Report Listing

Home For Sale

Picture of Home For Sale in Orange, California, United States

$1,795,000

367 N Waverly St
Orange, California, United States

5bd 5ba

Listed By: Realtyww Info

Listed On: 06/18/2023

Listing ID: GL10019300 View More Details

Description

We are pleased to present this Chapman student housing investment property located at 367 N. Waverly, in the sought-after city of Orange. The property was built and is operated by one of the premier student housing developers in the market, with double-digit student housing properties. It is fully optimized for student rentals and comprises a meticulously remodeled front 4-bedroom, 4-bathroom house and a separate accessory dwelling unit (ADU) at the rear. The property is fully occupied, with a total monthly income of $9, 600, and is offered at a 4.78% cap rate, 15.58 GRM, and $709 price per square foot, in line with market comparable sales. The property is in a prime location for student housing rental, being just 0.7 miles away from Chapman University, a renowned private university with 10, 001 students from primarily high-income families. Chapman University has an annual tuition of 58, 634 and an endowment of 600 Million, and #4 of the Top American Film Schools, #60 in best business schools 2023-2024, and tied at #66 for best undergraduate in teaching. Student housing is an attractive asset class as it is inflation-resistant and resistant to rent control, given the relatively frequent turnover of student tenants. The front house is a spacious and inviting residence, completely renovated in 2022 with modern updates to the kitchen, bathrooms, and throughout the interior, creating an attractive living space for tenants. The contemporary design, combined with keyless entry for each bedroom and individual climate control in each bedroom, positions the property perfectly for student rentals. Additionally, the property boasts a separate ADU at the rear. This detached unit is perfect for individuals or small groups seeking a private living space. With its own entrance and amenities, the ADU offers a private and separate living space. Both units have access to the landscaped backyard area and a hot tub. The property offers excellent curb appeal and is located in a residential neighborhood with ample street parking, in addition to the onsite parking. Investors will appreciate the diversity and stability offered by this investment opportunity. The combination of the front house and ADU allows for multiple income streams and minimizes the risk associated with relying on a single tenant. 367 N Waverly St will make a great addition to any investor's portfolio.

For more details:

Listed by: Bhhs Drysdale Properties
Source: The World Property Journal

Advertisement

Other Properties Near Orange