport Boulevard, one of Eastside Costa Mesa’s most heavily trafficked and visible commercial corridors, with immediate access to State Route 55, Interstate 405, and State Route 73. The property benefits from strong traffic counts, excellent frontage, and proximity to Newport Beach and major Orange County employment centers.

Owner/User and Value-Add Flexibility

The property is approximately 46% leased with a mix of short-term and month-to-month leases, offering a rare opportunity for an owner/user to occupy a portion of the property while maintaining in-place income. Investors can reposition the tenant mix, lease up vacant space, and drive NOI growth.

Below-Market Rents with NOI Upside

Several in-place leases are below current market rates, creating a clear path for rental growth through mark-to-market leasing and improved tenant composition.

Strong Physical Attributes

The ±5,625-square-foot retail property sits on a ±0.45-acre parcel and features prominent pylon and building signage, a gated storage yard generating ancillary income, and an exceptional parking ratio of approximately 6.22 spaces per 1,000 square feet, exceeding typical retail standards in the submarket.

Supply-Constrained Submarket

Eastside Costa Mesa is one of Orange County’s most desirable and supply-constrained retail submarkets, with limited new development due to zoning constraints and land scarcity, supporting long-term occupancy stability and rental appreciation.

Dense Demographics and Affluent Consumer Base

Surrounded by dense residential neighborhoods and near Newport Beach, Triangle Square, South Coast Plaza, John Wayne Airport, and the Irvine Business Complex. The area benefits from a strong daytime population, high household incomes, and sustained retail demand.

Long-Term Growth Fundamentals

High barriers to entry, strong local demand drivers, and a desirable coastal-adjacent location position the property for long-term value appreciation and stable cash flow growth.