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337-343 N Magnolia St 4 Unit Apartment Building $3,450,000 ($862,500/Unit) 5.42% Cap Rate Orange, CA 92866
Investment Highlights
- 4 detached residences on a single parcel in Orange. 3 newly constructed 3-bed/2-bath homes with lofts built in 2026.
- Detached residences with private entrances, yards/patios, and no shared walls.
- 8 total parking spaces provide 2 parking spaces per unit.
- One fully renovated 4-bed/2-bath home with new HVAC.
- Modern finishes, vaulted ceilings, loft spaces, and in-unit laundry.
- Solar serves the 3 newly constructed units. New sewer laterals and new electric panels for all 4 units. All-electric systems for 3 new homes.
Executive Summary
The Leeson Group of Marcus & Millichap is pleased to present the opportunity to acquire 337-343 North Magnolia Street, a four-unit residential property located in the City of Orange, California. The property features a rare single-family-style rental profile, consisting of three newly constructed 3-bed/2-bath homes with large loft space built in 2026 and one 4-bed/2-bath home that was originally constructed in 1950 and fully renovated in 2025.
The three newly constructed homes have never been lived in and feature modern interior finishes, dramatic 16-foot vaulted ceilings, spacious loft areas, in-unit laundry, private entrances, yards/patios, and all-electric systems with individual metering. The original 4-bed/2-bath home has been fully remodeled and includes a new HVAC system, offering an updated residence that complements the newly constructed units.
The property is further enhanced by no shared walls, eight on-site parking spaces, individual water heaters, solar serving the three newly constructed units, new sewer laterals for all four homes, an expected 80% water utility reimbursement through RUBS, and individual trash billing directly to the City. These features help create a highly functional rental property with modern tenant amenities and a streamlined operating structure.
Located near Chapman University and Old Towne Orange, the property offers residents convenient access to two of the city’s most important demand drivers.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
The three newly constructed homes have never been lived in and feature modern interior finishes, dramatic 16-foot vaulted ceilings, spacious loft areas, in-unit laundry, private entrances, yards/patios, and all-electric systems with individual metering. The original 4-bed/2-bath home has been fully remodeled and includes a new HVAC system, offering an updated residence that complements the newly constructed units.
The property is further enhanced by no shared walls, eight on-site parking spaces, individual water heaters, solar serving the three newly constructed units, new sewer laterals for all four homes, an expected 80% water utility reimbursement through RUBS, and individual trash billing directly to the City. These features help create a highly functional rental property with modern tenant amenities and a streamlined operating structure.
Located near Chapman University and Old Towne Orange, the property offers residents convenient access to two of the city’s most important demand drivers.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$241,200
|
$48.47
|
| Other Income |
$2,800
|
$0.56
|
| Vacancy Loss |
$7,236
|
$1.45
|
| Effective Gross Income |
$236,764
|
$47.58
|
| Taxes |
$36,546
|
$7.34
|
| Operating Expenses |
$13,205
|
$2.65
|
| Total Expenses |
$49,751
|
$10.00
|
| Net Operating Income |
$187,013
|
$37.58
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $241,200 |
| Annual Per SF | $48.47 |
| Other Income | |
|---|---|
| Annual | $2,800 |
| Annual Per SF | $0.56 |
| Vacancy Loss | |
|---|---|
| Annual | $7,236 |
| Annual Per SF | $1.45 |
| Effective Gross Income | |
|---|---|
| Annual | $236,764 |
| Annual Per SF | $47.58 |
| Taxes | |
|---|---|
| Annual | $36,546 |
| Annual Per SF | $7.34 |
| Operating Expenses | |
|---|---|
| Annual | $13,205 |
| Annual Per SF | $2.65 |
| Total Expenses | |
|---|---|
| Annual | $49,751 |
| Annual Per SF | $10.00 |
| Net Operating Income | |
|---|---|
| Annual | $187,013 |
| Annual Per SF | $37.58 |
Property Facts
| Price | $3,450,000 | Apartment Style | Garden |
| Price Per Unit | $862,500 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.32 AC |
| Cap Rate | 5.42% | Building Size | 4,976 SF |
| Gross Rent Multiplier | 14.14 | No. Stories | 2 |
| No. Units | 4 | Year Built/Renovated | 1950/2026 |
| Property Type | Multifamily | Parking Ratio | 1.61/1,000 SF |
| Property Subtype | Apartment |
| Price | $3,450,000 |
| Price Per Unit | $862,500 |
| Sale Type | Investment |
| Cap Rate | 5.42% |
| Gross Rent Multiplier | 14.14 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.32 AC |
| Building Size | 4,976 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1950/2026 |
| Parking Ratio | 1.61/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Storage Space
- Washer/Dryer
- Heating
- Ceiling Fans
- Vaulted Ceiling
- Stainless Steel Appliances
- Tub/Shower
- Walk-In Closets
- Double Pane Windows
- Lawn
- Loft Layout
- Vinyl Flooring
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 3 | - | 1,060 - 1,174 |
| 4+2 | 1 | - | 1,682 |
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Moderately walkable
70/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 386-123-07 | Total Assessment | $1,145,000 (2025) |
| Land Assessment | $1,020,000 (2025) | Annual Taxes | $36,546 ($7.34/SF) |
| Improvements Assessment | $125,000 (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
386-123-07
Land Assessment
$1,020,000 (2025)
Improvements Assessment
$125,000 (2025)
Total Assessment
$1,145,000 (2025)
Annual Taxes
$36,546 ($7.34/SF)
Tax Year
2026 Payable 2026
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