Active

116 E 16th Street

Costa Mesa CA, 92627

$9,999,000


$667.04 per sqft

Active

14,990 sqft

Commercial

Built in 1946

Listed by Chas Patterson with The Firm Real Estate Services Inc. 949-877-8827

Three highly desirable industrial buildings in a rare "Opportunity Zone" in the heart of Newport Beach and Costa Mesa are now available! The properties consist of 110, 116 and 118 E 16th Street. 110 E 16th Street currently serves as the headquarters for a top tier vintage Ferrari dealer (which can be made available for an owner-user) and the 116 and 118 E 16th Street buildings are occupied by automotive repair shop tenants. The buildings feature a quality blend of functional office space, spacious warehouses and 14+ foot ceiling heights. The 116 building also contains two professional grade paint booths.

As part of Costa Mesa's 19 West Urban Plan, this site is suitable for mixed use development. The city's specific plan allows for up to 4-stories with a density of 1.0-1.25 FAR, which could allow for development of 30,000 - 40,000 buildable square feet. According to one city site analysis, it appears that 18-36 units could potentially be developed.

This prime location sits near Newport Blvd, Superior Ave, 17th Street, the 55 Freeway and Pacific Coast Hwy with easy access to everything. In addition, there is potential for significant tax advantages by investing in a designated "Opportunity Zone" (see https://economicdevelopment.business.ca.gov/place-based-strategies/opportunity-zones/ for further information). All of this combined with the fact that this area is growing in popularity with trendy restaurants, retail stores, residential neighborhoods and its close proximity to the best beaches, entertainment and hospitals in Orange County make this an amazing property for investment or owner-user.

This property is perfect for auto collectors, restaurant concepts, redevelopment, investors or owner-users.

OC24093070

MLS ID

May 8, 2024

Listed

June 17, 2024

Updated

Map

116 E 16th Street
Costa Mesa CA, 92627

Interior Features

Total Stories

1


Laundry Description

None


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.73 Acres

Other Property Details

Area Name

C2 - Southwest Costa Mesa


Days on Market

40


Garage

No


View

No


County

Orange


Water Source

Public


Pool

No


Zoning

Light Industrial


Buyer Agency Compensation

2%

Listing Contact: 949-877-8827 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 6/17/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 6/17/2024 at 9:27 PM UTC

 

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