1308 E Palmyra, Orange, California 92866, Orange, 92866 - 3 bed, 2 bath
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Orange, California 92866
This property presents a High-Potential Investment Opportunity with a List Price of $1,550,000—positioned above the $1,250,737 Fair Market Value. While the entry point requires capital, the asset features approved and paid permits for a detached 2-bedroom ADU and a 1-bedroom JADU. With a Condition Rating of 5, this project is a heavy-lift renovation. The strategic location near Chapman University ensures high rental demand. This is a specialized acquisition ideal for Buy-and-Hold Investors or Developers seeking to maximize multi-unit income potential.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1308 E Palmyra Subject | $1,550,000* List Price | 3 | 2 | 1,578 | $793 | - |
A 1339 E Greenview Drive Sold | $1,250,000 | 3 | 2 | 1,709 | $731 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1961 (63 years old) with no recorded renovations, this property is explicitly marketed as a 'fixer' and 'investor special.' The age and description indicate that the kitchen, bathrooms, and major systems likely require a full rehab to be functional and safe.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7920, living area = 1578.
The property includes approved and paid permits for both a detached 2-bedroom ADU and a 1-bedroom JADU, significantly accelerating the construction timeline and reducing entitlement risks for investors.
Situated in close proximity to Chapman University and Old Towne Orange, the property is ideally positioned to capture high-demand student housing or premium rental market rates.
The property was recently sold within the past year on 2025-09-09. The sold price is $988,000.00.
The existing 3-bedroom structure is in need of significant repair, requiring a substantial capital expenditure for renovations in addition to the costs of the new ADU developments.
With a list price of $1.55M for a property requiring total renovation, the high entry point may compress initial ROI margins for developers sensitive to upfront capital outlays.
Developers, Investors special. within close vicinity to old town orange, chapman University. 3 bedrooms 2 bath fixer with approved and paid permit for detached 2 bedrooms 2 bath ADU and detached 1 bedroom 1 bath JADU (garage conversion) Perfect for student housing.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 4.0 |
| Baths | 2.0 | 2.0 |
| Square foot | 1,578 | 1,811.5 |
| Lot Size | 7,920 | 7,259 |
| Price | $1.55M | $1.32M |
| Price per sq ft | $982 | $683 |
| Built year | 1961 | 1963 |
| HOA | $0 | $150 |
| Days on market | 1 | 44 |
Jul 21, 2026
$1,550,000
Initial Listing
Sep 9, 2025
$988,000
Public Record