461 N Citrus St - The Parker House 2 Unit Apartment Building Offered at $2,295,000 at a 4.49% Cap Rate Orange, CA 92868

Turnkey Student Housing! Built in 1901 and known as "The Parker House," said to be the 9th home ever built in Orange, this Victorian farmhouse has been reimagined into one of the most efficient Chapman University student housing assets on the market. Two detached units sit on an 8,579 SF lot: a 6 bed/4 bath main residence plus a brand new 2 bed/1 bath ADU completed in 2023. Both are leased through 5/31/2027 at $12,190 per month. The main house has been comprehensively rehabbed with new electrical, plumbing, kitchens, baths, flooring, counters, windows, lighting and appliances, plus a reconfigured floor plan, while keeping the character that keeps students renewing year after year: soaring ten foot ceilings, pocket doors, a wraparound porch, hardwood floors, and 900+ SF of standup attic storage. Parking is abundant both on site and along the street, a rare advantage this close to campus. The home may also qualify for the Mills Act, offering a potential property tax reduction for the next owner. Walking distance to Chapman University, Old Towne Orange Plaza, and the Metrolink station, with immediate freeway access. A turnkey, passive asset in the tightest student rental submarket in Orange County. May be purchased individually or together with the contiguous listing at 456 N Batavia St as a combined portfolio of two adjoining parcels.