248 S Oak St, Orange, CA 92866

Property Description

Rare value add opportunity in the city of Orange to acquire a 75% vacant 4-plex and the adjacent lot (zoned R-3 for multifamily) that is ready to build. 248 S. Oak Street is a single story 4-plex which is currently configured as (1) 3BD/1.75BA, (1) 2BD/1BA, (1) 1BD/1BA and (1) Studio/1BA. The 3 bedroom and studio can easily be converted back into their original configuration of 1 and 2 bedroom apartments. The property allows for an investor to add value as three units are vacant and can be rented at market level rents once repairs are completed. All apartments feature spacious layouts which include a kitchen nook area and sliding glass doors in the living rooms that open to patios. The building structure for 248 S. Oak Street is 3,528 and the rectangular shaped lot measures 10,972 square feet. The subject property is located just south of Chapman Ave. and is only 1.2 miles from Old Towne Orange. 230 S. Oak (parcel number 390-491-14) is a rectangular shaped lot which measures 9,287 square feet and is adjacent to the lot for 248 S. Oak Street. The lot should be ready to build as there is a driveway that has already been poured and an empty pool (fenced off for safety reasons) which sits at the back of the property. Per the City of Orange the lot is zoned R-3(A) for multifamily single story. 230 S. Oak Street is listed for sale for $450,000 and can be purchased together with 248 S. Oak Street or separately.