Property Detail

Description

Located in the heart of Orange, just steps from Chapman University, 417 N Citrus Ave offers a proven income-producing setup with strong in-place rents and long-term upside. The property includes a 4 bedroom, 2 bathroom front house and a newly built 2 bedroom, 1 bathroom ADU (419) completed in 2024. The front home features a flexible layout with a variety of room sizes, ideal for student housing or a traditional living setup. The ADU is finished with modern touches and an efficient design, creating a separate and private living space. Each unit has its own laundry. The front house includes a washer and dryer in the garage, while the ADU has its own in-unit washer and dryer, making both spaces fully functional for Tenants. Strong rental income is already in place. The front house is leased at $5,960 per month through May 31, 2026. The ADU is leased at $3,200 per month through May 31, 2027, providing immediate cash flow and stability. Combined gross income is $9,160 per month, or $109,920 annually. At the current list price of $1,695,000, this equates to approximately a 15.4 GRM and an estimated 4.9% CAP rate, benefiting from a low expense profile with Tenants paying utilities and minimal ongoing maintenance. With its close proximity to Chapman University and surrounding amenities, this property consistently attracts strong rental demand from students and long-term tenants alike. This is also a great opportunity to house hack, live in one unit while collecting income from the other, or continue operating it as a fully leased investment property in one of Orange’s most desirable rental locations. CAP rate is an estimate based on projected operating expenses and is provided for discussion purposes only. Buyers should verify all income and expenses independently.