
Orange, California 92866
This property presents a High-Potential Investment Opportunity with a List Price of $1,375,000—positioned above the $1,274,634 Fair Market Value. While priced at a premium, the asset offers significant upside through its Shovel-Ready Expansion Potential, including approved plans for a home addition and ADU conversion. Featuring a Condition Rating of 2 with recent infrastructure upgrades like PEX plumbing and tankless water heating, the home is move-in ready while awaiting development. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking to maximize long-term value in the historic district.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 173 N Waverly Subject | $1,375,000* List Price | 2 | 2 | 1,254 | $1,016 | - |
A 262 N Cambridge Street Sold | $1,288,000 | 3 | 2 | 1,300 | $991 | 0.2 mi |
B 345 N Harwood Sold | $1,160,000 | 2 | 1 | 902 | $1,286 | 0.3 mi |
C 713 E Sycamore Sold | $1,384,000 | 3 | 2 | 1,589 | $871 | 0.4 mi |
D 1519 E Van Bibber Sold | $1,396,000 | 3 | 2 | 1,416 | $986 | 0.5 mi |
E 1314 E Chapman Sold | $1,125,000 | 4 | 1 | 1,339 | $840 | 0.2 mi |
F 1514 E Palm Sold | $1,285,000 | 3 | 2 | 1,584 | $811 | 0.3 mi |
G 333 N Pine Sold | $1,040,000 | 2 | 1 | 894 | $1,163 | 0.2 mi |
H 1218 E Chalynn Avenue Sold | $1,220,000 | 3 | 2 | 1,520 | $803 | 0.6 mi |
I 1058 E Almond Active | $999,000 List Price | 2 | 1 | 1,077 | $928 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
The property has undergone a comprehensive recent renovation (under 5 years) including a brand new kitchen with quartz countertops and GE appliances, updated bathrooms with custom tile, and major system upgrades including new PEX plumbing, a new HVAC system, and a tankless water heater.
The property includes over $250,000 in invested value through approved plans for a home addition and ADU conversion, saving the buyer 13+ months of entitlement and engineering work.
Situated in the highly desirable Old Town Orange Historic District, the home offers exceptional walkability to Chapman University, local dining, and the historic Plaza.
Beyond cosmetic updates, the home features critical system improvements including new PEX plumbing, a new HVAC system with ducting, and a Noritz tankless water heater.
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 2, other record bedroom count = 1.
At a list price of $1.375M for the current 1,254 square foot configuration, the property carries a high price-per-square-foot that necessitates further construction to maximize value.
To realize the advertised potential of a 4-bedroom, 4-bathroom estate, the buyer must be prepared to manage and fund the actual build-out of the proposed addition and ADU.
Fully Approved and Permit Ready House Remodel Plans! A thoughtfully reimagined residence nestled in the highly desirable north east quadrant of the Old Town Orange Historic District where historic character, modern comfort, and future value converge. This home presents a rare, meaningful value-add opportunity to own a home in the Old Town Orange Historic District with more than $250,000 invested across property improvements, planning, engineering, historic resource assessment completion, and approvals representing over 13 months of completed groundwork. Fully approved, permit ready house remodel plans envision an approximately 180-square-foot addition to the home to create a future 3 bedroom, 3 bath layout with a luxurious primary suite, walk-in closet, and spa-style primary bath. Separately, the approximately 300 sqft garage that is proposed for conversion to an ADU is in final review phase for city approval and permits. This would present the potential for a total of 4 bedrooms, 4 bathrooms and approximately 1,729 square feet of living space on the premises. This is a significant value for a new owner with ready to build, approved plan sets for the home and final building department review for the ADU underway anticipating full approval in coming weeks. Currently, the updated the home features extensive improvements throughout and is being sold with a completed termite clearance. The new kitchen features quartz countertops and new GE appliances, while updated baths include custom tile, new shower valves, cabinetry and fixtures with a newly reglazed tub. Major system upgrades include new PEX plumbing, a new HVAC system and ducting throughout the home, and a Noritz tankless water heater. Professionally leveled floors, new laminate flooring, fresh interior texture and paint, and exterior paint provide a polished foundation for everyday living. The private grounds have been transformed into a lush English garden inspired retreat, with more than 80 new plants, commercial-grade Netafim drip irrigation, fresh mulch, and decomposed-granite pathways throughout the lot. Three mature, highly productive fruit trees (apple, orange, and lemon) complete the setting. Phenomenal location being a little over a 1/2 mile to everything in Old Town Orange whether local eats or shopping, approximately 3/4 mile to Chapman University, and 1 mile to the 55 freeway.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.7 |
| Baths | 2.0 | 2.5 |
| Square foot | 1,254 | 1,852.159 |
| Lot Size | 6,750 | 7,212.134 |
| Price | $1.38M | $1.31M |
| Price per sq ft | $1.1K | $692 |
| Built year | 1946 | 1964 |
| HOA | $0 | $151 |
| Days on market | 31 | 48 |
Aug 9, 2026
$1,375,000
Initial Listing
Jun 20, 2025
$1,050,000
Public Record