6,398 Sqft Lot
6,398 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW26212529
HOA Y/N No
Year Built 2023
Lot Size 6,398 Sqft
Property Sub-Type Duplex
Property Description
The property has been 100% pre-leased since 2023 with steady rent growth year over year. It is fully leased at $10,955/mo, and every lease carries a parental guarantee, giving you secure income and reduced credit risk. At $1,875,000, 420 N. Batavia is offered at a 5.02% cap rate, a 14.26 GRM, and $234,375 per bedroom. That is the lowest GRM and lowest price per bedroom of any comparable Chapman-area sale in the past two years. It is about 17% below the median price per bedroom and $165,000+ below every other 8-bedroom sale. Current rents average just $1,369 per bedroom, about 10% below comparable Chapman properties, taking the cap rate to 5.59% at market rents. Students win too: a full 12-month lease at 420 costs less than a 9-month single bedroom at Chapman's own Chapman Grand apartments. Owners can add further value by converting the garage or building a second detached ADU under California's new AB 956, and excellent loan terms are available. With nearly 10,000 students and consistently strong enrollment within walking distance, this professionally managed asset offers year-round demand, low vacancy risk, a unique hedge against California rent control, and long-term appreciation in one of Orange County's most desirable rental submarkets.
Location
State CA
County Orange
Area Oto - Old Towne Orange
Interior
Interior Features High Ceilings, Quartz Counters
Heating Ductless
Cooling Ductless
Fireplaces Type None
Fireplace No
Appliance Dryer, Washer
Laundry Inside
Exterior
Garage Spaces 1.0
Garage Description 1.0
Pool None
Community Features Biking, Curbs, Dog Park, Golf, Park, Storm Drain(s), Street Lights, Sidewalks
Total Parking Spaces 5
Private Pool No
Building
Lot Description Back Yard, Front Yard, Lawn, Level, Near Public Transit, Sprinkler System, Value In Land, Yard
Story 1
Sewer Public Sewer
Water Public
New Construction Yes
Others
Senior Community No
Tax ID 03901209
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Nearby Locations
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