1305 W CherryOrange, CA 92868

Description

Excellent investment opportunity in the desirable City of Orange, just minutes from Chapman University and historic Old Towne Orange! This single-story, 4-bedroom, 2-bathroom home offers 1,327 square feet of living space on a 6,000-square-foot lot and is currently generating $6,220 per month in rental income, totaling $74,640 annually. With an existing lease in place through May 31, 2027, investors can begin collecting rental income immediately without the hassle of finding tenants. The tenant pays all utilities, while the owner is responsible for landscaping service, helping keep operating expenses low. The property's proximity to Chapman University, Old Towne Orange, shopping, dining, and major freeways makes it an attractive location for long-term rental demand. Another major opportunity is the potential to convert the existing two-car garage into an Accessory Dwelling Unit (ADU). The current lease specifically allows the owner to construct an ADU within the garage during the lease term, subject to city permits and approvals, providing an opportunity to increase rental income and maximize the property's potential. Whether you're looking to expand your rental portfolio, secure a property near Chapman University, or invest in a desirable Orange County location with future upside, this property offers immediate cash flow and long-term potential! Property is tenant-occupied. Out of respect for tenant privacy, listing photos have been digitally edited and virtually staged to remove or replace personal furniture and belongings. No furniture shown will convey with the sale. Original, unedited photos are available upon request through the Listing Agent.

Property Information

Property type

Residential Income

Sub-type

Single Family Residence

Year built

1955

Stories

1

Building area

1,327 Sq Ft

Lot size

0.14 acres

Garage spaces

2

Parking spaces

2

Days on market

11

MLS^® Listing#

OC26230504

Property Features

Cooling

Central Air

Heating

Central

Fireplace

Living Room

Pool

None

Parking

Driveway · Garage

Laundry

In Garage

Community

Sidewalks

Sewer

Public Sewer

Water source

Public

Financial Details

HOA

None

Parcel number

03929330

Directions

From the 57 Freeway, exit Orangewood Avenue and head east. Turn right onto Main Street, then left onto W Cherry Drive. The property will be on your left