331 N Olive, Orange, California 92866, Orange, 92866 - 0 bed, 0 bath
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Orange, California 92866
Analysis of 331 N Olive, Orange, California 92866 is currently available with a list price of $1,995,000. The property maintains a Excellent Condition Rating (95/100), indicating excellent structural integrity and modern finishes throughout. This turnkey property requires minimal updates and is ready for immediate occupancy. Located in a high-demand neighborhood within the Orange Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is new construction or fully renovated.
This triplex qualifies as excellent due to its mix of brand-new and recently renovated structures. It includes a ground-up build completed in 2025, a garage conversion from 2022, and a 1920s front home with a recently renovated interior. Images confirm mint-condition finishes, such as modern subway tiling and updated vanities, indicating no deferred maintenance and modern systems.
Situated steps from Chapman University in Old Towne Orange, the property boasts a 91 Walk Score, ensuring consistent, year-round rental demand from students and faculty.
The property features a rare combination of a renovated 1920s home and a brand-new 2025 ground-up build, offering low-maintenance modern construction in a historic district.
With three separate structures, the layout provides excellent privacy for tenants and flexibility for owner-users seeking a live/work environment or multi-generational living.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 2418, other record living area = 1118.
At a list price of nearly $2 million, the property requires significant capital, which may result in a lower initial cap rate compared to less supply-constrained markets.
The conversion of the garage into a living unit and the addition of a third structure on a 6,600 sqft lot likely limits on-site parking and private outdoor space for seven total bedrooms.
IRREPLACEABLE LOCATION in the heart of Old Towne Orange!! Just steps from the campus of Chapman University, placing this property in one of the most desirable, supply constrained rental pockets in the area. This unbeatable proximity drives consistent, year round demand from students, faculty, and young professionals. This unique triplex features three separate structures, offering an ideal unit mix for both stable cash flow and rental flexibility. The front home showcases classic Old Towne 1920s charm with a 3 bed, 1 bath layout and a recently renovated interior. The second unit is a 1 bed, 1 bath garage conversion completed in 2022, while the rear unit is a brand new ground up 2 bed, 1 bath build completed in 2025 providing low maintenance, modern construction rarely found in this historic neighborhood. Additional highlights include a shared yard, in-unit laundry, and an exceptional 91 Walk Score, with dining, retail, and entertainment just outside your door. The layout and location also make this property well suited for a home based or home occupational business, offering flexibility for owner users seeking a live/work environment in a high traffic area near campus. Ideal for owner users, 1031 exchange buyers, or investors seeking a turnkey asset in a premier location with strong rental upside and long-term appreciation potential.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 2,418 | 2,000 | 57% |
| Lot Size | 6,600 | 6,464 | 57% |
| Price | $2.00M | $1.38M | 86% |
| Price per sq ft | $825 | $706 | 86% |
| Built year | 2025 | 1956 | 86% |
| HOA | $0 | $0 | 50% |
| Days on market | 32 | 200 | 14% |
May 5, 2026
$1,995,000
Initial Listing
Sep 22, 2022
$1,100,000
Public Record