16801 E Buena Vista Avenue, Orange, California 92865, Orange, 92865 - 5 bed, 3 bath

16801 E Buena Vista Avenue, Orange, California 92865 home-pic-0
ACTIVE$1,675,000
16801 E Buena Vista Avenue, Orange, California 92865
5Beds
3Baths
1,612Sqft
15,000Lot
Year Built
1927
Close
-
List price
$1.68M
Original List price
$1.9M
Price/Sqft
$1,039
HOA
-
Days on market
-
Sold On
-
MLS number
OC25011304
Home ConditionExcellent
Features
Excellent View: Bluff, City Lights, Park/Greenbelt, Panoramic
Patio
ViewBluff,City Lights,Park/Greenbelt,Panoramic

About this home

Possibly Over-Priced:The estimated price is 38% below the list price. We found 3 Cons,6 Pros. Rank: price - $1.68M(95th), sqft - 1612(38th), beds - 5(89th), baths - 3(65th).

INVESTMENT OPPORTUNITY WITH ENDLESS POTENTIAL -- LOCATION, LOCATION, LOCATION – 18-ACRE PARK AS YOUR NEIGHBOR -- 15,000 SF Multi-Family zoned (R4, County of Orange) DOUBLE LOT with panoramic views of Orange County and surrounded on 3 sides by one of Orange’s largest community park, Eisenhower Park. The expansive view lot is presently improved with a single-family home currently rented at $6250 per month and there is plenty of room to perhaps add units, an ADU, to expand the home to estate size or to raze the home and build multiple units. If serenity, "social distancing", privacy, quality appointments and panoramic views are important to you, this one-of-a-kind 5 bd/3ba 1600 SF +/- renovated single-family home is certainly for you! This historic Crafstman-style cottage home believed dating to the later 1940s (2020 +/- renovation) is a unique blend of the old and new and features a recently completed down-to-stud renovation featuring best in class finish and design features including everything virtually new including new double-pane windows, newer roof, laminate flooring, electrical, plumbing and air conditioning. The interior has a free-flowing floorplan with upgraded and low maintenance laminate flooring throughout and accented by a modern and aesthetically pleasing color scheme designed by a professional designer. The spacious kitchen with a built-in eating area features designer cabinets, quartz countertops, and upgraded NEW stainless-steel appliances including a double-door refrigerator. The oversized lot of approximately 15,000 SF benefits from being surrounded on three sides by the renowned Orange Eisenhower Park and offering 270-degree panoramic views of the serene park below and city lights beyond. There is driveway parking for up to 6 vehicles along with a detached 2-car garage. NOTE TO BUILDERS / INVESTORS: Preliminary check with the County indicated that the Setbacks and requirements for development are: 35' Height; 20' Front; 25' Rear; 5' Side; and 15' between building units. Please verify independently with the County and CIty, no assurances are provided by Seller or Broker. Go to the Supplements section of the listing for Conceptual Development site plan, no assurances are provided by Seller or Broker.

Condition Rating
Excellent

Despite being built in 1927, the property underwent a 'down-to-stud renovation' around 2020, making it extensively renovated within the last 5 years. The description explicitly states 'everything virtually new including new double-pane windows, newer roof, laminate flooring, electrical, plumbing and air conditioning.' The kitchen features designer cabinets, quartz countertops, and new stainless-steel appliances, as confirmed by the images, showcasing a modern and high-quality finish. All major systems and aesthetic components are new or virtually new, aligning perfectly with the 'Excellent' condition criteria.
Pros & Cons

Pros

High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 15000, living area = 1612.
Exceptional Development Potential: The property sits on a 15,000 SF double lot zoned R4 (Multi-Family, County of Orange), offering significant opportunities for adding units, ADUs, expanding the existing home, or building multiple units.
Panoramic Views & Park Adjacency: Boasts 270-degree panoramic views of Orange County and city lights, and is uniquely bordered on three sides by the expansive 18-acre Eisenhower Park, ensuring privacy and scenic beauty.
Extensive Recent Renovation: The historic Craftsman-style home underwent a 'down-to-stud' renovation in 2020, including new double-pane windows, roof, electrical, plumbing, and air conditioning, minimizing immediate repair needs.
Immediate Rental Income: The existing single-family home is currently rented at $6,250 per month, providing instant cash flow for investors or offsetting costs for future development.
Ample Parking & Large Lot: Features an oversized 15,000 SF lot with driveway parking for up to 6 vehicles plus a detached 2-car garage, offering significant space and convenience.

Cons

Significant Price Discrepancy: The listing price of $1.675M is substantially higher than the estimated property value of approximately $1.03M, indicating a potential overvaluation or a premium for development potential not fully captured by standard estimations.
Small Existing Structure for Lot: The current 1,612 sqft home is relatively small for a 15,000 sqft lot, suggesting that a buyer aiming to maximize the lot's potential might need to undertake significant expansion or demolition.
Development Potential Requires Buyer Verification: While R4 zoned, the listing explicitly states that preliminary development checks require independent verification by the buyer, introducing uncertainty and due diligence costs.

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