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367 Waverly Street
Orange, CA 92866
Sold
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.
PROPERTY INFORMATION
| MLS # | OC23108490 | Lot Size | 6,750 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | Single Family Residence |
| Price | $ 1,795,000
Price Per SqFt: $ 719 |
DOM | 566 Days |
| Address | 367 Waverly Street | Type | Residential |
| City | Orange | Sq.Ft. | 2,497 Sq. Ft. |
| Postal Code | 92866 | Garage | N/A |
| County | Orange | Year Built | 2023 |
| Bed / Bath | 6 / 5 | Parking | N/A |
| Built In | 2023 | Status | Closed |
| Sold Date | 2023-08-25 |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | Gas & Electric Dryer Hookup, Inside, Washer Hookup |
| Has Fireplace | No |
| Fireplace Information | None |
| Has Heating | Yes |
| Heating Information | Central |
| Room Information | All Bedrooms Down |
| Has Cooling | Yes |
| Cooling Information | Central Air |
| EntryLocation | street |
| Entry Level | 1 |
| Main Level Bedrooms | 4 |
| Main Level Bathrooms | 4 |
EXTERIOR FEATURES
| Has Pool | No |
| Pool | None |
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $1,915
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 07/28/2023 | Active Under Contract | $1,795,000 |
| 06/18/2023 | Listed | $1,795,000 |
Topfind Realty
REALTOR®
(844)-333-8033
Questions? Contact today.
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Listing provided courtesy of Jacob Neal, BHHS Drysdale Properties. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
