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El Sondra Apartment Homes 183 N Waverly St 5 Unit Apartment Building $3,200,000 ($640,000/Unit) 3.46% Cap Rate Orange, CA 92866
INVESTMENT HIGHLIGHTS
- Irreplaceable 5 units Gut Renovated Apartment in Olde Town Orange (in SFR neighborhood)
- Trophy property - incredible finishes with custom tile work, frameless showers, min-split AC's, new Roof, all LED and water smart fixtures
- Gut renovated to studs in 2021-22 with all new electrical/plumbing/interiors
EXECUTIVE SUMMARY
5 unit apartment RARE opportunity in historic Olde Town Orange community, surrounded by single family homes (El Sondra Apartment Homes). This historic property was built in 1922 as the original migrant farming housing. Completely gut renovated in 2022 with amazing finishes, new electrical, plumbing (including main line sewer), roof, min-split AC's, tankless water heater, kitchens and baths (taken down to the studs). Craftsman home in the front that was redesigned for sf and functional improvements including 3 bedrooms and 2 full baths. Attached to the main house are two 1 bedroom/1 bathroom apartments. The rear structure has two 1 bedroom/1 bathroom units. The 2 car garage is detached and has laundry owned inside.
Besides the uniqueness of having a multifamily property in a SFR neighborhood, this property lines wrap around the corner house giving additional sf for a great common area in the rear including hot tub and landscape furniture (dining table, chaise lounge chairs) with green screening and overhead lights.
This type of property will never happen again in this community. I bought it and re-developed for my daughter and 12 girlfriends while attending Chapman (walkable to campus and the Orange circle of restaurants and services). She/they graduated and we leased up the property to market rates. Construction plans available. Mills Act possible for buyer (property tax savings). Buyer to verify all.
Besides the uniqueness of having a multifamily property in a SFR neighborhood, this property lines wrap around the corner house giving additional sf for a great common area in the rear including hot tub and landscape furniture (dining table, chaise lounge chairs) with green screening and overhead lights.
This type of property will never happen again in this community. I bought it and re-developed for my daughter and 12 girlfriends while attending Chapman (walkable to campus and the Orange circle of restaurants and services). She/they graduated and we leased up the property to market rates. Construction plans available. Mills Act possible for buyer (property tax savings). Buyer to verify all.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$164,000
|
$55.59
|
| Other Income |
$7,186
|
$2.44
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$171,186
|
$58.03
|
| Taxes |
$15,750
|
$5.34
|
| Operating Expenses |
$35,000
|
$11.86
|
| Total Expenses |
$50,750
|
$17.20
|
| Net Operating Income |
$120,436
|
$40.83
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $164,000 |
| Annual Per SF | $55.59 |
| Other Income | |
|---|---|
| Annual | $7,186 |
| Annual Per SF | $2.44 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $171,186 |
| Annual Per SF | $58.03 |
| Taxes | |
|---|---|
| Annual | $15,750 |
| Annual Per SF | $5.34 |
| Operating Expenses | |
|---|---|
| Annual | $35,000 |
| Annual Per SF | $11.86 |
| Total Expenses | |
|---|---|
| Annual | $50,750 |
| Annual Per SF | $17.20 |
| Net Operating Income | |
|---|---|
| Annual | $120,436 |
| Annual Per SF | $40.83 |
PROPERTY FACTS
| Price | $3,200,000 | Apartment Style | Low-Rise |
| Price Per Unit | $640,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 3.46% | Building Size | 2,950 SF |
| No. Units | 5 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1922/2021 |
| Zoning | R-1 | ||
| Price | $3,200,000 |
| Price Per Unit | $640,000 |
| Sale Type | Investment |
| Cap Rate | 3.46% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 2,950 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1922/2021 |
| Zoning | R-1 |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Disposal
- Kitchen
- Refrigerator
- Stainless Steel Appliances
- Tub/Shower
- Vinyl Flooring
SITE AMENITIES
- 24 Hour Access
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2 | 1 | - | 1,760 |
| 1+1 | 4 | - | 426 |
1 1
Walk Score®
Very Walkable (72)
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 386-062-02 | Total Assessment | $1,372,977 |
| Land Assessment | $1,217,737 | Annual Taxes | $15,750 ($5.34/SF) |
| Improvements Assessment | $155,240 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
386-062-02
Land Assessment
$1,217,737
Improvements Assessment
$155,240
Total Assessment
$1,372,977
Annual Taxes
$15,750 ($5.34/SF)
Tax Year
2025
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El Sondra Apartment Homes | 183 N Waverly St
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