1056 Walter Avenue, Tustin, California 92780, Tustin, 92780 - 6 bed, 4 bath

1056 Walter Avenue, Tustin, California 92780 home-pic-0
ACTIVE$1,650,000
1056 Walter Avenue, Tustin, California 92780
6Beds
4Baths
2,300Sqft
7,314Lot
Year Built
2025
Close
-
List price
$1.65M
Original List price
$1.65M
Price/Sqft
$717
HOA
-
Days on market
-
Sold On
-
MLS number
OC25249946
Home ConditionExcellent
Features
Patio
ViewNeighborhood

About this home

Possibly Over-Priced:The estimated price is 5% below the list price. We found 4 Cons,5 Pros. Rank: price - $1.65M(89th), sqft - 2300(82th), beds - 6(98th), baths - 4(96th).

CORNER LOT WITH 2-UNITS ON ONE LOT for $825,000 Each Unit In the heart of Tustin. Don’t miss this opportunity to own a highly desirable property featuring a fully remodeled home and a brand-new construction detached single family home — perfect for investors, 1031 exchange buyers, or owner-occupiers seeking rental income. Unit 1 – BRAND NEW Detached Single Family Home (Built in 2025) - Modern 3 beds / 2 baths 1,150 SF with a 1-car garage plus 1-car driveway parking, Central A/C & Heat. Market Rent: $4,200/month. Unit 2 – Fully Remodeled - Spacious 3 beds / 2 baths approx. 1,150 SF with 2-car garage & 2 car driveway parking, Central A/C & Heat. Current Rent $3,890/month. Total Rental Income: $8,090/month. Separate Water, Gas & Electricity meters – tenants pay all utilities. Each unit features open-concept layouts, modern cabinetry, quartz countertops, high-end appliances, vinyl flooring, Central A/C & Heat, recessed lighting, walk-in closets, and in-unit washer/dryer hookups. With quality renovations and new construction, this is a low-maintenance property for the next 10+ years. Located in a prime Tustin neighborhood close to schools, shopping, dining, and freeway access.

Price History

Date
Event
Price
11/11/25
Listing
$1,650,000
09/05/24
Sold
$910,000
03/21/08
Sold
$388,500
07/13/05
Sold
$625,000
11/26/02
Sold
$297,000
Condition Rating
Excellent

This property features two units: one is brand new construction (built in 2025), and the other is fully remodeled. Both units exhibit modern design with new white/gray shaker cabinetry, quartz countertops, stainless steel appliances, light wood-look vinyl plank flooring, recessed lighting, and central A/C & heat. The kitchens and bathrooms are pristine and contemporary, reflecting recent high-quality renovations and new construction. There is no visible deferred maintenance, aligning perfectly with the 'Excellent' criteria for a newly built or extensively renovated property.
Pros & Cons

Pros

Exceptional Income Potential: Property features two distinct units (one new, one remodeled) generating a combined $8,090/month in rental income, ideal for investors or owner-occupiers seeking significant cash flow.
Modern & Low-Maintenance Condition: Unit 1 is brand new (2025 construction) and Unit 2 is fully remodeled, ensuring contemporary finishes, amenities, and reduced maintenance costs for the foreseeable future.
Independent Utility Management: Each unit is equipped with separate water, gas, and electricity meters, allowing tenants to pay all utilities and simplifying landlord responsibilities.
Premium Interior Features: Both units boast open-concept layouts, modern cabinetry, quartz countertops, high-end appliances, central A/C & heat, and in-unit laundry hookups, appealing to a wide range of renters.
Desirable Tustin Location: Situated on a corner lot in a prime Tustin neighborhood, offering convenient access to schools, shopping, dining, and major freeways, enhancing both rental demand and property value.

Cons

MLS Listing Discrepancy: Living area discrepancy between mls listing and other public or private record. mls listing living area = 2300, other record living area = 1428. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 6, other record bedroom count = 3.
Future-Dated Availability/Construction: The 2025 year built and listing dates suggest the property may still be under construction or not immediately available for closing, potentially causing delays or uncertainty for buyers.
High Investment Threshold: The $1,650,000 list price represents a significant capital outlay, which may narrow the pool of potential investors or owner-occupiers.
Potential for Limited Private Outdoor Space: With two units on a single lot, the individual private outdoor areas for each residence might be smaller than what some tenants or owner-occupiers might prefer.

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