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$ 1,875,000
Est. payment /mo
New
420 N Batavia Orange, CA 92868
8 Beds
7 Baths
6,401 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW26212529
Bedrooms 8
Lot Size 6,401 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
Just listed near the heart of Old Towne Orange, 420 N. Batavia Street is a turnkey Chapman University student housing investment with two spacious, detached homes on one lot. It's a great fit for either a cash-flowing investment or an owner user. The front house was taken down to the studs and rebuilt with a new construction expansion into a 4 bedroom, 3 bath open floor plan layout purpose-built for student living. The rear house is a brand-new 2023 construction 4 bedroom, 4 bath home built from the ground up. Together the property offers 8 bedrooms and 7 baths across 2,445 SF on a 6,401 SF lot. Both homes feature luxury vinyl plank floors, new high-end finishes and appliances, private bed/baths, ensuite laundry, air conditioning, and private patios. Tenants share a large backyard with a lounge area and spa. The property has been 100% pre-leased since 2023 with steady rent growth year over year. It is fully leased at $10,955/mo, and every lease carries a parental guarantee, giving you secure income and reduced credit risk. At $1,875,000, 420 N. Batavia is offered at a 5.02% cap rate, a 14.26 GRM, and $234,375 per bedroom. That is the lowest GRM and lowest price per bedroom of any comparable Chapman-area sale in the past two years. It is about 17% below the median price per bedroom and $165,000+ below every other 8-bedroom sale. Current rents average just $1,369 per bedroom, about 10% below comparable Chapman properties, taking the cap rate to 5.59% at market rents. Students win too: a full 12-month lease at 420 costs less than a 9-month single bedroom at Chapman's own Chapm
Location
State CA
County Orange
Zoning Estimated
Direction W of Glassell St and North of Chapman Ave
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 1
Level or Stories 1
Others
Senior Community No
Tax ID 03901209
Acceptable Financing Cash
Listing Terms Cash
Listed by Shane Young, DRE#01963090 Younglewin Advisors, Inc.
Co-listed byDaniel Lewin • Younglewin Advisors, Inc.
Co-listed byDaniel Lewin • Younglewin Advisors, Inc.
NEARBY SCHOOL & BUSINESS